Support Common Dreams Today
Journalism that is independent, non-profit, ad-free, and 100% reader-supported.
#
For Immediate Release
January, 13 2010, 10:37am EDT
Contact:
Kristi Ceccarossi
Kristi@ips-dc.org
(617) 983-4094
In Wake of Latest Banker Bonus Outrage, Nation Needs an Immediate Federal Policy About-Face, Says IPS
WASHINGTON
Analysts
from the Institute for Policy Studies today called for a strong, swift,
and sustained federal response to the record bonus outlays that Wall
Street's top banks will shortly begin announcing.
"These billions in bank bonuses amount to money laundering on the
grandest scale ever," says IPS director John Cavanagh. "Hard-earned tax
dollars from average Americans have been transformed - via subsidies
and sweetheart deals from the Treasury and the Fed - into bonanzas for
the same speculators who shoved the economy into crisis in the first
place."
The Obama administration is reportedly considering a new tax on bank
earnings, but the plan is still undefined and would be unlikely to have
a significant effect on executive compensation levels.
"We need to get taxpayers their money back and take real steps to end
the pay gluttony that's made our economy a casino where only the
already rich can ever win," notes IPS Global Economy Project director
Sarah Anderson, who has analyzed executive pay trends for 16 years.
Lawmakers in Congress should work quickly to place on President Obama's desk legislation that would establish:
1. A financial speculation tax.
A modest tax on trades of stocks, bonds, options, and derivatives would
have little impact on trades that have a positive economic impact but
could reduce the volume of unproductive speculation that has been the
source of the greatest volatility - and profit-grabbing - in financial
markets. Such a tax, notes UK chief financial regulator Lord Adair
Turner, would reduce the pool of money available for executive bonuses.
A financial transactions tax could also generate significant revenue
for U.S. and global public goods.
2. An emergency 50 percent surtax on all individual income over $2 million. In
the current economy, all super incomes - not just banker bonuses -
represent windfall profits made possible by the sacrifices working
Americans have made to stabilize the nation's financial system.
3. A limit on the executive pay that all U.S. corporations and banks can deduct off their taxes. The
original bailout legislation limited the deductibility of executive
compensation at TARP recipient firms to no more than $500,000. That
step needs to be extended throughout the economy, as the Income Equity
Act now pending in Congress proposes.
European
nations have so far taken tougher action against the banker bonus
bonanza than the United States, notes Chuck Collins, the director of
the IPS Program on Inequality and the Common Good. But U.S. financial
executives would likely find ways to circumvent the various European
proposals - most notably a 50 percent tax, payable by banks, on big
bonus payouts and required deferrals of as much as 60 percent of bonus
outlays for three years.
"The deferrals give banks an incentive to shift dollars from bonus to
salary," notes Collins, "and the big banks are 'spreading the pain' of
the tax across their operations - and also threatening to tie up the
banker bonus tax in the courts."
"If the United States were to impose an emergency 50 percent surtax on
all income over $2 million," adds IPS associate fellow Sam Pizzigati,
"America's wealthiest would still be paying taxes at a lower overall
effective rate than they paid during the Eisenhower years."
Contacts:
Kristi Ceccarossi, Communications Associate, Kristi@ips-dc.org, (617) 983-4094.
Sarah Anderson
is the Director of the Global Economy Project at the Institute for
Policy Studies and a co-author of 16 IPS annual reports on executive
compensation. Contact: sarah@ips-dc.org, 202 234 9382 x 227.
Chuck Collins
is a senior scholar at the Institute for Policy Studies where he
directs the Program on Inequality and the Common Good. Contact: chuckcollins7@mac.com, 617 308 4433.
Sam Pizzigati is an Associate Fellow of the Institute for Policy Studies and author of the online newsletter Too Much. Contact: editor@toomuchonline.org, 301 933 2710.
John Cavanagh is IPS Director. Contact: jcavanagh@igc.org, 202 234 9382 x 224.
Institute for Policy Studies turns Ideas into Action for Peace, Justice and the Environment. We strengthen social movements with independent research, visionary thinking, and links to the grassroots, scholars and elected officials. I.F. Stone once called IPS "the think tank for the rest of us." Since 1963, we have empowered people to build healthy and democratic societies in communities, the US, and the world. Click here to learn more, or read the latest below.
LATEST NEWS
Amnesty Says India and Egypt Must End 'Unrelenting Assault on Human Rights'
"Both countries show striking parallels in their attempts to harass and intimidate into silence all actual or perceived government critics and opponents."
Jan 26, 2023
As Indian Prime Minister Narendra Modi welcomed Egyptian President Abdel Fattah El-Sisi as the chief guest at his nation's 74th Republic Day celebrations, Amnesty International on Thursday led calls for both right-wing leaders to "address the ongoing human rights and impunity crises" in their respective countries.
