Posts tagged Securities and Exchange Commission
Commentary: Is the NLRB Unconstitutional? The Courts May Finally Decide.
December 6, 2023 // While many agencies act politically, the Board is a special problem. Unlike other agencies, the Board makes almost all its decisions not through rulemaking, but through one-off panel decisions. That means it can change policy much faster. The “law” can swing wildly from case to case. In fact, according to one study, the Board during the Obama administration reversed a group of decisions that had been on the books for more than a collective 4,500 years. The Board’s constitutional flaws are also different from those of other agencies. For example, in a recent case involving the SEC, the Fifth Circuit Court of Appeals held that the agency’s structure violated the Seventh Amendment. That was because the SEC can impose civil fines—the kind of claims that must be tried to a jury. The Board has no authority to impose civil fines, so it doesn’t have the same Seventh Amendment problem. Its problem instead comes instead from its unchecked power to decide cases. It controls the outcome in disputes affecting a range of private rights. And those disputes, according to Article III of the Constitution, should be decided only by real judges.
Has a Firefighters’ Union Burned Its Members?
April 17, 2023 // New information from a federal court case against the International Association of Fire Fighters-Financial Corporation (IAFF-FC) reveals alleged backroom deals, “kickbacks,” coercion, and greed by IAFF union leaders. The IAFF-FC was chartered as a nonprofit with a fiduciary duty to safeguard firefighters’ finances by offering a plethora of financial services, ranging from auto insurance to retirement with a focus on wealth management. But a recent federal lawsuit filed by John F. Hughes describes a much different reality.
Workers United Has an Alter Ego
April 4, 2023 // Workers United is the largest shareholder of “union controlled” Amalgamated Bank, and is frequently described as its majority owner given its unique control of the bank. Amalgamated reports investments to the US Securities and Exchange Commission that go against both the union and the bank’s self-proclaimed values. Both Workers United and the bank have put forth an image of progressive values and social responsibility. This image has helped Workers United popularize some of its major organizing campaigns, including efforts to organize baristas throughout the country.
Salesforce to cut workforce by 10% after hiring ‘too many people’ during the pandemic
January 5, 2023 // In a letter to employees and a corresponding filing with the Securities and Exchange Commission (SEC), Salesforce CEO Marc Benioff referenced the “challenging” environment in which it’s operating, pointing to the “more measured approach” its customers are making with their purchasing decisions. Similar to other companies hit by significant layoffs over the past year, Benioff added that Salesforce had hired too many people through the pandemic during the boom times. For context, the company claimed 79,000 employees last February, a 30% increase on 2020.
Raven Software employees demanding union recognition
January 22, 2022 // The union move also comes just days after Microsoft agreed to buy Activision Blizzard for nearly $70 billion, making it one of the biggest tech acquisitions in recent years.
PSERS SCANDAL CONTINUES TO ROCK PENNSYLVANIA AND THE UNION BOSSES
November 15, 2021 // The PA Public School Employees’ Retirement System (PSERS) was under investigation by FBI for bribery, kickbacks as investment returns were severely inflated at same time spending millions to buy up real estate in Harrisburg