"Embattled financial giant Citigroup Inc., which has received at least $50 billion in federal bailout funds, hosted a private conference call on Wednesday to build opposition to the Employee Free Choice Act.
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The call, which came just one day after the labor-backed legislation was introduced in Congress, represents a growing effort on Citi's behalf to air concerns about the bill, which would make it easier for employees to organize. On Tuesday, the bank downgraded Wal-Mart's rating over fears that the Employee Free Choice Act could pass.
The call, which came just one day after the labor-backed legislation was introduced in Congress, represents a growing effort on Citi's behalf to air concerns about the bill, which would make it easier for employees to organize. On Tuesday, the bank downgraded Wal-Mart's rating over fears that the Employee Free Choice Act could pass.
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Wednesday's conference call was led by Glenn Spencer, a senior executive at the U.S. Chamber of Commerce and an ardent EFCA opponent. It was promoted as "An Update on the Employee Free Choice Act," but much of the content was focused on demonizing the legislation. EFCA will "inhibit flexibility," "hamper companies from competing effectively," and prove "cumbersome" for business, declared Spencer. "From the Chamber's perspective, and I would say probably from the whole business communities perspective, there are really no amendments you could make to this bill that would make it acceptable."
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The lines of attack from the Chamber official were familiar. But Citigroup's participation, led by retail analyst Deborah Weinswig, raised some eyebrows. The bank has received ample taxpayer-funded aid through the TARP program, leading some to question whether rallying support for an anti-union effort was the best use of its time or that money.
The lines of attack from the Chamber official were familiar. But Citigroup's participation, led by retail analyst Deborah Weinswig, raised some eyebrows. The bank has received ample taxpayer-funded aid through the TARP program, leading some to question whether rallying support for an anti-union effort was the best use of its time or that money.
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"Everyone should recognize that when we are talking about Citigroup here, the emperor has no clothes," said Dan Pedrotty, director of the Office of Investment at the AFL-CIO. "You have a company surviving on taxpayer largess weighing in against workers who want to improve their lives.""
"Everyone should recognize that when we are talking about Citigroup here, the emperor has no clothes," said Dan Pedrotty, director of the Office of Investment at the AFL-CIO. "You have a company surviving on taxpayer largess weighing in against workers who want to improve their lives.""
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Story by Sam Stein, March 12, 2009
see entire story here:
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My response to Citigroup this morning:
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"I am deeply troubled by your efforts to derail the Employee Free choice Act. Last year Citigroup settled the last lawsuit surrounding Enron, then you feign financial trouble with your company; next you're taking bailout money, and now I find out you are engaged in conference calls with a host of people telling them about so-called evils of EFCA.
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I'm ashamed of you people. Something tells me that you guys are behind the whole economic crisis. Trying to reset wages and ward off unionizing.
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I will do everything in my power to spread the word about you people. I am outraged.
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I'm ashamed of you people. Something tells me that you guys are behind the whole economic crisis. Trying to reset wages and ward off unionizing.
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I will do everything in my power to spread the word about you people. I am outraged.
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