DOCSLIB.ORG

Printmgr File

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Printmgr File Citigroup Inc. 399 Park Avenue New York, NY 10043 March 13, 2007 Dear Stockholder: We cordially invite you to attend Citigroup’s annual stockholders’ meeting. The meeting will be held on Tuesday, April 17, 2007, at 9AM at Carnegie Hall, 154 West 57th Street in New York City. The entrance to Carnegie Hall is on West 57th Street just east of Seventh Avenue. At the meeting, stockholders will vote on a number of important matters. Please take the time to carefully read each of the proposals described in the attached proxy statement. Thank you for your support of Citigroup. Sincerely, Charles Prince Chairman of the Board and Chief Executive Officer This proxy statement and the accompanying proxy card are being mailed to Citigroup stockholders beginning about March 13, 2007. Citigroup Inc. 399 Park Avenue New York, NY 10043 Notice of Annual Meeting of Stockholders Dear Stockholder: Citigroup’s annual stockholders’ meeting will be held on Tuesday, April 17, 2007, at 9AM at Carnegie Hall, 154 West 57th Street in New York City. The entrance to Carnegie Hall is on West 57th Street just east of Seventh Avenue. You will need an admission ticket or proof of ownership of Citigroup stock to enter the meeting. At the meeting, stockholders will be asked to ➢ elect directors, ➢ ratify the selection of Citigroup’s independent registered public accounting firm for 2007, ➢ act on certain stockholder proposals, and ➢ consider any other business properly brought before the meeting. The close of business on February 21, 2007 is the record date for determining stockholders entitled to vote at the annual meeting. A list of these stockholders will be available at Citigroup’s headquarters, 399 Park Avenue, New York City, before the annual meeting. Please sign, date and promptly return the enclosed proxy card in the enclosed envelope, or vote by telephone or Internet (instructions are on your proxy card), so that your shares will be represented whether or not you attend the annual meeting. By order of the board of directors Michael S. Helfer Corporate Secretary March 13, 2007 Contents About the Annual Meeting 1 Stockholder Proposals 65 How We Have Done 4 Submission of Future Stockholder Annual Report 4 Proposals 80 Corporate Governance 4 Cost of Annual Meeting and Proxy Nomination and Governance Committee 4 Solicitation 80 Corporate Governance Guidelines 6 Director Independence 7 Householding 80 Certain Transactions and Relationships, Compensation Committee Interlocks and Section 16(a) Beneficial Ownership Insider Participation 10 Reporting Compliance 81 Indebtedness 12 The Five Point Plan 13 ANNEX A A-1 Business Practices 13 CITIGROUP INC. Code of Ethics 13 CORPORATE GOVERNANCE Ethics Hotline 14 GUIDELINES Code of Conduct 14 Communications with the Board 14 ANNEX B B-1 Stock Ownership 15 CITIGROUP INC. AUDIT AND RISK MANAGEMENT Proposal 1: Election of Directors 18 COMMITTEE CHARTER The Nominees 18 Meetings of the Board of Directors and ANNEX C C-1 Committees 25 CITIGROUP INC. Meetings of Non-Management Directors 25 NOMINATION AND GOVERNANCE Committees of the Board of Directors 26 COMMITTEE CHARTER Involvement in Certain Legal Proceedings 29 Directors’ Compensation 29 ANNEX D D-1 CITIGROUP INC. Audit and Risk Management Committee PERSONNEL AND COMPENSATION Report 34 COMMITTEE CHARTER Executive Compensation 35 The Personnel and Compensation ANNEX E E-1 Committee Report 35 CITIGROUP INC. Compensation Discussion and Analysis 36 PUBLIC AFFAIRS COMMITTEE Compensation Tables 44 CHARTER Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm 63 Disclosure of Independent Registered Public Accounting Firm Fees 63 Approval of Independent Registered Public Accounting Firm Services and Fees 63 About the Annual Meeting Who is soliciting my vote? • vote by telephone (instructions are on the proxy The board of directors of Citigroup is soliciting card), or your vote at the 2007 annual meeting of Citigroup’s • vote by Internet (instructions are on the proxy stockholders. card). What will I be voting on? To ensure that your vote is counted, please • Election of directors (see page 18). remember to submit your vote by April 16, 2007. • Ratification of KPMG LLP (KPMG) as Citigroup’s Citigroup employees who participate in equity independent registered public accounting firm programs may receive their proxy cards separately. for 2007 (see page 63). • Nine stockholder proposals (see page 65). If you want to vote in person at the annual meeting, and you hold your Citigroup stock How many votes do I have? through a securities broker (that is, in street name), You will have one vote for every share of Citigroup you must obtain a proxy from your broker and common stock you