Obama's TPP negotiators received huge bonuses from big banks - News and Current Events | futures io social day trading
futures io futures trading


Obama's TPP negotiators received huge bonuses from big banks
Updated: Views / Replies:183 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Obama's TPP negotiators received huge bonuses from big banks

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Obama's TPP negotiators received huge bonuses from big banks

A controversial trade deal being touted by the White House is expected to give American corporations broad new authority if approved. Now according to newly released documents, big banks gave millions to the execs that are now orchestrating the agreement.

Investigative journalist Lee Fang wrote for Republic Report on Tuesday this week that two former well-placed individuals within the ranks of Bank of America and CitiGroup were awarded millions of dollars in bonuses before jumping ship to work on the Trans-Pacific Partnership on behalf of the White House.

The Trans-Pacific Partnership, or TPP, is a widely-contested trade deal between the US and 11 other nations adjacent to the Pacific Rim, and has been negotiated by representatives for those countries in utmost secrecy. According to leaked excerpts of the TPP and remarks from experts following the news closely, though, it’s believed that the arrangement would allow corporations to oppose foreign laws while at the same time limiting the abilities for governments to regulate those entities.

On Tuesday, Fang wrote that two major United States-based financial firms have significantly awarded former executives who have since attracted the attention of President Barack Obama and subsequently been offered positions that put them directly involved in TPP talks.

Former Bank of America investment banker Stefan Selig, Fang acknowledged, received more than $9 million in bonus pay after he was nominated to join the Obama administration in November. And Michael Froman, the current US trade representative, was awarded over $4 million from Citigroup when he left them in 2009 in order to go work for the White House. Republic Report were provided those statistics through financial disclosures included in Fang’s article.

When Selig was asked to head the International Trade Administration by the White House last November — a Commerce Department job — the New York Times considered it “a rare appointment of a Wall Street banker by the Obama administration.” If he is confirmed by the Senate as expected, he will work directly with US trade officials on hammering out final arrangements for the TPP. Froman has been the US trade representative since last June, and according to his biography on that department’s official website, is directly overseeing TPP discussions.

In Fang’s report, he noted that such hefty bonuses aren’t unusual on Wall Street.

“Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government,” he wrote.

But with the TPP expected to have serious implications on the corporate and financial realms, the appointments of Selig and Froman raise new questions about the potential influence of Wall Street on an already widely-disputed trade deal.

“The controversial TPP trade deal has rankled activists for containing provisions that would newly empower corporations to sue governments in ad hoc arbitration tribunals to demand compensation from governments for laws and regulations they claim undermine their business interests,” Fang acknowledged. “A fact-sheet provided by Public Citizen explains how multi-national corporations may use the TPP deal to skirt domestic courts and local laws. The arrangement would [allow] corporations to go after governments before foreign tribunals to demand compensations for tobacco, prescription drug and environment protections that they claim would undermine their expected future profits.”

“Not only do US treaties mandate that all forms of finance move across borders freely and without delay, but deals such as the TPP would allow private investors to directly file claims against governments that regulate them, as opposed to a WTO-like system where nation states (ie the regulators) decide whether claims are brought,” Boston University associate professor Kevin Gallagher told Fang.

When WikiLeaks released a draft version of a section of the TPP last year, the anti-secrecy group warned that “Particular measures proposed include supranational litigation tribunals to which sovereign national courts are expected to defer, but which have no human rights safeguards”

“No wonder they kept it secret,” internet entrepreneur Kim Dotcom told RT at the time. “What a malicious piece of US corporate lobbying. TPP is about world domination for US corporations. Nothing else.”

Last month, leaked memos obtained by the Huffington Post suggested that the US has lost almost all international support from the 11 other Pacific Rim nations engaged in TPP discussions.

http://rt.com/usa/tpp-fang-big-banks-577/

Reply With Quote

Reply



futures io > > > > Obama's TPP negotiators received huge bonuses from big banks

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Banks bamboozle politicians and public to hold back reforms and protect bonuses... Victory Trader News and Current Events 0 September 27th, 2012 03:38 PM
Democrats revolt against Obama over TPP kbit News and Current Events 0 May 24th, 2012 09:20 PM
Event Risk Huge Despite Central Banks' Intervention Quick Summary News and Current Events 0 September 16th, 2011 06:20 AM
Deficit Deal Near? Negotiators Are Showing Signs of Progress Quick Summary News and Current Events 0 June 15th, 2011 04:40 PM
US Banks Warn Obama on Soaring Debt Quick Summary News and Current Events 0 April 27th, 2011 08:11 AM


All times are GMT -4. The time now is 09:39 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.08 seconds with 19 queries on phoenix via your IP 54.82.56.95