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High Drama in SEC House Hearing Ignored by Mainstream Media

Courtesy of Pam Martens

Editors’ Note: We have a news flash for our reporting colleagues at mainstream media – you are missing high drama and great quotes by failing to cover the Wall Street-related hearings being held regularly by the House Financial Services Committee. This Committee is dead serious about holding Federal regulators and Wall Street banks’ collective feet to the fire.

After more than 30 years of watching congressional hearings covering Wall Street, we have to commend the Chair of this Committee, Maxine Waters, and the individual Congressmen and Congresswomen who serve on this Committee for their outstanding knowledge of how Wall Street has erected an elaborate and highly efficient wealth transfer system from the poor and middle class of America to the pockets of the one percent.

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On Tuesday, September 24, 2019, the U.S. House of Representatives’ Financial Services Committee, chaired by Congresswoman Maxine Waters, held a hearing with all five members of the Securities and Exchange Commission – the first time this has happened since 2007. One of the Commissioners is Hester Peirce, whom we described as a “Koch Fronted Regulatory Hit Woman” in an article we penned on March 17, 2016. She hasn’t disappointed.

Congresswoman Katie Porter Shames SEC Commissioner Hester Peirce Over Her Loopy Remarks About ESG Disclosures

Congresswoman Katie Porter Shames SEC Commissioner Hester Peirce Over Her Loopy Remarks About ESG Disclosures

Congresswoman Katie Porter of California, never dull and always brilliant (she’s a tenured law professor) subjected Peirce to a public shaming over her caustic remarks on ESG disclosures by corporations. (ESG is an acronym for environmental, social and governance.) Porter quoted Peirce as stating about ESG disclosures that “We ought to be wary of shrill cries from a crowd of self-appointed, self-righteous authorities, even when all they are crying for is the label.” Porter also said Peirce had told an audience that ESG really stands for “enabling shareholder graft,” meaning it allows shareholders to extort companies over environmental, social or governance issues. (See the full exchange at 3:25:45 on the video of the full hearing below.)

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  1. Good, at least some people in Washington are doing their jobs.