owned on February 21, 2007 bring that proxy to the meeting. (the record date). How many votes can be cast by all Can I change my vote? stockholders? Yes. Just send in a new proxy card with a later date, or cast a new vote by telephone or Internet, or 4,947,999,593, consisting of one vote for each of send a written notice of revocation to Citigroup’s Citigroup’s shares of common stock that were Corporate Secretary at the address on the cover of outstanding on the record date. There is no this proxy statement. If you attend the annual cumulative voting. meeting and want to vote in person, you can How many votes must be present to hold request that your previously submitted proxy not the meeting? be used. A majority of the votes that can be cast, or 2,473,999,798 votes. We urge you to vote by proxy What if I don’t vote for some of the even if you plan to attend the annual meeting, so matters listed on my proxy card? that we will know as soon as possible that enough If you return a signed proxy card without votes will be present for us to hold the meeting. indicating your vote, in accordance with the board’s recommendation, your shares will be voted Does any single stockholder control as for the nominees listed on the card, for KPMG as much as 5% of any class of Citigroup’s independent registered public accounting firm for voting stock? 2007, and against the other proposals. No. How are my votes counted? How do I vote? You may vote for or against a director. Each You can vote either in person at the annual meeting nominee for director will be elected if the votes for or by proxy whether or not you attend the annual the director exceed the votes against the director. meeting. Abstentions will not be counted either for or against the director but will be counted for purposes of To vote by proxy, you must either establishing a quorum. • fill out the enclosed proxy card, date and sign it, and return it in the enclosed postage-paid You may vote for or against or you may abstain on envelope, the other proposals. If you abstain from voting on 1 any stockholder proposal, your shares will be details regarding this policy, please see the counted as present for purposes of establishing a Corporate Governance Guidelines attached as quorum, and the abstention will have the same Annex A to this proxy statement. effect as a vote against that proposal. Can my shares be voted if I don’t return How many votes are required to elect my proxy card and don’t attend the annual directors and to adopt the other meeting? proposals? If you don’t vote your shares held in street name, In January 2007, the board adopted a by-law your broker can vote your shares on matters that containing a majority vote standard for director the New York Stock Exchange (NYSE) has ruled elections, replacing the majority vote corporate discretionary. The election of directors and the governance standard. The new by-law amendment ratification of KPMG’s appointment are provides that if a nominee receives, in an discretionary items. NYSE member brokers that do uncontested election, a number of votes against his not receive instructions from beneficial owners or her election that is greater than the number of may vote on these proposals in the following votes cast for the election of the director, such manner: (1) a Citigroup affiliated member is director shall offer to resign from his or her permitted to vote your shares in the same position as a director. Unless the board decides to proportion as all other shares are voted with reject the offer or to postpone the effective date of respect to each such proposal; and (2) all other the offer, the resignation shall become effective 60 NYSE member brokers are permitted to vote your days after the date of the election. The ratification shares in their discretion. of KPMG’s appointment and the stockholder If you don’t vote your shares registered directly in proposals each require the affirmative vote of a your name, not in the name of a bank or broker, majority of the shares of common stock represented your shares will not be voted. at the annual meeting and entitled to vote thereon in order to be approved. Could other matters be decided at the annual meeting? Is my vote confidential? We don’t know of any other matters that will be Last year, the board adopted a confidential voting considered at the annual meeting. If a stockholder policy as a part of its Corporate Governance proposal that was excluded from this proxy Guidelines. Under the policy, all proxies, ballots, statement is brought before the meeting, we will and vote tabulations are kept confidential for vote the proxies against the proposal. If any other registered stockholders who request confidential matters arise at the annual meeting, the proxies treatment.
