Coca Cola to begin expensing stock options; more to follow? http://www.msnbc.com/news/780286.asp?0dm=C16PB
Bush really missed this one, failing to stay ahead of a reform tide that he now is in danger of being caught in its undertow. McCain and Nader already have national platforms. My guess is that as we finish breakfast there are campaign ads being born that will tap into voter uncertainty. Last night I had dinner with a friend who is not generally prone to skepticism, who relies on me for political updates because he is too preoccupied to be attentive himself; when I made the statement "if it weren't for the so-called war on terrorism, Bush's presidency would be in tatters" he didn't even blink and nodded his head. There is less resistance to the idea that Bush is untouchable due to "wartime" popularity. I'm not saying that is clear evidence of a national trend, but 6 months ago I'd have gotten an argument from him. The question is: does Karl Rove still think the war on terrorism will carry midterm elections, and will GOP strategy concentrate on that theme rather than economic and/or domestic issues? If the economy does not show more significant signs of recovery while joblessness persists, you can expect more in Congress running for reelection to bolt from Bush's shadow as Hastert did over the weekend (incredible given that relationship so one wonders if he is planning for changes by January's next Congress). If that scenario occurs, Bush's political coattails will have been trimmed further and there could be another one-term Bush in the White House. Unless, of course, there is a GOP Wag the Dog. Where is Karl Rove and what is he reading this summer? Bush needs to read the FDR history bio, not the TR bio for a role model. But I don't have the confidence he can transform himself as FDR did when events demanded it of him. He's still a lightweight All hat, No cattle politician who has relied on other significant men - and Karen Hughes - in his life to lead him, not the other way around: His dad, Billy Graham, Dick Cheney. All standing in the shadows of their previous glory. He has to decide if he will owe his popularity and national authority to Osama bin Laden or to "getting it" with some leadership of his own. Okay. I promise to start drinking decaf. Karen -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Keith Hudson Sent: Monday, July 15, 2002 12:45 AM To: [EMAIL PROTECTED] Subject: Blasting Bush I've mentioned the growing power of pensions funds several times recently on FW as a growing counterweight to CEOs in large corporations. Here is a quote from a correspondent of the Financial Times attending the annual conference of the International Corporate Governance Network (ICGN) in Milan -- a very powerful body whose members control $10,000 billion of assets. (It might also be mentioned that Boeing, Unilever, Coca-Cola and Citibank are four US coporations which are also calling for much more radical action than Bush is presently proposing.) Back to the ICGN conference: <<<< US INVESTORS BLAST BUSH REFORM by Simon Targett Pension fund giants TIAA-CREF and Calpers demand more radical action President George W. Bush has not gone far enough in his bid to rid corporate America of corruption, according to some of the country's more powerful investors. Calpers, the largest US pension fund, and TIAA-CREF, the giant New York-based fund, are to uyrge Mr Bush to take more radical action to prevent a repeat of the scandals surrounding Enron and WorldCom. Calpers are also planning to take greater political and legal measures to defend the retirement funds it invests on behalf of 1.3 million Californians. In a speech to Wall Street last week, Mr Bush unveiled a crackdown on the corporate crisis in the US. He plans to double the maximum jail sentence for corrupt chief executives to ten years; strengthen the policing of Wall Street with a new fraud task force; and increase funding of the Securities and Exchange committee (SEC), the US financial watchdog, by $100 million. But, in an interview with the FT, Willian Crist, president of Calpers' board, said: "Mr Bush misses the point. It's not just criminal activity . . . it's the fact that these companies are run by insiders for their own advantage." John Biggs, chief executive of TIAA-CREF and a director of Boeing, the US aircraft manufacturer, said: "I'm encouraged that the President is talking tough and taking coporate governance into every room with a TV in the country. But I think that the specifics of the Repbuvlican propsals do not amount to reform." Calpers, which manages $150 billiobn of assets for California's public employees, is to prss for legislative changes that would boost the influence of shareholders in the boardroom. Among other measures, it would like to see all shareholder resolutions made binding on the company and great investor access be made available to the director ballotting process. Calpers and TIAA-CREF are also demanding stronger regulatory oversight of business wrongdoing. Mr Crist said Mr Bush did not go far enough in his plans to increase SEC's funding. "We pay chief executives way too much and [regulators] too little," he said. "We want to give the SEC three times what President Bush is suggesting." Mr Crist added that Enron and WorldCom would have a substantial impact on the way Calpers conducted its affairs. "I think we'll get more invoklved in politics, and we'll get more involved in litigation. We'll be quick to exercise our legal claims to recover our assets." >>>> Keith Hudson ---------------------------------------------------------------------------- ------------ Keith Hudson, General Editor, Handlo Music, http://www.handlo.com 6 Upper Camden Place, Bath BA1 5HX, England Tel: +44 1225 312622; Fax: +44 1225 447727; mailto:[EMAIL PROTECTED] ________________________________________________________________________
