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Commentary > The Dobbs Report
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Listening to Labor
AFL-CIO President John Sweeney has a lot to say about corporate reform.
July 30, 2002: 7:30 PM EDT
By Lou Dobbs, Lou Dobbs Moneyline

NEW YORK (CNN) - Too often partisan politics clouds real issues and diminishes real solutions. Whether on Capitol Hill or at the local cafe or diner, it takes a lot for Republicans to listen to Democrats and for Democrats to listen to Republicans... but I hope everyone will listen to someone today who talked straight, and made real sense.

That person is John Sweeney, the president of the country's largest labor union, the AFL-CIO. The AFL-CIO represents 66 major labor unions, representing almost 15 percent of the country's workers, who hold some $6 trillion in pension fund money in stocks. And the AFL-CIO is the most powerful and aggressive supporter of the Democratic party. To nearly all Republicans and most New Democrats, John Sweeney is the enemy, or worse. But I hope they'll listen to him, because he has a lot of things right about corporate reform.

Sweeney wants stock options expensed, and CEOs prevented from selling their company stock while in office, the use of offshore tax havens outlawed, and he wants workers moved to the front of the line ahead of other creditors when a company goes bankrupt. And in my opinion, those are all good, responsible and fair goals.

Sweeney says he's started the campaign to have those goals become law, as part of his job to protect employees and retirees. They'll also result in a higher standard of business conduct and greater investor confidence in the market, and it means we should all be listening very carefully. Even if it is hard for some.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.