Load more

Recommended publications
  • The Value of Connections in Turbulent Times: Evidence from the United States
    The Value of Connections In Turbulent Times: Evidence from the United States Daron Acemoglu Simon Johnson Amir Kermani MIT and NBER MIT and NBER MIT James Kwak Todd Mitton University of Connecticut BYU First Version: May 2009 This Version: May 2013 Abstract The announcement of Tim Geithner as President-elect Obama’snominee for Treasury Sec- retary in November 2008 produced a cumulative abnormal return for …nancial …rms with which he had a personal connection. This return was around 15 percent from day 0 through day 10, relative to other comparable …nancial …rms. This result holds across a range of robustness checks and regardless of whether we measure connections in terms of …rms with headquar- ters in New York City, meetings he had in 2007-08, or non-pro…t board memberships he shared with …nancial services executives. There were subsequently abnormal negative returns for connected …rms when news broke that Geithner’s con…rmation might be derailed by tax issues. Roughly in line with market expectations, the Obama administration hired people from Geithner-connected …rms into top level …nancial policy positions. Geithner’s policies proved supportive of large …nancial …rms’executives, shareholders, and creditors –including for Citigroup, with which he had the strongest prior connections. But the market-perceived quantitative value of connections is broader than just for the “too big to fail” category. We argue that this value of connections re‡ects the perceived impact of relying on the advice of a small network of …nancial sector executives during a time of acute crisis and heightened policy discretion. Keywords: cultural capture, political connections, economic crises, institutions JEL Classi…cation: G01, G14, G21, G28 For helpful comments we thank seminar participants at MIT, Harvard Business School, the International Monetary Fund, the University of Alberta, BYU, and the 2012 Econometric Society meetings.
    [Show full text]
  • Treasury Financing Status and the Debt Limit
    POLICY MATTERS Treasury Financing Status and the Debt Limit October 10, 2013 Treasury Secretary Jack Lew has said that unless Congress increases the debt limit, Treasury will run out of borrow- ing authority on October 17. As this deadline draws closer, we have received a number of questions from clients about the potential consequences if Treasury runs out of borrowing authority. It is important to emphasize at the outset that a default on Treasury securities is an extremely unlikely outcome. We are optimistic that a political solu- tion will be reached before Treasury runs out of cash. The situation is extremely fluid: even as we write, there are new proposals being discussed that could push out the date that Treasury exhausts its borrowing authority past October 17. While we remain optimistic and are watching the back-and-forth in Washington DC very carefully, we do recognize the importance of thinking through all of the contingencies. The notes here outline our understand- ing of the options Treasury would face after running out of borrowing authority, as well as a discussion of how different parts of the financial system might be affected. It is also important to note that any analysis of what will happen after the debt limit is reached is necessarily specu- lative, because there is no good precedent for the current situation, and because decisions made by individual policymakers are impossible to fully anticipate. The following addresses three separate, but related questions: (1) What happens after October 17? (2) If the debt limit is not raised, can Treasury avoid a technical default? (3) How might the financial system respond to a technical default? 1.
    [Show full text]
  • 2007 Proxy Voting Report 3M Company Ticker Security ID: MMM
    2007 Proxy Voting Report 3M Company Ticker Security ID: Meeting Date Meeting Status MMM CUSIP9 88579Y101 05/08/2007 Voted Issue Mgmt For/Agnst No. Description Proponent Rec Vote Cast Mgmt 1.1 Elect Linda Alvarado Mgmt For For For 1.2 Elect George Buckley Mgmt For For For 1.3 Elect Vance Coffman Mgmt For For For 1.4 Elect Michael Eskew Mgmt For For For 1.5 Elect W. James Farrell Mgmt For For For 1.6 Elect Herbert Henkel Mgmt For For For 1.7 Elect Edward Liddy Mgmt For For For 1.8 Elect Robert Morrison Mgmt For For For 1.9 Elect Aulana Peters Mgmt For For For 1.10 Elect Rozanne Ridgway Mgmt For For For 2 Ratification of Auditor Mgmt For For For Amendment to Eliminate Supermajority 3 Voting Requirements Mgmt For For For Amendment to Eliminate Fair-Price 4 Provision Mgmt For For For 5 Executive Annual Incentive Plan Mgmt For For For Approve Material Terms of 6 Performance Unit Plan Mgmt For For For Shareholder Proposal Regarding Pay- 7 for-Superior-Performance ShrHoldr Against Against For Abbott Laboratories Inc Ticker Security ID: Meeting Date Meeting Status ABT CUSIP9 002824100 04/27/2007 Voted Issue Mgmt For/Agnst No. Description Proponent Rec Vote Cast Mgmt 1.1 Elect Roxanne Austin Mgmt For For For 1.2 Elect William Daley Mgmt For For For 1.3 Elect W. James Farrell Mgmt For For For 1.4 Elect H. Laurance Fuller Mgmt For For For 1.5 Elect Richard Gonzalez Mgmt For For For 1.6 Elect David Owen Mgmt For For For 1.7 Elect Boone Powell, Jr.
