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Time for Congress to Stop Hollering at CEOs and Take Action


Time for Congress to Stop Hollering at CEOs and Take Action

Robert Reich

Last week, Congress engaged in a bipartisan barrage of CEO bashing.

The Senate Banking Committee assailed Wells Fargo CEO John Stumpf for pushing employees to create as many as two million bogus bank and credit card accounts without customer’s consent – making customers pay overdraft and late fees on accounts they never knew they had.


Why not get together and file some billion dollar Class Action Lawsuits against these banks, corporation and the individual perps? What good does it do to fine these bastards when any little bit of money recovered goes to the government and its politicians to squander instead of to the public that suffered the scams?


These Congressional hearings are similar to a professional wrestling contest. In wrestling the ref yells at the two contestants who don't listen and continue to throw chairs, etc., while in the Congressional hearings the members of the panel scold the CEO who knows he only has to offer lame excuses for a short period before going back to business as usual. After the hearings the members of Congress eagerly await their payment from the CEO they have just scolded. All theater.


From the Nation:The Death of the Class-Action Lawsuit?

I agree we need to do something, but suing and voting our way out of this mess is not the answer.

Sanders was right in calling for a political revolution, but it takes a social movement to bring it to fruition. This election, like all the rest in recent years, is a sham. It won't change a thing for the better, nor will future ones if We the People don't get off our duffs and start organizing, educating, and offering real solutions in our own communities.

Franklin's words apply more now than ever: We must indeed all hang together, or most assuredly we shall all hang separately.


The Progressive's BFF Robert Reich tells us that we should fund our regulatory agencies properly, break up the big banks, and regulate drug prices.
That's what Hillary told Reich to say because that's her plan for us after she's elected.
That's a solid Capitalist economic plan which will appease the Republican Party faithful and fool silly Democrats into believing that she's actually taking substantive action which she won't be.
What should be done is to nationalize the banks, the healthcare industry, and the fossil fuel industry. Then she should demand that her Attorney General, Justice Department and FBI investigate corporate transactions and bring corruption cases against all lawbreakers from CEO's to floor sweepers.


I hope this is an attempt at humor. Clinton may not be honest, but she fits the definition of an honest politician (i.e. 'one that stays bought'). She's not going to turn on her donors. Break up the big banks? She's more likely to french kiss the Donald during tonight's debate.


Neoliberals send in their barking dogs like Warren, make a loud noise to appear like they care and what happens? More of the same because that's the game.


The five too-big-to-fail banks (which includes Wells Fargo) that controlled 25% of US bank assets when they crashed the economy in 2008 will control 50% by the time Obama moves out of the White House, with no end to their growth of market share in sight.

According to Government Accountability Office Report GAO 11-696 Congress has put US taxpayers on the hook for $16 trillion in various bailout schemes for these banks.

The Congressional grand standing we have recently witnessed as Wells Fargo laughs all the way to the bank distracts us as banking and other industries become monopolized beyond the wildest dreams of the robber barons of the gilded age.


Hers will be lip service followed by crickets.
The idiot Democrats will all mutter in unison, "Well, she tried but those damn Republicans obstructed her efforts."
Kabuki to entertain the masses.


The Congress reminds me of the joke about the cowboy who rides back to his ranch to see it burnt down, the farm animals and his children killed and his wife beaten up and raped. He rides hurriedly into town goes into the saloon where he sees an unsavory looking man, dressed in black standing at the bar drinking a whiskey. He goes up to him and says, "Are you the man who burnt down my ranch, killed my children and animals and beat and raped my wife?" The man turns to him slowly and says, "Yep." The cowboy then says, "Well, you've got to cut that shit out."

That's about the extent of our Congressional action to these corporate crimes.


Yes let's all commit to voting for Jill Stein so we can have Donald Trump as President and ensure that with a totally Republican controlled government corporate scandals will never see the light of day either in the press or the Congress. That's really a smart idea.

