Tip:
Highlight text to annotate it
X
fungi detail link in he
research director for public citizen uh... now we often talk about campaign
finance reform bob but one of the
that has come out about that is very interesting and i'm not sure i entirely
with that but it's a fasting concept in and that killer knows all about nasa
loob autumn on one of them for sale
for but baker are good to be here and how do you disagree with the started
had internet it calcutta
disclose electoral spending
more indictments that come isadore so explain
and tells how breaks ok security evident in that it more important part though of
a broader approve of it but uh... rickard that have been conducted by
trying to go to the harvard law professor
and per year if he had looked at
companies a performance in the stock market which he values um...
technically at what they're stock traded compared to their book value the book
value meaning if you liquidated the company look at it all the parts for
centrally in and out of the market value of the company today
it turns out that come through various periods of time dating back to i think
nineteen ninety-eight and in reputed studies
both companies that don't have hackers electronica or don't lobby or spend what
lobbying
enjoyed better up write the book values
pincode do
do have packed
which we were terrific way we're trying to buy papers in the system so poor
or to spend money on uh... lobbying
well that's really
interesting in so you know that would uh...
leading to different conclusions one is that they don't have tax that the
converse to have to go about that but but uh... i at least i understand the
research the that you you're bringing out here that uh... you're quoting from
the third for from the professor obviously and and that the second has to
do with uh...
revealing value close the constitution says in it
so we think that it will look at the more researcher
court something we can all agree on
it but i mean who would begin disclosure really
what human being that always better republicans talking point that only like
campaign finance restrictions
you know if you can kind of american he prolly better african-american in for a
cocktail party or in
they're part of our reflect
well spend whatever there although it down because it
brightness ordinary solicits so the wall street journal bipartite *** proposal
which isn't it actually at the ball because the finding what his election
spending it all tricky
but nonetheless
inferior that we were all agreed upon
so um... we took a look at uh...
uh...
center for political accountability has been working for years
to get fortune five hundred company address twenty five hundred companies
to agree to voluntary disclosure about this
which takes a new meaning in the wake of without citizens united because now
corporate effort
to overly affect elections are legal
union
the way cos about lend money to affect elections really given by putting money
in their own name you know
developed a coca-cola
endorphins map right right
they give the money to the chamber of commerce or maybe to get the money going
to be uh... maneuverable program
in about eighty five company for parties to varying degrees in which that they
were going to put this week to get the right thing to do
uh... and again who wouldn't i mean
i'm a shareholder in the company camp i know how they're kind of recollection
and uh... professor coates ran the numbers
correcting for industry and correcting for very further factors
in a turned up both companies that have adopted closure policy
our work seven point five percent more on the whole then
company that don't have to put a pot okay now that's what i believe totally
and i don't think you can even make an argument against that except we lose on
it anyway because they're the guys who want the politicians are the ones that
are writing the rules but uh... you know
uation although the company should absolutely know who they're giving the
money to that's right and i think they lived in the paper we wrote we are
uh... talk about it but there are pretty cautious in terms of how we
portrayed the result
in attempt that
the stuff is pretty tricky like how you determine what if the company value over
how you and figure out what the stock market value of a company of
now in newark the so many different factors you know when you cut hair like
if you're looking at the end do you think
you'll hear so there is always a reasonable how the market want that
their rights the right of course is a letter about
the dow was down one point
one-percent very you know i turn thirty four point today and is that
nike net third quarter expectations in eastern europe if they don't maybe that
was buried in the garage and i want to give a speech in the yarn tumko metal
right
so there's a whole bunch or even stock market could move up or down
i happen to think that the army at the really hold true by various different
ways of measuring our company doesn't matter whether
they have on political arm packed and you know i'm engaged in the activity
or whether they disclosed activity
that though that you believed in and of course the most
may well do better because justin values that would leave them for that position
are good values and the kind of people that would make the sort of decisions my
well-run good companies
an example of that in former treasury secretary paul o'neill
when you protect your core unit
you know the editor of the nineties but not quite sure
within a week he shut down the company's pack
any that they put it that they picked up the right thing to do that the way that
you're trying to get something you don't deserve
and also the if you have a pack then um...