    [Show full text]
  • List of Sub-Custodians Used for Safekeeping of Financial Instruments
    CREDIT SUISSE (LUXEMBOURG) S.A. 5, Rue Jean Monnet Phone + 352 46 00 11 - 1 P.O. Box 40 Fax + 352 46 32 70 L-2010 Luxembourg www.credit-suisse.com List of sub-custodians used for safekeeping of financial instruments, which can be held in custody, by fund clients, such as UCITS, AIFs, RAIFs having appointed CREDIT SUISSE (LUXEMBOURG) S.A. as their depositary (or banker/custodian, as applicable) Last update: June 30, 2020 Country Sub-Custodian Custody Delegate of Sub- Custodian Australia HSBC Securities Services Level 13, 580 George Street Sydney NSW 2000 Australia Austria UniCredit Bank Austria AG Julius Tandler-Platz 3 A-1090 Vienna Belgium SIX SIS AG (Bonds Only) Brandschenkestrasse 47 P.O. Box 1758 CH-8021 Zurich Switzerland Belgium BNP Paribas Securities Services (Equities only) 9 rue du Débarcadère 93500 Pantin France Brazil Citibank N.A. Avenida Paulista 1111 3rd floor BR-01311-290 Sao Paulo Canada Royal Bank of Canada GSS Client Service 200 Bay Street West 15th floor, RBC North Tower CDN-Toronto, Ontario M5J 2J5 Chile Banco de Chile Avda. Andrés Bello 2687 CL – Santiago, Chile China For Shanghai-B-shares only (Shanghai) Hongkong & Shanghai Banking Corp. Ltd. 34/F HSBC Tower Yin Cheng East Road Pudong 101 CN-Shanghai 200120 CHINA China For Shenzhen-B-shares (Shenzhen) Hongkong & Shanghai Banking Corp. Ltd. For HSBC Shenzhen Branch 34/F HSBC Tower Yin Cheng East Road Pudong 101 CN-Shanghai 200120 CHINA Colombia Cititrust Colombia S.A. Sociedad Fiduciaria Carrera 9A No. 99-02 First Floor Santa Fé de Bogotá D.C.
    [Show full text]
  • I:\28947 Ind Law Rev 47-1\47Masthead.Wpd
    CITIGROUP: A CASE STUDY IN MANAGERIAL AND REGULATORY FAILURES ARTHUR E. WILMARTH, JR.* “I don’t think [Citigroup is] too big to manage or govern at all . [W]hen you look at the results of what happened, you have to say it was a great success.” Sanford “Sandy” Weill, chairman of Citigroup, 1998-20061 “Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.” Charles O. “Chuck” Prince III, CEO of Citigroup, 2003-20072 “People know I was concerned about the markets. Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.” Robert Rubin, chairman of Citigroup’s executive committee, 1999- 20093 “I do not think we did enough as [regulators] with the authority we had to help contain the risks that ultimately emerged in [Citigroup].” Timothy Geithner, President of the Federal Reserve Bank of New York, 2003-2009; Secretary of the Treasury, 2009-20134 * Professor of Law and Executive Director of the Center for Law, Economics & Finance, George Washington University Law School. I wish to thank GW Law School and Dean Greg Maggs for a summer research grant that supported my work on this Article. I am indebted to Eric Klein, a member of GW Law’s Class of 2015, and Germaine Leahy, Head of Reference in the Jacob Burns Law Library, for their superb research assistance.
