You are hereChange To Win: Tom Donohue: Preaching Principle, Enabling Excess

Change To Win: Tom Donohue: Preaching Principle, Enabling Excess

October 15, 2009- Preaching free enterprise, U.S. Chamber of Commerce President and CEO Thomas J. Donohue leads the Chamber’s attack on the financial reforms essential to restore employment and the economy.  He cloaks the Chamber’s staunch opposition in the most expensive rhetoric money can buy.  But Donohue’s pro-business, pro-economy and pro-jobs rhetoric notwithstanding, the Chamber’s record under his leadership is none of those things.  It is pro-CEO.

Specifically, Tom Donohue has hijacked the Chamber’s agenda away from serving the interests of the business community to serving corporate CEOs.  Under his direction, the Chamber now rewards corporations that write large checks with specific lobbying on their behalf.  Donohue’s Chamber also expends significant resources defending CEOs whose conduct harms their own corporations as well as the business community.

Under his leadership, the Chamber:

•Opposes regulating the markets, products and practices that generated massive payouts to Wall Street executives, but ultimately devastated their companies and caused the worst financial crisis since the Great Depression.
•Fights reforms that would make executive compensation more transparent, financial statements more reliable and accounting fraud more difficult to conceal.
•Attacks the ability of government agencies to investigate and hold accountable executives who may have engaged in wrongdoing.
•Defends executives accused or convicted of breaking the law, including ousted AIG head Hank Greenberg, who contributed $24.5 million to the Chamber; ex-Qwest CEO

Joe Nacchio who is serving six years for insider trading that took place while Donohue was a Qwest director; and billionaire Philip Anschutz, perhaps Donohue’s closest ally.
These activities are not in the interests of either the small businesses that make up 96% of the Chamber’s members or American business generally.   Rather, they are nothing more than attempts to defend discredited practices that enable executives to enrich themselves at shareholders’ expense.



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