Occupy Elk Grove - Are We Part of the 99%?

Our very own symbol in our backyard It started on Wall Street and it has spread. This weekend there was a Occupy San Francisco near the Fe...

Our very own symbol in our backyard

It started on Wall Street and it has spread. This weekend there was a Occupy San Francisco near the Federal Reserve branch bank there.

Next an Occupy Sacramento is being organized. It is planned to start this Thursday morning at 9:00 a.m. at Cesar Chavez park in downtown.


Will Elk Grove have one? It is highly unlikely.

If one was organized though, we have our own symbol of the excesses of Wall Street (not to mention local hubris of the last decade)  in our own backyard - it is called the Elk Grove Promenade.

What would be a more appropriate site?

Wall Street excess in our own backyard - The Elk Grove Promenade!

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4 comments

Blackwidow14 said...

Come out, we need to stand togeather

James McRitchie said...

Let me know if you do an Occupy Elk Grove. I've been trying to "Occupy Wall Street" for the last 16 years with my site at http://corpgov.net. Ten or 15 years ago CEOs and NEOs (named executive officers, usually about 5) took 5% of all corporate profits. More recently they take 10%. The divide between the 1% and the 99% is growing.

There are many solutions. One is a small transaction tax on the purchase of stocks and derivatives. This would not only raise money, it would slow the ever accelerating growth of wild swings in the market. Owning Intel 17 times in a year isn't being a long-term investor. We need long-term patient capital, not money moving in and out by the nano second.

Another big problem is the fact that in many companies boards are hand picked by the CEOs. This is a real conflict of interest, since the boards are entrusted with hiring and firing the CEO and setting their pay on behalf of shareowners. A little over 10 years ago, I petitioned the SEC to allow shareowners to be able to place their director nominees on the corporate proxy (instead of having to do a separate expensive proxy solicitation). Last year, the SEC finally enacted a couple of rules, one of which was thrown out by the courts after being sued by the Business Roundtable (a kind of union for the top CEOs).

I'm currently working on proxy access proposals to be used on a company by company basis and would love to join an Occupy Elk Grove.

James McRitchie said...

Let me know if you do an Occupy Elk Grove. I've been trying to "Occupy Wall Street" for the last 16 years with my site at http://corpgov.net. Ten or 15 years ago CEOs and NEOs (named executive officers, usually about 5) took 5% of all corporate profits. More recently they take 10%. The divide between the 1% and the 99% is growing.

There are many solutions. One is a small transaction tax on the purchase of stocks and derivatives. This would not only raise money, it would slow the ever accelerating growth of wild swings in the market. Owning Intel 17 times in a year isn't being a long-term investor. We need long-term patient capital, not money moving in and out by the nano second.

Another big problem is the fact that in many companies boards are hand picked by the CEOs. This is a real conflict of interest, since the boards are entrusted with hiring and firing the CEO and setting their pay on behalf of shareowners. A little over 10 years ago, I petitioned the SEC to allow shareowners to be able to place their director nominees on the corporate proxy (instead of having to do a separate expensive proxy solicitation). Last year, the SEC finally enacted a couple of rules, one of which was thrown out by the courts after being sued by the Business Roundtable (a kind of union for the top CEOs).

I'm currently working on proxy access proposals to be used on a company by company basis and would love to join an Occupy Elk Grove.

James McRitchie said...

Let me know if you do an Occupy Elk Grove. I've been trying to "Occupy Wall Street" for the last 16 years with my site at http://corpgov.net. Ten or 15 years ago CEOs and NEOs (named executive officers, usually about 5) took 5% of all corporate profits. More recently they take 10%. The divide between the 1% and the 99% is growing.

There are many solutions. One is a small transaction tax on the purchase of stocks and derivatives. This would not only raise money, it would slow the ever accelerating growth of wild swings in the market. Owning Intel 17 times in a year isn't being a long-term investor. We need long-term patient capital, not money moving in and out by the nano second.

Another big problem is the fact that in many companies boards are hand picked by the CEOs. This is a real conflict of interest, since the boards are entrusted with hiring and firing the CEO and setting their pay on behalf of shareowners. A little over 10 years ago, I petitioned the SEC to allow shareowners to be able to place their director nominees on the corporate proxy (instead of having to do a separate expensive proxy solicitation). Last year, the SEC finally enacted a couple of rules, one of which was thrown out by the courts after being sued by the Business Roundtable (a kind of union for the top CEOs).

I'm currently working on proxy access proposals to be used on a company by company basis and would love to join an Occupy Elk Grove.

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