    [Show full text]
  • Report of Investigation
    REPORT OF INVESTIGATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION OFFICE OF INSPECTOR GENERAL Investigation into Allegations of Improper Preferential Treatment and Special Access in Connection with the Division of Enforcement's Investigation of Citigroup, Inc. Case No. OIG-559 September 27,2011 This document is subjed to the provisions of th e Privacy Act of 1974, and may require redadion before disdosure to third parties. No redaction has betn performed by the Office of Inspedor Gmeral. Recipients of this report should not disseminate or copy it without the Inspector General's approval. " Report of Investigation Cas. No. OIG-559 Investigation into Allegations of Improper Preferential Treatment and Speeial Access in Connection with the Division of Enforcement's Investigation ofCitigroup, Inc. Table of Contents Introduction and Summary of Results ofthe Investigation ......................................... ..... .. I Scope of the Investigation................................................................................................... 2 Relevant Statutes, Regulations and Pol icies ....................................................................... 4 Results of the Investigation................................................. .. .............................................. 5 I. The Enforcement Staff Investigated Citigroup and Considered Various Charges and Settlement Options ........................................................................................... 5 A. The Enforcement Staff Opened an Investigation
    [Show full text]
  • National Economic Council Sarah Rosen Wartell
    Green_1.qxd 11/7/08 4:17 PM Page 15 THE WHITE HOUSE 15 National Economic Council Sarah Rosen Wartell he National Economic Council, directed by the president’s national eco- Tnomic advisor, is the White House unit that should coordinate the devel- opment of the president’s domestic and international economic program. The NEC should embody a commitment to a fair process of inquiry and debate among the president’s top advisors, in which ideas are tested and improved by discourse. Many perspectives, from inside and outside of government, must be given voice, ensuring that the president has informed advice in a timely and ef- ficient way. Cabinet secretaries and other senior White House staff all should have an opportunity to be heard on important decisions in private and can then speak in public in unison—knowing they had a fair shot at shaping the decision. The result: a good policymaking process that provides more time for all the key policymakers to advance the needs of the country and less time wasted in bu- reaucratic jockeying. Most modern presidents had some structure for economic policy coordina- tion,1 though the specific form of the NEC first appeared under President Bill Clinton. The model used by his predecessor, President George H. W. Bush, in- cluded a small White House staff supporting an Economic Policy Committee overseen by the Treasury secretary, but Bush relied on it little. For domestic matters, Bush relied heavily upon the Office of Management and Budget Di- rector Dick Darman, although he would also turn to individual agency heads for different projects.2 On the campaign trail, presidential candidate Bill Clinton first proposed the creation of a National Economic Security Council, arguing that (unlike Presi- dent Bush) his focus in world affairs would be on the economic interests of Americans.
    [Show full text]
  • The TJX Companies, Inc. (Name of Registrant As Specified in Its Charter)
    Table of Contents SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement o Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12 o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) The TJX Companies, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): x No fee required. o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: o Fee paid previously with preliminary materials. o Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: Table of Contents 770 Cochituate Road Framingham, Massachusetts 01701 April , 2005 Dear Stockholder: We cordially invite you to attend our 2005 Annual Meeting on Tuesday, June 7, 2005, at 11:00 a.m., to be held in The Ben Cammarata Auditorium, located at our offices, 770 Cochituate Road, Framingham, Massachusetts.
    [Show full text]
  • Lbex-Am 008597
    CITIGROUP AGENDA Meeting Bank Participants Address Lehman's operating performance and risk management practices. • Introduce Brian Leach, CRO, who is new at Citi and in his role, to Ian and Paolo, as well as to the Firm. LBEX-AM 008597 CONFIDENTIAL TREATMENT REQUESTED BY LEHMAN BROTHERS HOLDINGS, INC. Lehman Agenda NETWORK MANAGEMENT • Citi is ranked #1 in Asia, #2 in the US, and #3 in Europe in total operating fees paid by LEH. Fees exceed $30 MM p.a. Citi has been# 1 on the short list to be awarded new operating business due to to the substantial credit support provided until its action of June 12. Most recently, Citi was awarded our Brazilian outsourcing. Brian R. Leach Chief Risk Officer Citi Brian Leach assumed the role of Chief Risk Officer in March 2008, reporting to Citi's Chief Executive Officer, Vikram Pandit. Brian is also the acting Chief Risk Officer for the Institutional Clients Group. Citi is a leading global financial services company and has a presence in more than 100 countries, representing 90% of the world's GOP. The Citi brand is the most recognized in the financial services industry. Citi is known around the world for market leadership, global product excellence, outstanding talent, strong regional and product franchises, and commitment to providing the highest-quality service to its clients. Prior to becoming Citi's Chief Risk Officer, Brian was the co-COO of Old Lane. Brian, along with several former colleagues from Morgan Stanley, founded Old Lane LP in 2005. Earlier, he had worked for his LBEX-AM 008598 CONFIDENTIAL TREATMENT REQUESTED BY LEHMAN BROTHERS HOLDINGS, INC.
