We all know the story, an old-line U.S. industry, burdened by high wages and outmoded business practices, starts to lose out to foreign competition. Instead of bringing their pay more in line with world standards, they go running to the government for help.
Yep, that's the best way to describe the financial industry's efforts to roll back Sarbanes-Oxley and change other rules of corporate governance. Rather than cutting back the multi-hundred million dollar compensation packages paid to people like current Treasury Secretary Henry Paulsen and former Treasury Secretary Robert Rubin, they want to scale back the protections that make it more difficult for corporate management to rip off shareholders. Since management decides which capital markets to use, this is one way to gain a competitive edge.
Given who holds the positions of power in the U.S. government, there is a good chance they will succeed. The conflicts of interest in this story are glaring and should be highlighted in the reporting.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved