Lisa Lindsley AFSCME, "Too Big to Fail Banks - Perspective from the US" 26 March 2013 PIRC Conference
1. U.S. Perspective on Banks
Lisa Lindsley - American Federation of State,
County and Municipal Employees (AFSCME)
PIRC Annual Corporate
Governance Conference 2013
5. Concrete ideas to increase staff morale, buy in
and knowledge/skills
Communication
Staff hear from the officers
All staff meeting once a year.
Communicate with staff directly and often.
Communicate with staff to give them opportunities to
participate.
Help staff understand how generous our benefit plan is
compared to others.
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7. I am concerned that the size of some of
these institutions becomes so large that
it does become difficult for us to
prosecute them when we are hit with
indications that if we do prosecute — if
we do bring a criminal charge — it will
have a negative impact on the national
economy, perhaps even the world
economy.
US Attorney General Eric Holder, 6 March 2013
26 March 2013 US Perspective on Banks
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9. Not a “Tempest in a Teapot”
"If you don't want a free
society, then start dictating
what compensation can be.”
"I don't think you need this
amount of detail, you can still
do your supervision without
it."
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10. Follow the Money !
Banks are Big Spenders
Institution 2012 Lobbying 2011-12 Campaign
US$ Contributions US$
JP Morgan Chase 8,060,000 4,204,293
Goldman Sachs 3,540,000 7,887,924
Morgan Stanley 3,350,000 3,724,163
Bank of America 2,750,000 2,747,671
Wells Fargo 8,790,000 2,639,644
Citigroup 5,260,000 2,380,012
Center for Responsive Politics www.opensecrets.org
26 March 2013 US Perspective on Banks
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During the first nine months of 2010, the industry spent more than $42 million on lobbying -- the American Bankers Association,JPMorgan Chase and Citigroup were major contributors to the industry's efforts, each spending more than $4 million.Advocacy group Consumer Watchdog reported that "34 members of the U.S. House of Representatives that offered amendments to weaken consumer protections in the House financial reform package received $3.8 million in campaign contributions from the financial sector in 2009, an average of $111,000 each."Similarly, a Center for Responsive Politics analysis found that senators opposed to the financial regulatory reform bill received 16 percent more in career campaign contributions from the finance, insurance and real estate industries.