    [Show full text]
  • GIIN Launch 2009.Pdf
    Global Impact Investing Network September 25th 2009 New Industry Group Launched to Facilitate For-Profit Investing that Addresses Social and Environmental Challenges New York City, September 25, 2009—President Bill Clinton today announced the launch of the Global Impacting Investing Network (GIIN), a non-profit organization dedicated to promoting more effective impact investing around the world, at the Clinton Global Initiative. Impact investing is the use of for-profit investment to address social and environmental problems. The GIIN will promote the infrastructure, activities, education, and research that enable more effective impact investing, and will ultimately lead to a coherent, well-developed marketplace for the impact investing industry. Two major initiatives begin this work: The GIIN Investors’ Council - a group of leading impact investors representing a diverse range of institutions from around the world. The Investors’ Council will provide leadership in the industry, disseminate the latest research and best practices in the field, and support the creation and adoption of industry infrastructure, including impact metrics. The Impact Reporting and Investment Standards (IRIS) – initiative to provide a common framework for measuring social and environmental impact of investments. IRIS addresses a major barrier to the growth of the impact investing industry – the lack of transparency and credibility in how funds define, track, and report on the social and environmental performance of their capital. “This network is a response to growing appetites from investors across the world for a platform that allows them to work together to capture the powerful potential of impact investing,” said Amit Bouri, Director of Strategy and Development for the GIIN.
    [Show full text]
  • Safety Glass–Restoring Glass Steagall
    June 2013 www.citizen.org Safety Glass Why It’s Time to Restore the 1930s Law Separating Banking and Gambling Acknowledgments This report was written by Bartlett Naylor, financial policy advocate for Public Citizen’s Congress Watch division. Significant research assistance was provided by Jack Berghel and Nicholas Kitchel. Wallace Turbeville, senior fellow at Demos, provided invaluable advice. Congress Watch Research Director Taylor Lincoln edited the report. About Public Citizen Public Citizen is a national non-profit organization with more than 300,000 members and supporters. We represent consumer interests through lobbying, litigation, administrative advocacy, research, and public education on a broad range of issues including consumer rights in the marketplace, product safety, financial regulation, worker safety, safe and affordable health care, campaign finance reform and government ethics, fair trade, climate change, and corporate and government accountability. Public Citizen’s Congress Watch 215 Pennsylvania Ave. S.E Washington, D.C. 20003 P: 202-546-4996 F: 202-547-7392 http://www.citizen.org © 2013 Public Citizen. Public Citizen Safety Glass ighty years ago, on June 16, 1933, President Franklin Roosevelt signed the Banking Act, E also known as “Glass-Steagall,” in reference to Sen. Carter Glass (D-Va.) and Rep. Henry Steagall (D-Ala.). The law created deposit insurance, with the creation of the Federal Deposit Insurance Corp. In exchange for guaranteeing the deposits of bank customers, Glass-Steagall steered FDIC banks into engaging in socially useful activity, notably making loans to businesses and consumers. In effect, Glass-Steagall forced the mega-banks of the day to sell off their investment divisions.
    [Show full text]
  • Confidential-Sample Chapters Full Text On
    CONFIDENTIAL-SAMPLE CHAPTERS FULL TEXT ON REQUEST Praise for $uperHubs “In $uperHubs, Ms. Navidi skillfully applies network science to the global finan- cial system and the human networks that underpin it. $uperHubs is a topical and relevant book that should be read by anyone seeking a fresh perspective on the human endeavor that is our financial system.” CONFIDENTIAL-SAMPLE—PROFESSOR LAWRENCE H. SUMMERS, CHAPTERS Harvard; former US Secretary of the Treasury, former Director of the US National Economic Council, former president of Harvard University, and author “Sandra Navidi’s book $uperHubs is beautifully and effectively done. Not only is it a fascinating description of the power wielded by elite networks over the financial sector, it is also a meditation on the consequences of this system for FULLthe economy TEXT and the society. ON In recentREQUEST times, we have seen extraordinary rup- tures—notably Britain’s vote to break away from the European Union and the intensified sense of exclusion felt by much of America’s working class. The last chapter of $uperHubs proposes that this ruling system›s “monoculture,” its iso- lation from the rest of society, and its seeming unawareness of the fragility of what it has built are largely responsible for these ruptures, and that the system may lead to a major crisis in the future.” —PROFESSOR EDMUND S. PHELPS, Columbia University, 2006 Nobel Prize in Economics; Director, Center on Capitalism and Society, and author “$uperHubs” is a book written with great style but also containing a lot of impor- tant substance. The style is so engaging, a real page turner, that I finished it in one non-stop session.
    [Show full text]