September 24, 2013
I’m writing in support of a strong Dodd-Frank rule 953(b).
Disclosing corporate pay ratios between CEOs and average employees will discourage the outrageous and reckless pay practices that fueled the 2008 crash. The financial crash that lead to massive small business failures across the country.
In our area of western North Carolina we had been in a housing boom. A close friend of ours who, as a skilled carpenter, had both worked and supervised the work of others in remodeling our retirement home and many other houses, was suddenly unable to find any work. The outrageous and selfish acts of Wall Street "robber barons", brought down the housing market nation-wide. This skilled, hard-working, proud man was eventually forced into requesting food stamps to feed himself and his family.
The "Great Recession" was rapidly becoming the "Great Depression", and as in the 1920s-30s, brought on by the wealthiest 1/10 of 1% of our nation. When will they learn? Certainly never when they don't suffer any negative consequences for their deplorable actions.
Knowing which corporations heap riches upon their executives while squeezing struggling employees also will be a useful factor for me when considering which businesses to support with my consumer and investment dollars.
I am aware that you are under intense pressure by business interests to weaken or abandon the rule. Do not give in. Instead, weigh your duty to protect investors and the American public against the self-serving interests of those seeking to undermine this rule.
Thank you for considering my comment,
Marian Sinks
Black Mountain, NC