Sorry, I'm not a fool. I won't burn down the whole government to have my little pee in the ocean. A vote for Jill Stein is worst than wasted. It's a vote for ultimate authoritarian fascist tyranny to take over this United States. We already went the Nadar to Bush route. How did that turn out for us?


Donald Trump will never be the president. Ever, ever, ever. Bet on it.
I hope that you intend to vote every incumbent out of office in November given your obvious negative feelings about the congress as a whole?


Better to have the 'I tried and the Republicans obstructed me' but I get to control the regulatory agencies and select court justices" then turn the whole damn thing over to a fascist authoritarian know nothing and watch the Republicans destroy this democracy with their law and order, anti-immigrant, anti-female, anti-black, anti-gay, pro-corporate and defense industry agenda. This whole notion that they're all the same is bull. Obama, with all his faults, was 100 times better than Bush no matter how you look at it. I can only think that either you are a Republican operative trying to get liberals not to vote for Hillary or your the dumbest leftist in the world.


We the people are the US government as it says in constitution and we elect the politicians. We keep re electing people who do not work in the interest of the people.

How long ago did fairness in reporting and we the people owning the airways and there had to be competing views and analysis. Truth in lending, truth in advertising, bribery was illegal. Yes they were GD regulations as was Glass Seagal, commodities futures (now gambling casino), media ownership et al. Over the last 40 years our democracy has been watered down to ownership by the oligarchs and we the people allowed it. We were dubbed and FOX NEWS was the outcome of the original regulation being watered down which allowed a lying, bribing, foreigners to own parts of this a can't call news organization.

Foreign investors buy up "American Dream" blocks of homes and rent that out for outrageous prices but it is the market because hedge funds here in America and around the world along with banksters crashed world economies and then bought up everything in site.

We have Communist China owning a famous hotel in NYC? Nestle a Swiss company trying to buy up our water and we the people are criminals if we go to Canada or Mexico to buy drugs? WTF Of course, if you remember investors bought the parking meters in China and a Prince from SA is one of the investors. How much do you pay in Chicago for parking these days.

The public sphere is for sale to oligarchs here in America and around the world.


Congress has made it harder to do class action suits against corporations? or was that so called trade agreements?


Oh yes, common dreams have lost many supporters because they promoted Bernie and were not behind Hillary.

You really think there is enough of you Stein supporters to make a tiny chance hell that anything changes?

Sorry I am worked with this article and connecting the dots.


It does not take much to be 100% better than Bush but he carried out a Bush II as a war monger in chief. He is pushing hard to get TPP/TIS but saying we need emission reductions and pushing that but TPP/TIS would allow fossil fuel industries to sue us taxpayers for doing that.


You are right and it is the dems fault for putting up such a flawed candidate that has been beaten up by republicans for 25 years no matter if she is guilty or not. They know the history of the Clintons, how dumb are dem elites.

Bernie Sanders gave them a chance to have a good candidate that people loved. They thwarted at every turn and still did and probably will.

Good cop/bad cop at work. Media is a big problem also and they are too big to exist.


Put the blame where it belongs, DNC presented a very flawed candidate and they had history to tell them that. DNC has no voice and no grasp of history.


We are way beyond Jill Stein saving us at this point. We don't have the advantage of that kind of time. The next big war is already being cooked up in Syria.

Our medical system is in disarray, and most do not realize it yet because they have not used it in the last few years (90K for a broken arm this year for my family). Institutional racism in our police force. We keep getting told they are bad eggs, but it keeps happening. Legalized slavery in our prisons, inmates are forced to work for corporations for no wages.

It goes on and on and on. There is only one thing that is going to change things. When people go in the street en masse. When police and military refuse to turn their guns on their fellow citizens. Hopefully, this can be resolved through massive peaceful protest. It may not though.

Unfortunately, the democratic mechanisms, that were supposed to ensure peaceful transition to leadership that the people want, have been so thoroughly corrupted that they have stopped working. Instead we have two major candidates that most dislike. That can't happen when a democracy is actually working as designed.