Gunco Forums banner

1 - 2 of 2 Posts

·
DADDY WARBUCKS
Joined
·
19,433 Posts
Discussion Starter · #1 ·
The good reverand gets support from the oddest places. Guess there has not been a problem with supporting the religious left:




NLPC Welcomes Raines' Firing, Files Shareholder Proposal to End Fannie Mae Support of Jesse Jackson



--------------------------------------------------------------------------------

To: National Desk

Contact: Peter Flaherty of the National Legal and Policy Center, 703-237-1970, Web site: http://www.nlpc.org

WASHINGTON, Dec. 22 /U.S. Newswire/ -- Peter Flaherty, president of the National Legal and Policy Center (NLPC), today applauded the exit of Fannie Mae Chairman and CEO Franklin D. Raines. Flaherty said, "Raines' departure is overdue. Accounting tricks are not substitutes for sound management. Fannie Mae needs someone at the helm who, first and foremost, can restore the credibility of the company."

Flaherty also announced that NLPC will today file a shareholder proposal to end Fannie Mae's support of Jesse Jackson through the Fannie Mae Foundation. Flaherty said, "Raines made the mistake of politicizing Fannie Mae. Bankrolling Jesse Jackson does little to advance Fannie Mae's fortunes on Capitol Hill or with the public. Ending Fannie Mae's support of Jesse Jackson is an important step in sweeping away Raines' failed legacy."

The resolution and supporting statement read:

RESOLVED, shareholders request the Board of Directors to establish a policy precluding the use of Fannie Mae's future contributions to the Fannie Mae Foundation from being used to make contributions to Jesse Jackson, the Citizenship Education Fund, Rainbow/PUSH Coalition, and/or any other nonprofit organization founded, headed or primarily identified with Jesse Jackson.

SUPPORTING STATEMENT

Fannie Mae Foundation (the Foundation) is a major financial supporter of Jesse Jackson's largest nonprofit organization, the so-called Citizenship Education Fund (CEF). According the Foundation website, it has contributed at least $660,000 to CEF since 1996, including $150,000 in fiscal year 2004.

Jesse Jackson has made statements that are divisive and irresponsible in the opinion of many Fannie Mae (the Company) shareholders, employees, business partners and customers. Of the 2004 election, Jackson stated John Kerry "betrayed the trust of voters" by conceding to George Bush. (BET.com, Dec. 12, 2004.) Jackson asked the Ohio Supreme Court to overturn the election result. (Toledo Blade, Dec. 14, 2004.) Jackson stated, "We cannot live with fraud and stealing." (Chicago Tribune, Dec. 13, 2004.)

Jackson accused President Bush of pursuing the "ideology of the Confederacy." (CNSNews.com, October 14, 2004.) Jackson stated, "Democracy as we know it did not begin in Philadelphia, where a bunch of white men wrote the laws." (Speech at Michigan State University, quoted in The Washington Times, September 16, 2002.) Of Bush's election in 2000 Jackson stated, "He would preside but not govern because he took this by Nazi tactics." (Fox News Channel, interviewed by Rita Cosby, Dec. 11, 2000.) Jackson referred to Jews as "hymies" and New York City as "Hymietown." (The Washington Post, Feb. 13, 1984.)

The Company's relationship with Jesse Jackson through the Foundation creates controversy and impacts the Company's corporate image, brands and reputation. It also impacts the Company's position with important constituency groups, including members of Congress and the executive branch. The news media has critically examined the relationship and will continue to do so as long as the Company is publicly identified with Jackson.

Although the Foundation is a private foundation, it uses the Company's name and logo. According to the Foundation's 2003 annual report, its "sole source of support is Fannie Mae." Company officers, directors and senior managers are heavily represented on the Foundation Board. To the public, the Foundation appears indistinguishable from the Company.

In order to demonstrate a sincere commitment to diversity, rather than supporting Jesse Jackson, the Company's gifts to the Foundation should be used to support individuals and organizations that promote genuine civil rights and economic empowerment. END OF SUPPORTING STATEMENT

In 2001, NLPC filed a formal IRS Complaint against the so- called Citizenship Education Fund (CEF), Jesse Jackson's largest nonprofit group. The Complaint alleges that Jackson, his family and friends have become wealthy through the operation of the CEF. The Complaint cites news articles detailing Jackson's "opulent lifestyle."

In 2003, NLPC organized and led a widely publicized protest of NASCAR's support for Jesse Jackson's organizations. NASCAR acknowledged on its own website that it was the most heated protest it had ever faced.

In late 2003, the New York Stock Exchange denied Jackson use of the Exchange floor for a fundraising event, in response to an NLPC request.

Last month, NLPC filed similar shareholder proposals with Verizon and PepsiCo. Raines serves as a PepsiCo director.

Flaherty concluded, "We are conducting shareholder campaigns to stop corporate America's support for Jesse Jackson, but the situation with Fannie Mae is particularly egregious. Fannie Mae enjoys significant benefits in the marketplace, made possible by Congress. Taxpayers should not be forced to subsidize Jesse Jackson through Fannie Mae."

NLPC promotes ethics in public life, and sponsors the Corporate Integrity Project.
 

·
Friend of MCMXI
Joined
·
8,717 Posts
JJ gets his support from anywhere he can make a dollar while sitting on his lazy butt.
 
1 - 2 of 2 Posts
Top