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Video archive of the US Congress

House Proceeding 04-01-09 on Apr 1st, 2009 :: 2:39:35 to 2:41:45
Total video length: 3 hours Stream Tools: Stream Overview | Edit Time

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Peter A. DeFazio

2:39:32 to 2:39:53( Edit History Discussion )

Peter A. DeFazio: debates and decisions, and decisions within the board of directors. mr. chairman, this is truly, truly a very poor idea. this congress should not embrace it. it's an idea that further gets us down to the congress deciding in a very political way who ought to be winners and losers.

Peter A. DeFazio

2:39:35 to 2:41:45( Edit History Discussion )
Speech By: Peter A. DeFazio

Peter A. DeFazio

2:39:54 to 2:40:14( Edit History Discussion )

Peter A. DeFazio: you can just imagine the logical extension of the way wardness of this kind of amendment. so i urge my colleagues to vote no on the amendment. and i reserve. the chair: the gentleman from georgia reserves. the gentleman from oregon. mr. defazio: i believe i have the right to close. does he have further speakers? the chair: the gentleman from

Peter A. DeFazio

2:40:15 to 2:40:36( Edit History Discussion )

Peter A. DeFazio: georgia has the right to close. mr. defazio: ok. well, then it's interesting that the -- i yield myself the balance of my time. the chair: the gentleman is recognized. mr. defazio: the gentleman refers to the board of directors. he apparently is not particularly conversant with how those elections are set up so

Peter A. DeFazio

2:40:37 to 2:40:57( Edit History Discussion )

Peter A. DeFazio: that it is extraordinarily difficult to nominate and/or replace anyone on board of directors the way most corporate governance is set up. and i'm kind of -- it's amazing to me that somehow those who have a direct interest, americans who own the stock, well, they should sell their stock.

Peter A. DeFazio

2:40:58 to 2:41:19( Edit History Discussion )

Peter A. DeFazio: maybe their stock is worth half than it was last year. well, he says sell your stock and let the c.e.o.'s get an exorbitant salary. is that a good decision? no. the other alternative is to allow the owners, which i think is an accepted form of

Peter A. DeFazio

2:41:20 to 2:41:41( Edit History Discussion )

Peter A. DeFazio: governance, those people to vote in a meaningful and binding way to a board of directs who all serve on each other's boards and feather each other's mess and compensate each other well. come on. we know how this works. if you want to stick up for the current system, then stop this

Peter A. DeFazio

2:41:42 to 2:41:46( Edit History Discussion )

Peter A. DeFazio: argument, oh, that's really bad because they didn't do this

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