Posts Tagged ‘governance’

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Strike the E and the P from their name

April 3, 2020

At this point, I’m fully expecting mustache twirling.

The EPA, under direction from the current administration, suspended its enforcement of environmental laws.

Not just some of the laws and regulations – effectively all of them.  No monitoring, integrity testing, sampling, laboratory analysis, training, reporting, or certification obligations.  So long as the company says that it was due to COVID-19 and provides supporting documentation to the EPA upon request.

As if the EPA would request it.  Because there’s no end date set.

Even after the fallout from COVID-19 is done, this can stay on.

Plus the EPA has clearly stated that it won’t pursue penalties if companies break the rules.

There are not even any provisions to take action should a company do something egregious or if there is immediate threat to health – at best the EPA has said they would tell “state authorities.”

This is beyond reprehensible.  They are using the cover of a crisis to cause active and ongoing harm to people, to people’s livelihoods, to the future.  There could be another Cuyahoga River incident tomorrow, and they would shrug.

This is not good.

 

(And just to be sure both sides of their moustaches gets attention, they also just dropped fuel economy standards.)

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BailoutBS

March 22, 2020

So wait.  In the last 5 years, airlines spent $44B on stock buybacks.  That’s 96% of their free cash flow.  Plus billions more on dividends.  They did not improve their services, nor improve their structure, nor, and this is the biggie, did they save anything for the inevitable downturns or other acts of woe.*

They act fiscally irresponsible, line their pockets, impoverish us, and now they want a bailout?  They have the audacity to ask for a bailout?  A bailout that is essentially in size of what they spent on buybacks?

This is why good governance is important.  This is why oversight is important.  This is why societal involvement and accountability is important.

THIS is why your/our vote matters!

 

* Nor, of course, did they boost their employee pay, or working conditions, or aid the consumer in any way… but that’s a whole other story.

** As a whole, the top 500 companies spent $5T on buybacks + dividends vs $4.5T in earnings — they are willingly and wantonly enriching themselves while foisting their liabilities into debt and the public trust & our pocketbooks (by both charging more and paying employees less, plus foisting costs into the environment into which we all live).  All aided by the recent tax code “revision” (read: giveaway).