Labor's Voice for Change is a new labor organization that is designed to protect the basic rights of union members. It provides a voice for union men and women who are striving for a bigger and stronger labor movement. In line with its democratic principles, it is campaigning for a free and fair elections at the AFL-CIO convention
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Our $2 Billion Loss
May 17, 2012
JPMorgan Hired Lobbyists to Ease Risks and Create Loopholes for Investments
By Harry KelberThe days after the JPMorgan Bank announced it had lost $2 billion (probably more) in risky financial gambles, three of the bank's top executives resigned, but the reasons for the collapse of the company’s huge investments were largely kept secret from the public.
The bank’s CEO, James Dimon, called the strategy to gamble the money “flawed, complex, poorly reviewed, poorly executed and poorly monitored, omitting his role in the risky investment for outsize profits.
But where were the regulators that were supposed to prevent such financial disasters? Wasn’t that what we were promised with the passage of the Dodd-Frank legislation?
What we now know -or should have suspected- was that the bank had hired teams of lobbyists to explore every loophole that would make the company more profitable and less risk-prone. The lobbyists apparently persuaded the Federal Reserve Bank and other government agencies, as well as some members of Congress to ease the restrictions on risky investments.
The World of Labor May 11, 2012
Europe May Favor ‘Growth Plan’ of French President
The election of Francois Hollande as French President may shift Europe’s attention from bleak austerity to a growth strategy as a solution for the financial problems of several troubled countries in the European Union (EU). David Begg, general secretary of the Irish Congress of Trade Unions, urged European governments to stand “four square behind Hollande to ensure there is a growth strategy in Europe.
Begg said the election of Hollande had broken the ‘group think’ that has gripped the European establishment in recent years and that they now had a stark choice: persist with a singular policy of dogmatic austerity and bring the house down, or start buying into some of our solutions.”
Begg said Europe needed its own “New Deal” in the form of a “massive growth stimulus and a means of dealing with public and private debt. He said this strategy “could give us some influence on our destiny, It would put us in the vanguard of the drive for growth, while not isolating ourselves from the European mainstream.”
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