Posted on 09/11/2019 8:13:21 AM PDT by karpov
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[A]mong all the Democratic taxers and takers, no one would hit retirees harder than Sen. Elizabeth Warren.
Her “Accountable Capitalism Act” would wipe out the single greatest legal protection retirees currently enjoy—the requirement that corporate executives and fund managers act as fiduciaries on investors’ behalf. To prevent union bosses, money managers or politicians from raiding pension funds, the 1974 Employee Retirement Income Security Act requires that a fiduciary shall manage a plan “solely in the interest of the participants and beneficiaries . . . for the exclusive purpose of providing benefits to participants and their beneficiaries.” The Securities and Exchange Commission imposes similar requirements on investment advisers, and state laws impose fiduciary responsibility on state-chartered corporations.
Sen. Warren would blow up these fiduciary-duty protections by rewriting the charter for every corporation with gross receipts of more than $1 billion. Every corporation, proprietorship, partnership and limited-liability company of that size would be forced to enroll as a federal corporation under a new set of rules. Under this new Warren charter, companies currently dedicated to their shareholders’ interest would be reordered to serve the interests of numerous new “stakeholders,” including “the workforce,” “the community,” “customers,” “the local and global environment” and “community and societal factors.”
Eliminating corporations’ duty to serve investors exclusively and forcing them to serve political interests would represent the greatest government taking in American history. Sen. Warren’s so-called accountable capitalism raids the return that wealth provides to its owners, the vast majority of whom are present or near retirees. This subversion of capitalism would hijack Americans’ wealth to serve many new masters who, unlike shareholders, don’t have their life savings at stake in the companies that are collectivized.
After dividing retirees’ rightful earnings eight ways to serve the politically favored
(Excerpt) Read more at wsj.com ...
Witch.
She’ll tack to the center after she knocks off Bernie, but her instincts are pure big-state socialism. Her candidacy will make holding on to the Senate all the more important for Republicans on the non-trivial odds that Trump won’t win re-election.
IBTZ
This will torpedo her if the message gets out, thanks to Phil Gramm.
His solution is to tax every "Wall Street" transaction to pay for deadbeat school loans.
So, I paid for my education, and my investments for retirement are in the market, but some of my retirement proceeds would go to pay for folks who chose not to repay their student loans.
This is a perfect example of distribution of wealth, and taking from the producers to the non-producers.
Further it is a plank in the platform of the National Socialist Democrat Workers Party for many of the NSDWP candidates.
WTF....THIS WITCH IS CRAZY.....WHAT RETIRED PERSON WOULD VOTE FOR THE ???? GREAT EXAMPLE OF “RATS” FOR ILLEGALS....
I see what you did there. Shes a cupid stunt.
The stock market would tank so badly that the Crash of 1929 would look like a minor correction...................
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She’s proposing ‘institutional theft’!
"And people claim *I'm* stupid!"
Plugs-Buttplug 2020
Use DuckDuckGo to search for a University of North Texas coffee mug. You’ll get it.
Hell, a bunch of CEO’s have come out and volunteered to do this. Fauxahontas is just making it official.
Face it: in the future “profit” is gonna be a dirty word.
If corporations are now protecting the interests of “the community”, we don’t need the government anymore. So, pass the law and disband all local governments, as corporations with more than $1B will now be looking out for us!
Welcome to hard core, mainstream in-your-face socialism, bros. They’re not even trying to hide it anymore and your average RAT voter is too stupid, or lazy, to figure this out.
“Ladies and Gentlemen, Our Corporate Anthem!”
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