Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Dodd-Frank Act’

You Voted For Trump Because…

Posted by Warm Southern Breeze on Monday, February 6, 2017

Ben Mallicote – Any guy with a god... er, dog must be A-okay.

Ben Mallicote, FaceBook profile image –
Any guy with a god, er… a dog must be A-okay.

Ben Mallicote recently shared the following on his FaceBook page.

You may also be interested in reading his blog.

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You voted for Trump because Clinton was going to be in Wall Street’s pocket. Trump wants to repeal Dodd-Frank and eliminate the Fiduciary Rule, letting Wall Street return to its pre-2008 ways.

You voted for Trump because of Clinton’s emails. The Trump administration is running its own private email server.

You voted for Trump because you thought the Clinton Foundation was “pay for play.” Trump has refused to wall off his businesses from his administration, and personally profits from payments from foreign governments.

You voted for Trump because of Clinton’s role in Benghazi. Trump ordered the Yemen raid without adequate intel, and tweeted about “FAKE NEWS” while Americans died as a result of his carelessness.

You voted for Trump because Read the rest of this entry »

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Posted in - Did they REALLY say that?, - Even MORE Uncategorized!, - Faith, Religion, Goodness - What is the Soul of a man?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , | 3 Comments »

BIG OIL’s Corrupting Influence in American Politics: Propping up Corrupt Regimes to Prop Up Profits

Posted by Warm Southern Breeze on Friday, March 7, 2014

Report

Slick Moves

The SEC could help tackle corruption in resource-rich countries around the world — but the oil industry is getting in the way.

Angola, Africa’s second-largest oil producer, is regarded as one of the most corrupt countries in the world. And American oil lobbyists are only making the situation worse: They are exploiting Angola by seeking to delay and weaken the implementation of a crucial U.S. transparency law.

That law, Section 1504 of the Dodd-Frank Act, also known as the Cardin-Lugar amendment, promises a breakthrough in preventing dirty deals and illicit payments being made for natural resources around the world, similar to the shady transaction recently uncovered by Foreign Policy. If implemented fully, the law would make U.S. oil and mining companies disclose the payments they make to governments across the world, including in Angola. However, oil lobbyists have been making misguided arguments that laws in Angola and three other countries prevent the required disclosures.

Off Shore Oil Drilling Rig

Off Shore Oil Drilling Rig – MARTIN BUREAU/AFP/Getty Images

Angolan officials secretly profiting from the country’s oil riches is not a surprise. It is only the latest episode in a sad history that goes back for decades. Global Witness, where we work, began exposing the complicity of the international oil and banking industries in the plundering of state assets during Angola’s 40-year civil war in our 1999 report A Crude Awakening. This was followed by our 2002 report All the Presidents’ Men, which called on the oil companies operating in Angola to “Publish What You Pay” (PWYP). Under this rallying call, Global Witness co-launched the PWYP campaign, which is now an international coalition of more than 790 civil society organizations in over 60 countries, including Angola, advocating for transparency laws such as Section 1504.

These efforts are intended to prevent scandals similar to the Trafigura deal covered in Foreign Policy, which provide a glimpse of the endemic corruption in Angola‘s oil industry. Only a few days before Foreign Policy published its story, media reports about leaked documents relating to other corruption claims caused the share price of SBM Offshore, a Dutch oil services company operating in Angola, to plummet 17.9 percent when markets opened. SBM released a statement challenging the validity of the leaked documents, saying that they are partial, taken out of context, contain outdated information, and are not representative of the facts. SBM had also already disclosed to its investors that it was conducting an internal investigation into questionable payments in Angola. However, the dramatic stock drop suggests that SBM investors had not anticipated the scale of the corruption risk exposure.

Another oil services company active in Angola, Weatherford International, which is listed on the New York Stock Exchange and headquartered in Switzerland, has recently pleaded guilty to violations of the U.S. Foreign Corrupt Practices Act (FCPA), including bribery of the executives of Sonangol, Angola’s state oil company. It has agreed to pay fines of $253 million to settle the case, one of the largest FCPA settlements ever.

These cases illustrate the urgent need for transparency in Angola’s oil sector. The successful implementation of Read the rest of this entry »

Posted in - Business... None of yours, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

 
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