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HOMESTEAD: Fwd: Update on chat w/ King of Sen. Corzine's office
Dear Homesteaders:
Attached
is a portion of the email I sent Gene Fisher of Congresswoman Carolyn
Cheeks-Kilpatrick's office regarding the Fair Exchange (SQPQ) proposals I
have been working on at his request. Based on my discussions with him and
Senator Levin's staff, I was asked to send the proposals to Senator
Corzine who drafted the Airline Bailout bill proposals on equity
compensation for the government. I would appreciate your thoughts on how
to craft these proposals to meet the needs of the policy makers as
expressed by them. The actual requested language I sent to Fisher and
King are in my last posting to Homestead addressed to David
Ackerman of the ESOP Association Legislative and Regulatory
Committee.
Deb
Date: Wed, 05 Dec 2001 18:06:43 -0500
From: Deborah Groban Olson <dgo@esoplaw.com>
Subject: Update on chat w/ King of Sen. Corzine's office
Dear Gene:
Today
I spoke with Bruce King of Sen. Corzine’s office. He understands the idea
that global hegemony is moving from nation states to corporations and why
that is a problem for democracy. He is willing to look at proposals. He
is not interested in pushing stock ownership right now when the market is
down. He feels that now is a bad time to push ESOPs because so many
people, including employees, lost their shirts in Enron stock, etc. (I
think he said that employees were obliged to own stock at Enron.)
He also
thinks that if the government gets reimbursed by corporations for
government investments, all taxpayers benefit. I think that is true on
the macro level. However, it is dependent on how the government, at
any particular time, allocates those funds. An equity stake to the
government doesn't do enough to build a second stream of income for
citizens or give them voting rights in the increasingly powerful
corporations.
Now , when
global companies are needy and coming to the US government to invest in
them, is an opportunity to get US citizens a needed financial stake in
the global economy. This investment stream of income will be increasingly
important in for all US citizens in the near future. Now that the Social
Security Fund is expected to be underfunded in 15 years and both
technology and globalization are decreasing the number of US jobs needed
to produce goods sold in the US, wage income, social security insurance
or individual development accounts will not be an adequate source of
sustenance for an increasing number of Americans. Perhaps the forum in
which to join this issue is not employee ownership, but instead social
security, unemployment or trade.
Congress
should not miss out on this opportunity. During the next stock market
upturn, the companies will not need government help. During the following
downturn the process of corporate hegemony will likely have progressed.
Bruce King
is willing to look at more proposals, but he wants the draft proposal to
have more timely political resonance that does not smell of underwater
stock options, and devalued ESOP stock.
Do you
have any reaction to:
1) The
proposals I sent in the email to King.
2) These
comments on King's reaction.
3) How to
frame the issue to make it politically attractive?
Many thanks for your time and interest.
Deb Olson
Deborah Groban Olson
Attorney at Law
of counsel to
Jackier, Gould, Bean, Upfal & Eizelman, P.C.
1021 Nottingham Road
Grosse Pointe Park, MI
Phone:(313) 331-7821
Fax: (313) 331-2567
Email: dgo@esoplaw.com
Web site:
www.esoplaw.com
for information on employee ownership, equity compensation, and capital strategies, www.jackiergould.com for information on general business law practice.
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