Unions push ‘financial reform’ bill to control big companies and get funding for bankrupt pensions

April 26, 2010 04:41

When you see public employees and the refugees from ACORN out in the street this week decrying Wall Street greed, remember that they are not fighting to take power away from big banks, but to instead control that power themselves.

By: Chris Stirewalt at Washington Examiner

Public employee unions are getting fired up about the financial regulations chugging through Congress.

All week, the unions and their allies in community organizing will be holding mass demonstrations across the country to decry the power of Wall Street and demand passage of the president’s plan.

Rallies and marches for a bank bill? What does that have to do with working for the government?

Stephen Lerner, who is spearheading the movement for the Service Employees International Union, summed it up for Peter Dreier of the Huffington Post: They want the banks’ money.

“The compensation bonus pool for the big six banks — over $130 billion — would solve the entire budget crisis for all the states,” he said in urging the Left to unite against Wall Street.

The bill that Lerner and his team are championing actually makes the big banks bigger and certainly won’t take Wall Street’s bonus cash to shore up the state budgets, which are wracked by unaffordable pay and benefits for public employees.

But tucked into the 1,250 pages of new rules proposed by Sen. Chris Dodd, D-Conn., is a provision that gives new powers to board members. And that could mean big payoffs for the unions down the road.


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