Sen. Elizabeth Warren (D-Mass.) has Wells Fargo & Co. in her cross hairs again. Last week newly elected board chair Stephen Black received a letter from the Massachusetts senator asking for details on CEO Charles Scharf’s compensation incentives, including specific metrics regarding governance and regulatory compliance targets and Scharf’s performance against them. On the same…
Tag: elizabeth warren
Warren Slams $5.2 Million Bonus After Nursing-Home Covid Deaths
Sen. Elizabeth Warren (D-Mass.) is fuming over the “inexplicable and unseemly decision” to pay a $5.2 million “retention bonus” to a nursing home industry CEO after more than 2,800 residents died from Covid-19 in the company’s facilities. In a letter to Genesis HealthCare Inc. released Thursday, Warren said the company approved “exorbitant” bonuses to former…
Senator Warren Calls on the SEC to Address Stock Market Gamesmanship Amid Volatile GameStop Trades
United States Senator Elizabeth Warren (D-Mass.); a member of the Senate Committee on Banking, Housing, and Urban Affairs; sent a letter to Acting Securities and Exchange Commission (SEC) Chair Allison Herren Lee requesting that the agency provide Congress and the public information on how they will address the dramatic swings in market valuation of GameStop…
Warren, Carper, Baldwin, and Warner Form Corporate Governance Working Group to Fundamentally Reform the 21st Century American Economy
United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Tammy Baldwin (D-Wis.) and Mark Warner (D-Va.) announced the formation of a working group to develop legislative proposals and conduct oversight focused on fundamentally reforming corporate governance. Over the last 30 years, corporate profits have surged while the portion shared with labor has declined, resulting in…
Senate Group Working on Corporate Governance Proposals
United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Tammy Baldwin (D-Wis.) and Mark Warner (D-Va.) announced the formation of a working group to develop legislative proposals and conduct oversight focused on fundamentally reforming corporate governance. Over the last 30 years, corporate profits have surged while the portion shared with labor has declined, resulting in…
US Senate/Congressional Letter Condemning DOL/EBSA Proposal On Proxy Voting by ERISA Fiduciaries
Twenty U.S. Senators and Members of Congress, including Elizabeth Warren, Dick Durbin, Tammy Baldwin, Patty Murray, Bernie Sanders, and Sherrod Brown, and Maxine Waters have sent a very strong comment letter to EBSA/DOL criticizing the proposal on proxy voting by ERISA fiduciaries in the strongest terms. The full letter is below. An excerpt: The proposal…
Two senators demand answers from Wells Fargo following NBC News reports
Citing a recent investigation by NBC News, two U.S. senators have asked the chief executive of Wells Fargo to answer extensive questions about the bank’s practice of pausing mortgage payments for borrowers without their consent under a federal program designed to help homeowners financially hurt by COVID-19. The senators, Elizabeth Warren of Massachusetts and Brian…
Elizabeth Warren: Corporate executives like those at Wells Fargo must face jail time for overseeing massive scams – The Washington Post
When a criminal on the street steals money from your wallet, they go to jail. When small-business owners cheat their customers, they go to jail. But when corporate executives at big companies oversee huge frauds that hurt tens of thousands of people, they often get to walk away with multimillion-dollar payouts.Too often, prosecutors don’t even…
Trump and Warren are Both Wrong
Jesse Fried says that Senator Warren and President Trump both want to weaken shareholder oversight, Senator Warren with her legislative proposal and President Trump in asking the SEC to review elimination of quarterly reporting: In the absence of any solid evidence that shareholders harm firms, the case for weakening investors has been based on myths,…
Critique of Warren Proposal on Corporate Accountability
Denise Kuprionis analyzes Senator Warren’s proposal for federal charters of large corporations on the Conference Board corporate governance blog. She finds a number of its provisions are already covered or counterproductive. An excerpt: Perhaps a better answer than the ACA is to better promote benefit corporations as an option for companies. Then to determine and…
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