Maryknoll Father Joe Lamar MM and former Maryknoll Lay Missioner Cathy Rowan have been working with the Interfaith Center for Corporate Responsibility (ICCR) for many years now. Joe writes of a success story with a resolution regarding more more derivatives disclosure. You can read about it here:
Joe Lamar wrote:
You may be aware of our works on this matter of Derivatives. After some 18 years of fighting with the banks, we finally got the perfect storm working whereby Congress, the people in general and ourselves are all marching in the same direction. Normally we receive a 3 to 4% supporting vote from all the very conservative banking shareholders. To get the astounding 30% from Citi was a mind blower. Some of that came from the government who owned over 27% of the shares. We pushed them to give us all 27% but they had their ways. Now with a 39% vote at Bank of America, without the aid of government support, we are absolutely flabbergasted. These are unheard votes coming from the finance sector. We implored each of the four major banks (Citi, BofA, JPMC and Goldman Sachs) to join us and not fight our resolution. Citi responded by sending a letter to President Obama that they would go along with his request to clean up the show. We hope that the others will read the handwriting on the wall and do the same. The percentage numbers are indeed losses in the pass fail system of the corporations but such hi votes cannot be ignored. It appears to us that they and Congress and the financial industry are very much aware that derivatives are very much a hot button issue.
On another matter, four of us are preparing for an interview for "The Daily Show" sometime next week. It will be broadcast, unfortunately after the JPMC (JP Morgan Chase) shareholders' meeting but hopefully in time for the Goldman Sachs meeting scheduled for May 7th.