I've been trying to put my finger on it, but when I read this story, it finally crystallized: How come we never hear about the White House making these little backdoor deals on our behalf? (Did I miss one?) How come we only get what's left over after the corporate interests have stuffed themselves? Like Lazarus, should we just be grateful for any crumbs that fall from the rich man's table?

The White House is intervening at the last minute to come to the defense of multinational corporations in the unfolding conference committee negotiations over Wall Street reform.

A measure that had been generally agreed to by both the House and Senate, which would have affirmed the SEC's authority to allow investors to have proxy access to the corporate decision-making process, was stripped by the Senate in conference committee votes on Wednesday and Thursday. Five sources with knowledge of the situation said the White House pushed for the measure to be stripped at the behest of the Business Roundtable. The sources -- congressional aides as well as outside advocates -- requested anonymity for fear of White House reprisal.

The White House move pits the administration against House Speaker Nancy Pelosi (D-Calif.), who told Barney Frank (D-Mass.) to stand strong against the effort.

"I met with the Speaker today and she said, 'Don't back down. I'll back you up,'" Frank, the lead House conferee, told HuffPost. "Maxine Waters is very upset, as are CalPERS and others."

Advocates said that the corporations fought the issue primarily over executive compensation concerns. Given proxy access, investors could rein in executive salaries. The Business Roundtable is a lobby of corporate CEOs.

Valerie Jarrett, a senior White House adviser and Obama confidante, is the administration liaison to the Business Roundtable.

What this means is, after promising proxy access to institutional investors, the White House has reversed its position. Instead, the new language requires that only those who own five percent of a corporation get a say in board nominations or corporate governance.

Even the largest pension funds don't come anywhere close to owning five percent of a major corporation. The biggest pension funds are more likely to hit the half-percent threshold in rare cases.

"I guess this is the way it works, but the sucker was like a bolt from the heavens. It came out of nowhere," said one advocate working on the issue.

Frank said that he wasn't certain the White House was involved. "There may be some sense that the White House -- I'll explain it this way: this affects, of course, not just the financial institutions, but all corporations and, yeah, I think there are some people in the White House who think, 'Well, we're fighting the financial institutions, but why fight with some of the others you know, the other corporations?' But all I can do is stand firm in our position, which we're doing. I think there may be some White House influence, but I don't really know. I would ask the Senate. It is interesting that they are reversing their own position," he said.

Backers of the underlying House and Senate language said that, as of last week, there was no indication that the provision would be stripped.

Because the conference committee deliberations are televised, a broad range of interested observers were able to watch corporate America gut the reform proposal live. On Thursday, Sen. Chuck Schumer (D-N.Y.) fought back, attempting to amend the language to strike the five percent requirement. It failed; the only Democrats to back Schumer in the vote were Pat Leahy (D-Vt.), Tom Harkin (D-Iowa) and Jack Reed (D-R.I.).

The SEC is planning to issue rules related to proxy access. Those rules would be made meaningless by the language currently being pushed.

This is exactly what C&L has been uncovering for years now, so it's great to see that The Nation has put together a comprehensive story on the numerous undisclosed conflicts in the corporate media:

President Obama spent most of December 4 touring Allentown, Pennsylvania, meeting with local workers and discussing the economic crisis. A few hours later, the state's former governor, Tom Ridge, was on MSNBC's Hardball With Chris Matthews, offering up his own recovery plan. There were "modest things" the White House might try, like cutting taxes or opening up credit for small businesses, but the real answer was for the president to "take his green agenda and blow it out of the box." The first step, Ridge explained, was to "create nuclear power plants." Combined with some waste coal and natural gas extraction, you would have an "innovation setter" that would "create jobs, create exports."

As Ridge counseled the administration to "put that package together," he sure seemed like an objective commentator. But what viewers weren't told was that since 2005, Ridge has pocketed $530,659 in executive compensation for serving on the board of Exelon, the nation's largest nuclear power company. As of March 2009, he also held an estimated $248,299 in Exelon stock, according to SEC filings.

Moments earlier, retired general and "NBC Military Analyst" Barry McCaffrey told viewers that the war in Afghanistan would require an additional "three- to ten-year effort" and "a lot of money." Unmentioned was the fact that DynCorp paid McCaffrey $182,309 in 2009 alone. The government had just granted DynCorp a five-year deal worth an estimated $5.9 billion to aid American forces in Afghanistan. The first year is locked in at $644 million, but the additional four options are subject to renewal, contingent on military needs and political realities.

In a single hour, two men with blatant, undisclosed conflicts of interest had appeared on MSNBC. The question is, was this an isolated oversight or business as usual? Evidence points to the latter. In 2003 The Nation exposed McCaffrey's financial ties to military contractors he had promoted on-air on several cable networks; in 2008 David Barstow wrote a Pulitzer Prize-winning series for the New York Times about the Pentagon's use of former military officers--many lobbying or consulting for military contractors--to get their talking points on television in exchange for access to decision-makers; and in 2009 bloggers uncovered how ex-Newsweek writer Richard Wolffe had guest-hosted Countdown With Keith Olbermann while working at a large PR firm specializing in "strategies for managing corporate reputation."

