In a press release, the groups highlighted the links between Citigroup—which has lobbied extensively on the TPP, TTIP, and Fast Track authority—and Froman, who they note “received a more than $4 million golden parachute from Citigroup upon leaving the large financial institution to join the Obama administration in 2009.”
In particular, the letter’s signatories are concerned that provisions in proposed trade agreements like the Trans-Pacific Partnership (TPP) or the TransAtlantic Trade & Investment Partnership (TTIP) would weaken or rollback existing U.S. financial regulations, for the benefit of big banks.
– From the Common Dreams article: Is US Trade Rep a Wall Street Crony? Groups Demand Transparency.
No one is pushing harder to pass the multi-national corporate giveaway masquerading as a free trade deal, known as the Trans-Pacific Partnership (TPP), than Obama’s top trade representative, Michael Froman. Therefore, we probably should know a little bit about him. What do you know? Probably not much.
Here’s something you should know. From the New York Times:
The disclosure forms also shed further light on the compensation received by a top Obama aide who previously worked for Citigroup, one of the largest recipients of taxpayer bailout money. The aide, Michael Froman, deputy national security adviser for international economic affairs, received more than $7.4 million from the company from January 2008 to when he joined the White House this year [2009].
It’s a good thing taxpayers bailed out Citigroup. Million dollar crony payoffs are much harder to make when you’re bankrupt.
It appears that $4 million of his payoff came in the form of a golden parachute he was given in order to “serve” (Citigroup) in government. Now, people are starting to ask some very important questions. From Common Dreams:
Noting deep ties between the country’s top trade negotiator and Wall Street banks, ten groups representing millions of Americans are calling on the White House to make public all communications between U.S. Trade Representative Michael Froman and the massive financial institutions that stand to benefit from proposed trade deals.
In a letter (pdf) addressed to Froman—lead champion of President Barack Obama’s corporate-friendly trade agenda—groups including National People’s Action, Public Citizen, Friends of the Earth, and CREDO Action request “the prompt, voluntary, and proactive disclosure of all records of communication between yourself and representatives of the ten largest U.S. financial institutions—including lobbyists, employees, and trade associations—during your tenure as U.S. Trade Representative.”
In a press release, the groups highlighted the links between Citigroup—which has lobbied extensively on the TPP, TTIP, and Fast Track authority—and Froman, who they note “received a more than $4 million golden parachute from Citigroup upon leaving the large financial institution to join the Obama administration in 2009.”
In particular, the letter’s signatories are concerned that provisions in proposed trade agreements like the Trans-Pacific Partnership (TPP) or the TransAtlantic Trade & Investment Partnership (TTIP) would weaken or rollback existing U.S. financial regulations, for the benefit of big banks.
Critics have warned, for example, that Wall Street lobbyists are pushing to undercut the Dodd-Frank banking reforms through international trade negotiations.
“It’s no surprise that the [Trans-Pacific Partnership]—an unprecedented corporate giveaway—is being negotiated by someone as cozy with Wall Street banks as Michael Froman,” said Murshed Zaheed, deputy political director at CREDO Action. “The American people deserve transparency,” he added, in order “to see what kinds of commitments Froman is making to his Wall Street cronies behind closed doors.”
Sen. Elizabeth Warren (D-Mass), made a similar point in a May 5 speech to the Institute for New Economic Thinking in Washington, D.C. “In the next few weeks, Congress will decide whether to give the president Fast Track authority,” she said. “If Fast Track passes, a Republican president could easily use a future trade deal to override our domestic financial rules.”
Furthermore, stated Michelle Chan, director of Economic Policy at Friends of the Earth: “If the Obama administration gets Fast Track, it would delegate Congress’s constitutional authority to a U.S. Trade Representative who, by background and mindset, responds to Wall Street rather than ordinary people.”
I covered this angle early last year in the post: How Obama’s Chief Negotiators on the Trans-Pacific Partnership Treaty Received Huge Bonuses from Mega Banks
For more TPP related posts, see:
Julian Assange on the TPP – “Deal Isn’t About Trade, It’s About Corporate Control”
As the Senate Prepares to Vote on “Fast Track,” Here’s a Quick Primer on the Dangers of the TPP
In Liberty,
Michael Krieger
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The Disaster and Chief and his Band of Merry Fucking Criminals. Batten down the hatches boys & girls we’re in for a bumpy ride.
But there is NOT a smidgen of corruption in this administration !!!!!
I think when the coup takes place in America, people like this will be hunted down, put up against the wall without benefit of a court, and shot. This is the price you pay for screwing everyone in America. I don’t care how far and wide this action goes, but many people will be injured from this coup unless someone in D.C. wakes up and says, “I think the people have had enough, it’s time to get some morality and ethics”. THEN I think things will maybe get better under threat of a purge.
Here is the address of a web page which shows the congressional fast track vote that passed Congress. The Congressional Representatives who voted “Yes” need to change and clearly oppose it now or be voted out of office in their future elections. In your district contact them and let them know.
http://www.tppbadforus.info/index.php/congressional-fast-track-vote