Corporations

The Neither Party rejects the domination of our lives and political systems by corporations, and call for corporate documents and information to be open to the public. We call for an end to corporate welfare. We call for prison terms for corporate criminals. We call on Federal and State governments to use the right to revoke the charters of corporations that don't play by the rules, and challenge legal rulings giving corporations the same rights as individuals.

Congress shall fulfill their Constitutional oversight obligation to insure that citizens are not subject to predatory practices by interstate and international corporations.

We shall not allow corporate exploitation of offshore tax havens used to evade US taxes.

We will expand whistle blower protection and expand the scope of the False Claims Act to provide "bounty provisions" for whistle blowers and watchdogs that report financial crimes.

The United States government should be more proactive in opposing monopolistic mergers of large corporations and in restructuring those that have achieved an excessively controlling position to avoid excessive control in the market.

We will enforce the 1934 Securities Exchange Act, which contains securities fraud provisions and prohibitions on insider trading and nondisclosure.

Congress should authorize Self-funding Status to the SEC. This would expand control of the Budget and Staff to the SEC for prosecuting crime. The SEC collects funds through existing taxes on stock trades. Several Congressional oversight committees and Governmental Departments now dispense this money.  This is playing games with the taxes collected for the purpose of funding the SEC.

Our courts should ensure punishment and fines to fit the crime.  Give corporate criminals real jail time.  Money collected through fines should be reimbursed to stockholders, retirement funds or 401(k) plans.  Fines should be commensurate, not small percentages.

Professional licenses for lawyers, accountants, stock brokers and bankers found guilty of fraud should be revoked.  They have broken a public trust and should not be allowed to do it again.

We should strengthen shareholder rights: Make sure that independent boards are independent by creating tough standards including shareholder approval.  Hold boards of directors more accountable for malfeasance and misfeasance including large fines.

An independent agency, to report to the SEC, should be created and be responsible for overseeing and regulating the accounting industry. The agency should maintain strict vigilance against conflict of interests between staff and former/current clients.

The Neither Party will provide real pension protection for workers by limiting corporate stock in 401(k) plans. Employees would be given a voice on the pension board by election of an “employee representative(s)” to the pension board.

American companies or their subsidiaries that operate internationally should comply with United States Standards for Safety, Environmental, and child labor laws at all facilities.

Articles of interest:

    Taxing Global Offshore Profits