Labor Challenges `Rubinomics' as Democrats Gain Power

[Algorem]

http://www.bloomberg.com/apps/news?pid=20601070&sid=anM1H6Ktw73E&refer=home

By Kim Chipman

Nov. 22 (Bloomberg) -- Democrats are returning to power on Capitol Hill just as two powerful wings of the party, labor and Wall Street, are colliding over economic issues.

The dispute over trade and budget policies prompted a high- level private meeting earlier this month between AFL-CIO President John Sweeney and former Treasury Secretary Robert Rubin, who is now chairman of the executive committee at New York-based Citigroup Inc.

AFL-CIO leaders, contending Democrats won the midterm elections because of voter concern about job security and stagnant wages, say it's time to set aside the free-trade policies touted by Rubin.

``We need to review the Rubin agenda that's led to millions of lost jobs and declining standard of living for the middle class,'' said United Steelworkers President Leo Girard. ``It's an agenda that has been very good for Citigroup and the financial community because they've been able to finance the relocation of jobs and refinance the trade deficits.''...

[papau]

1. Fair trade - not Free Trade - should be Dem position n/t

n/t

[Algorem]

6. Trade agenda facing defiance-Election of Democrats to snarl Bush plans

http://www.cleveland.com/plaindealer/stories/index.ssf?/base/business/1164371918273520.xml&coll=2

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2628556&mesg_id=2628556

Friday, November 24, 2006
Elizabeth Auster
Plain Dealer Bureau

Washington -- Ohioans tired of losing jobs to workers overseas and angry over trade deals they believe are to blame can take heart.

The election this month of U.S. Sen.-elect Sherrod Brown and a crop of like-minded Democrats who emphasized anti-trade( correction: pro-fair trade ) themes in their campaigns have sharply complicated the outlook for any ambitious trade initiatives President Bush might try to push during the remainder of his presidency, observers say.

The first sign of trouble came last week, when the House unexpectedly denied Bush something he dearly wanted before flying to Hanoi for an economic meeting: a vote in favor of normal trade relations with Vietnam.

Republicans were so confident the issue wouldn't be controversial that they scheduled a speedy vote under a procedure requiring a two-thirds majority for passage. Leading Democrats not only voted for the bill, but made clear they, too, expected it to pass...

[acmejack]

2. About time someone challenged this dipshit.

Robert Rubin has stabbed the working man in the back, in the front, kicked the corpse in the ass, and then spat on the remains on the way out the door to his fat cat job at Citigroup rewarding him for pissing on the working class of America. Wonder what he is getting paid?

[Donkeykick]

3. ?

...What he got at Citi was a rich three-year contract (since renewed twice for one year) that gives him at least $15 million a year in salary and incentive compensation; stock options; and Citi planes for his personal use. Through 2002 he actually beat the $15 million by upwards of $1 million. As for stock options, he was at that point up to a total of 4.6 million, some awarded when Citi stock was in the 30s, rather than the mid-40s of today. Rubin has never exercised any options.

There is an irony to Rubin's pay. It is related to the fact that $14 million of his take is guaranteed incentive compensation--guaranteed, that is, unless there are, so his near-impenetrable, punctuation-challenged contract says, "extraordinary circumstances drastically negatively affecting Citigroup reported operating results." Even in that disaster scenario, Rubin's pay will not be taken down unless the other member of the office of the chairman--that would be Sandy Weill--has his pay docked too. So for all practical purposes, we are talking about circumstances that are just never going to occur, which means that Rubin's incentive compensation really is guaranteed, just as we started off saying...

http://money.cnn.com/magazines/fortune/fortune_archive/2003/12/08/355123/index.htm

[acmejack]

4. You honestly think that is all he gets?

He has to be on the boards of many other Corporations, receive Honoria, the man makes much more than 15 MM per annum, I am willing to bet.

[Donkeykick]

5. True.

I just performed a quick search. ;)