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Bank of America is 2nd Major U.S. Financial Institution to Face Derivatives Proxy Vote By Shareholders April 26th, 2010
The verdict at BofA’s Wednesday Annual Meeting comes on the heels of a huge 30 percent support at Citigroup on the same Resolution. Of the four derivatives disclosure resolutions being filed, that with BofA may be the most telling, considering how the mishandling of Credit Default Swaps (a type of derivative) tripped up BofA’s Merrill Lynch.
With a much higher-than-expected 30 percent of Citigroup shares voted on April 20th in favor of more disclosure of derivatives practices, the focus now shifts to Bank of America (BofA), where shareholders will vote Wednesday (April 28th) on the same resolution sponsored by faith-based institutional investors belonging to the 300-member Interfaith Center on Corporate Responsibility (ICCR). The BofA vote will take place as Congress debates the fate of financial regulatory reform, including increased derivatives disclosure.
The resolution gives shareholders an opportunity, as they did at Citigroup, to express their concerns about the lack of transparency in the derivatives market that contributed significantly to the financial crisis. The higher-than-expected vote from Citigroup shareholders resulted even though the United States government, which controls 27 percent of Citigroup as a result of the bank bailouts, failed to fully support the resolution.
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Senate Urged to Include Derivatives Regulation in Financial Reform Bill April 25th, 2010
The Oblates joined a broad array of groups concerned about commodity speculation in urging the inclusion of a bill regulating derivatives in the larger Senate financial reform legislation being debated this week. Specifically, the groups are asking that the “Wall Street Transparency and Accountability Act” (reported out of the Agriculture Committee on Wednesday by a bipartisan vote), be incorporated into the “American Financial Stability Act” (S.3217) – otherwise known as the comprehensive “Wall Street Reform” bill.
The Missionary Oblates signed a letter generated by the Commodity Markets Oversight Coalition, an informal alliance of industry groups, consumer advocates and academics, representing commodity producers, processors, distributors, retailers, and residential, commercial and industrial end-users. The signatories believe that policy in the commodity trading markets should aim to strengthen oversight, transparency and stability, and to address inadequacies in the existing derivatives markets, both regulated and over-the-counter. As faith-based shareholders, the Missionary Oblates have been pressing for better management of derivatives in discussions with the financial services sector for a number of years.
Read the letter… (Download PDF)
US JPIC Committee, Oblate Students Attend JPIC, VIVAT and AFJN Meetings in Washington April 22nd, 2010
The US JPIC Committee and the JPIC staff met in Washington, DC from April 14 through the 15th to discuss the JPIC policies and priorities.
Nearly all of the Committee members were able to stay to attend 
a meeting on Friday and Saturday that introduced VIVAT International to North American members of the association. VIVAT is an advocacy effort at the United Nations. The Oblates are presently Associate 
Members , with Daniel LeBlanc, OMI working closely with the group.
Several Oblate students from Zambia then arrived on Friday for the weekend meeting of the Africa Faith and Justice 
Network.
Earth Day 2010! April 22nd, 2010
April 22nd marks the 40th anniversary of Earth Day. Forty years after the first Earth Day, the world is in greater peril than ever. While climate change is the greatest challenge of our time, it also presents the greatest opportunity – an unprecedented opportunity to build a healthy, prosperous, clean energy economy now and for the future. Consumption patterns also pose a threat. Today’s consumption is undermining the environmental resource base and exacerbating inequalities.
Daniel LeBlanc, OMI – now in Bolivia for the Alternative Climate Summit sent the following for our contemplation and action on Earth Day:
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New OMI JPIC Immigration Resource Available April 22nd, 2010
The OMI JPIC Office has launched a new resource on immigration. The 11 page booklet contains educational and advocacy tips about issues related to needed immigration reform. Now that health care is finally off the Congressional legislative agenda, representatives may be able to take up this pressing issue.
The booklet, “Oblate JPIC Immigration Resource: Immigration is Matter of Faith” is designed to offer insights useful in discussing immigration reform and exploring possibilities for solidarity with immigrants. Contents include:
- Faith communities concern for migrants; Questions for Reflections; Catholic Social Teaching on Migration
- Why Comprehensive Immigration is good; Current Immigration legislation in Congress.
- Principles for humane immigration policies and reasonable border control
- Talking Points on immigration and ways to express solidarity with Immigrants
- Quotes by Oblates reflecting about migration
Download the immigration resource here. (Download PDF)
Updates will be made as an immigration reform bill nears the congressional floor for debate.