Meeting ahead of events commemorating the adoption of India's constitution—including a military parade in which members of the Egyptian army marched—Modi and El-Sisi agreed to elevate bilateral ties to a "strategic partnership," while calling for a "coordinated and concerted" effort to combat "terrorism."
Modi—who said Wednesday that he and El-Sisi "are in agreement that terrorism is the biggest threat to humanity"—has, like his Egyptian counterpart, been accused of using anti-terrorism laws to crush critics and silence dissent.
"The current human rights crises in India and Egypt are characterized by entrenched impunity and misuse of counterterrorism legislation to clamp down on civic space and peaceful dissent."
"The current human rights crises in India and Egypt are characterized by entrenched impunity and misuse of counterterrorism legislation to clamp down on civic space and peaceful dissent," Philip Luther, Middle East and North Africa research and advocacy director at Amnesty International, said in a statement.
"Both countries show striking parallels in their attempts to harass and intimidate into silence all actual or perceived government critics and opponents. This unrelenting assault on human rights must end," he added.
\u201cThe Indian and Egyptian authorities must address the ongoing human rights and impunity crises in the two countries. Both show striking parallels in their unrelenting assault on rights. https://t.co/gbmoAkMnXT\u201d— Amnesty India (@Amnesty India) 1674710907
As Amnesty noted:
In recent years, authorities in both countries have severely repressed the rights to freedom of expression, association, and peaceful assembly and failed to address entrenched discrimination against religious minorities.
[...]
Human rights defenders, lawyers, political opponents, peaceful protesters, academics, and students, face arbitrary arrests and detention, unjust prosecutions, and other forms of harassment and intimidation solely for their peaceful exercise of their human rights in both India and Egypt.
"India and Egypt seem to have taken their long-standing bilateral cooperation to a different level where they share tactics to increasingly repress rights and freedoms," Amnesty International India board chief Aakar Patel said in a statement. "As the leaders of the two countries take the center stage, celebrations of the adoption of India's constitution 74 years ago should not overshadow the grim reality that the human rights situations in both countries have been on a downward spiral."
\u201c\u201cThe current human rights crises in #India & #Egypt are characterized by entrenched impunity and misuse of counterterrorism legislation to clamp down on civic space & peaceful dissent\u201d, @amnesty said today, as India hosts President Sisi as the chief guest at its Republic Day.\u201d— Nuria Tes\u00f3n (@Nuria Tes\u00f3n) 1674743767
Leading an open letter from Egyptian and Indian diaspora members published Tuesday by the Canadian alternative news site rabble.ca, Ehab Lotayef, Samaa Elibyari, and Jooneed Jeeroburkhan noted that India's constitution "guarantees full equality and rights to all Indians and declares the country a secular, socialist republic."
"However today's India is led by a Hindu ethno-nationalist party committed to converting it into a Hindu nation," the authors continued, and "the government of India has been called out by domestic and international human rights organizations for unleashing and engendering violence and detentions against Muslim, Dalit, and Christian minorities as well as any human rights defenders."
"Meanwhile, January 25 marks the start of the 17 days in 2011 which forced one of the region's longest-serving and most influential leaders, Egyptian President Hosni Mubarak, from power," they continued. "We recall that moment of incredible exhilaration as all Egyptians aspired to more democracy and social justice. Unfortunately, on July 3, 2013, then-Gen. Abdel Fattah El-Sisi staged a coup d'état that toppled President Mohamed Morsi, the first democratically elected president of Egypt, and returned the country to dictatorial rule."
\u201c"What is happening in Egypt and India should be of interest to all Canadians, even if they are not of Egyptian or Indian origin. Support for governments that violate fundamental rights diminishes democracy everywhere." https://t.co/sXAmcQlOba\u201d— Canadians for Justice and Peace in the Middle East (@Canadians for Justice and Peace in the Middle East) 1674656645
"Since his ascent to power through dubious elections, El-Sisi has governed Egypt with an iron fist," the trio wrote. "Under his direct command, on August 14, 2013, two encampments of protesters in Rabaa and al-Nahda squares, demanding that President Morsi be reinstated, were dismantled by lethal force and more than 1,000 people were killed."
"To date, no one has been held accountable," the authors added. "Since then, all dissenting voices have been silenced and more than 60,000 political prisoners languish behind bars in abject conditions."
Keep ReadingShow Less
EPA Allowing Vast Oil Refinery Waste to Pollute US Waterways
"It's high time for EPA to crack down on the toxic pollution from oil refineries that's threatening both wildlife and human health," said one environmental justice advocate.
Jan 26, 2023
The U.S. Environmental Protection Agency is failing to uphold its legal obligation to regulate the nearly half-billion gallons of toxic wastewater that petroleum refineries dump into the nation's waterways on a daily basis, according to an exhaustive study published Thursday.