you're going to be being besieged by candidates all the time that are wanting
money into a poor still funny
is that's actually conservative position right pat and you know i use a little
position to buy it back you know paul annealed course was a bushes patridge
sector in the beginning uh... but nobody is a conservative anymore like the
people who pretend to be concerns our concerns they elommal when companies by
our politicians which should not be a conservative of ideological position at
all filed that you know and them with another way looking at it is paul
o'neill who was delicious first podiatrists a theory
each of the left of obama's treasury secretary jim wright yet what all of you
know uh...
he may have been a conservative heartburn away
but he was a pragmatist amount into the ideologue
yediyat yet ballot values nightfall anil is ten times better treasury secretary
stinson guide why would agree and it certainly a paragraph working and that
himself and no question about that yes it was so
and though i think that uh... um...
to the defense had because
it is not really kind of recovery if that's no good betrayed by the system
unit no good to be part of your spending in really the reports for fighting think
like that the perfected folk work because
i actually think it's gonna hurt them in public opinion
to the displaying look that yet thing so i'm still reso sports
because the democrats are guilty the same crime so the instead on the rods if
they wanted to be in a political ads on the exam allies but they won't because
they also take money sublet equal
the last thing then taylor though it is to go back to our disagreement because
they're on the first half of it with companies the key
explain market value to book value and that's a legitimate way of measuring it
but look in reality
exxon mobile is the most profitable company in the world or maybe the second
most at this point p
split and whether they be made by politicians left-right and it gives them
get some tens of billions of dollars in subsidies but they don't deserve it all
at and that's one of a million examples i gave you so i think the buying
politicians is a great investment and i i i would work that's why we should
prevented but i do you return is an excellent uh... value on your dollar
i think that echoed probably people in to find any where me and i think if you
look at that at the ppr opal
i mean during how hard it is to make money to be felt that that will work
coming out of that piper twenty four hours
no child which denied that i get a d_n_a_ may give money away but they're
making more money to suhas payroll to rise in the gulf of mexico they get the
subsidy
ease and then it would you look at any mission of the banks pay naming
trillions of dollars
num got arrested because they bought the politicians you know i mean when you
look at it that way
yet
he didn't go to jail i think that i think even more money out of its
authority would by nato's fault this is ideas and that's the best many we can
expect it will be
and uh... make that point and and and i and i actually took world but that the
dream of more than anything like that but there were two bus uh... i think
that that bigger point we try to make in the pizza
citizen can edit but opinion
with a bit of a compact the kennedy put forward
and kennedy said we've got disclosure and we never before had corporate
spending with the closure
they keep it that we got the closure
and he basically took that cocktail party line
itni said full disclosure
uh... unlimited spending technique that shareholders complete the company
and so i get away or keep it to practice to it
one at that day
here at the numbers that show that if you agree to disclosures back in a
verdict
thank you your might disagree with you secretary babbitt that we have the
closure are rise no misinterpret the retained in a hurry ok pr
secondary we all know twice
period just dependent space
inquiry is that
that what the deal
included and united and we can live at home on every report we're right at that
have been genetic but you know what we're going to have disclosure
and kennedy either misled the public
by creating the impression that he thought there was the closure
or um... he was just incompetent
sidwell said gave said we're going to have unlimited corporate spending
there because i don't happen alike on one of the corporate planning and i
think i would take the deal
but that the deal we were given it had to part with unlimited corporate banning
the import of closure
packing winds i went out of the mother the corporate spending
employer public that has been that one of the point that we try to come
mail bomb nunchi list and that's a great when up or do you guys are not be sports
an dennis fung unfortunately are broken system
were uh... the different regulatory agencies that this posting bri
disclosures don't do their jobs there was a dog but i took a lot
though that the complicated it's a complicated life and there are holding
his own class a disclosure notes that article eliminated before kennedy wrote
the opinion i don't think he understood it
i think he honestly thought the bell chemical would be running if that's not
america for job security
yet while he was wrong which was which is the first time jetliner after he
starts deepen our people in the washington post
i'm sure he feels
really bad and chocolate and i'm sure she recently to reverse himself im bank
i'm i'm sure that because it was a pleasure chatting with his absolutely
sailor acknowledges the research director for public citizen and now
they're finally decided that make sure we can clean up our license
godspeed
paper much