The Washington Examiner reports:
tucked into the 1,250 pages of new rules proposed by Sen. Chris Dodd, D-Conn., is a provision that gives new powers to board members. And that could mean big payoffs for the unions down the road.
The great power of the pubic employee unions is their pension funds -- hundreds of billions of dollars provided by taxpayers to pay for retirement benefits. The investment of these funds is directed by political appointees who are motivated to keep the unions happy.
There's more:
The Dodd plan would federalize that responsibility for the first time and give the SEC the power to set the rules for how boards are governed. The preference among the Democratic majority on the commission is likely to be for rules that give pension funds more seats on more boards and more power to make decisions.
While Democrats are busy decrying the growing influence of corporations on politics, little is said about the growing influence of politics on corporations.
An article well worth your time.
