Elizabeth Warren Lays Out The 8 Conditions For A Federal Bailout
While the Trump administration are seemingly working hard to gain consensus in providing money to firms particularly hard hit by the virus – whether they deserve it or not, and picking winners and losers aside – Senator Elizabeth Warren could not help but interject herself into the process with some epic virtue-signaling…
These are the eight conditions she demands for any federal bailout cash to be released…
1. Companies must maintain their payrolls and use funds to keep people working or on payroll.
2. Companies must provide a $15 minimum wage as quickly as practicable but no later than one year of the national emergency declaration ending.
3. Companies are permanently prohibited from engaging in share repurchases.
4. Companies are prohibited from paying out dividends or executive bonuses while they are receiving any relief and for three years thereafter.
5. Companies must set aside at least one seat — but potentially two or more, as the amount of relief increases — on the board of directors for representatives elected by workers.
6. Collective bargaining agreements should remain in place and should not be reopened or renegotiated pursuant to this relief program.
7. Corporations must obtain shareholder and board approval for all political expenditures.
8. CEOs must be required to personally certify a company is compliance and face criminal penalties for violating these certifications.
So… no layoffs, no buybacks, no bonuses, high minimum wage, and union representation on board?
If these rules are to be take effect (which they won’t):
1) no cash is going out anytime soon… and
2) if they do, their business viability would be in question.
But hey, what does that matter – she has signaled the tiny percentage of Americans that voted for her during the Primaries that she is right there beside them fighting the good fight – except she isn’t because they are all getting laid off due to the virus and she is a millionaire.