These incidents represent only a fraction of the covert corporate influence peddling on cable news, a four-month investigation by The Nation has found. Since 2007 at least seventy-five registered lobbyists, public relations representatives and corporate officials--people paid by companies and trade groups to manage their public image and promote their financial and political interests--have appeared on MSNBC, Fox News, CNN, CNBC and Fox Business Network with no disclosure of the corporate interests that had paid them. Many have been regulars on more than one of the cable networks, turning in dozens--and in some cases hundreds--of appearances.

Goldman Sachs continues to get an inaccurate read on public opinion. What they don't seem to understand is that people who are now in their second year of unemployment won't forget that the same people who caused this mess are making exorbitant sums as a reward for having done so.

And standing in line at a food pantry to which Goldman Sachs has donated the food only rubs salt in that wound:

As it prepares to pay out big bonuses to employees, Goldman Sachs is considering expanding a program that would require executives and top managers to give a certain percentage of their earnings to charity.

The move would be the latest in a series of initiatives by Goldman to soften criticism over the size of its bonuses, which are expected to be among the largest on Wall Street, bringing average pay to about $595,000 for each employee — with far higher amounts for top performers.

Goldman set aside $16.7 billion for compensation in the first nine months of 2009, and in good years, the firm dedicates about three-quarters of its compensation budget to year-end bonuses. The firm is expected to report later this month what could be record profit of about $12 billion for 2009, according to analysts’ estimates, compared with $11.7 billion in 2007. Its final compensation pool and executive bonuses will be announced then.

The firm said last month that its 30 most senior executives would be paid bonuses all in stock, but the bank placed no limit on how large those bonuses might be.

While the details of the latest charity initiative are still under discussion, the firm’s executives have been looking at expanding their current charitable requirements for months and trying to understand whether such gestures would damp public anger over pay, according to a person familiar with the matter who did not want to be identified because of the delicacy of the pay issue.

Ah, now we're playing hardball! Maybe when Americans start to see how much money these guys are making, it'll get a rise out of them. Way to go, Jay:

WASHINGTON (Reuters) - A U.S. Senate Democrat asked the top 15 health insurers to explain what portion of premiums go to profits versus patient care, putting further pressure on the companies to explain their business practices as Congress considers sweeping health reform legislation.

In letters to the companies on Friday, Sen. John Rockefeller also asked for information about how insurers disclose financial practices to customers.

Earlier this week, senior Democrats on the House of Representatives Energy and Commerce Committee asked dozens of health insurers for details about executive compensation and other practices.

"Too often consumers are not getting a fair deal for what they pay, they are not getting the protections they deserve, and the insurance companies are awash in profit," Rockefeller, chairman of the Senate Commerce, Science and Transportation Committee, said in a statement.

The letters were sent to companies including UnitedHealth Group, Wellpoint and Aetna, the committee said.

Health insurers have come under attack amid a contentious debate about how to overhaul the U.S. healthcare system to cover the currently uninsured and cut costs. A key issue is whether the government should offer its own health insurance option to provide competition for the private companies.

America's Health Insurance Plans (AHIP), an industry group, said insurers provide detailed financial information to federal and state regulators. Health plans rank 35th among Fortune magazine's profitability rankings with an average profit margin of 2.2 percent, AHIP spokesman Robert Zirkelbach said.

The rich, they are different from you and me:

The furor over bonuses for some employees at AIG International Group has focused public attention on the sizable checks employees received at firms that were bailed out by the federal government or received some taxpayer support. Less noticed, though, are the rich retirement benefits. That's partly because firms only recently began to disclose the value of executive retirement benefits in their annual proxy statements, which are filed this time of year ahead of yearly shareholder meetings.

Equilar, a California compensation consulting company, said the average additional value in 2008 to a chief executive's retirement plan was $1.23 million, based on its review of those firms that have filed proxy statements. In 2007, the average was $1.38 million.

These executives continue to accumulate enormous benefits while fewer rank-and-file workers have guaranteed retirement benefits. Just one-third of workers in mid- to large-size companies were in so-called defined benefit plans in 2007, down from 52 percent in 1995, according to the Employee Benefit Research Institute.

Some compensation specialists say the executives' sums are far more than what any individual needs for retirement.

"Retirement packages are supposed to help you if you're unable to save for retirement. I don't believe any of these guys could have spent all the cash they've earned in their careers as CEOs," said Paul Hodgson, senior researcher at the Corporate Library in Portland, Maine, which researches executive compensation and corporate governance issues for shareholders and insurers.