The Environmental Integrity Project (EIP), a watchdog founded by former EPA enforcement attorneys, analyzed publicly available records and found that in 2021 alone, the 81 refineries across the U.S. that discharge into rivers, streams, and estuaries released 1.6 billion pounds of chlorides, sulfates, and other dissolved solids harmful to aquatic life; 15.7 million pounds of algae-feeding nitrogen; 60,000 pounds of selenium, which can cause mutations in fish; and other pollutants, including cyanide; heavy metals such as arsenic, chromium, copper, lead, mercury, nickel, and zinc; and petrochemicals like benzene.
"Much of the water pollution from refineries is legal," EIP's report explains, "because EPA and the states have failed to set any limits on certain pollutants and have failed to update and modernize permit limits for other pollutants" despite the Clean Water Act's mandate that EPA does so. "But a portion of the problem is also illegal. As it turns out, EPA and state enforcement of existing permit limits for refineries is lax and rarely results in penalties for violations."
"Almost 83% of refineries (67 of 81) exceeded their permitted limits on water pollutants at least once between 2019 to 2021, according to EPA enforcement and compliance records," the report notes. "But only about a quarter of the refineries with violations (15 of the 67) were penalized during this period."
Other key findings of the report, titled Oil's Unchecked Outfalls, include:
- Wastewater discharged by 68% of the refineries examined (55 of 81) contributes to the "impairment" of downstream waterways—meaning they are too polluted to support aquatic life or allow for recreational uses like swimming or fishing.
- U.S. refineries are often old–averaging 74 years, but some dating back to the 1880s—and many have antiquated and inadequate pollution control systems. Most have also expanded over the last forty years, increasing both the volume and variety of pollutants they discharge. But EPA has not updated its standards for refineries since 1985.
- Two-thirds of the refineries examined by EIP (56 of 81) are located in areas where the percentage of low-income households within three miles exceeds the national average, and over half are located in areas where the percentage of people of color exceeds the national average.
- Sixty-seven refineries were flagged by EPA as violating permitted pollution limits 904 times between 2019 and 2021, including for dumping excessive amounts of cyanide, zinc, total suspended solids, ammonia, and oil and grease.
"Oil refineries are major sources of water pollution that have largely escaped public notice and accountability in the U.S., and too many release a witches' brew of contaminants to our rivers, lakes, and estuaries," EIP executive director Eric Schaeffer said in a statement. "This is because of lax federal standards based on wastewater treatment methods that are nearly forty years old."
"The Clean Water Act requires EPA to impose more stringent standards that reflect the advanced wastewater treatment methods available today," said Schaeffer, former director of civil enforcement at EPA. "After decades of neglect, EPA needs to comply with the law and set strong effluent limits for refineries that protect public health and environment. EPA and the states also need to start enforcing the limits that exist and penalizing polluters."
EIP identified which refineries are the top dischargers of key pollutants. When it comes to selenium, the Chevron El Segundo Refinery in California and the Motiva Port Arthur Refinery in Texas are the worst offenders, each dumping more than 12 pounds per day into local waterways. The Phillips 66 Wood River Refinery in Illinois and the BP Cherry Point Refinery in Washington pour out more nickel than any other facility in the country. El Segundo is also the biggest discharger of nitrogen, at 4,351 pounds per day, followed by the PBF Delaware City Refinery’s 3,283 pounds per day. For total dissolved solids, the worst offenders are the ExxonMobil Baytown Refinery (347,345 pounds per day) and the Valero Corpus Christi Bill Greehey Refinery (291,527 pounds per day), both in Texas.
EIP also documented the worst refineries for permit violations from 2019 to 2021. The Hunt Southland Refinery in Mississippi exceeded its permitted pollution limits 144 times during that time period but faced just two Clean Water Act enforcement actions totaling $85,500. The Phillips 66 Sweeny Refinery in Texas, meanwhile, ran up 44 violations but was hit with just a single $30,000 fine.
"After decades of neglect, EPA needs to comply with the law and set strong effluent limits for refineries that protect public health and environment. EPA and the states also need to start enforcing the limits that exist and penalizing polluters."
"EPA's national discharge limits for refineries apply to just ten pollutants, including ammonia, chromium, and oil and grease," states the report. "These skeletal standards do not begin to address the variety and volume of dangerous contaminants found in the wastewater from refining processes."
For example, the report documents that refineries are "a notable source" of toxic "forever chemicals" (PFAS, or per- and polyfluoroalkyl substances), in part because they use firefighting foams that contain them. Even though PFAS have been linked to numerous adverse health impacts, EPA's newly released plan for regulating industrial discharges does not establish limits on these synthetic compounds in refinery wastewater.
"EPA's current rules for refineries are almost 40 years old, based on outdated treatment methods, and do not even apply to most of the pollutants that refineries discharge," says EIP's report. "EPA needs to waste no further time and move quickly to update these standards and impose the more stringent discharge limits the law requires."
"The states and the EPA also need to penalize permit violations more consistently so that refining companies have an economic incentive to clean up waterways," the report continues. "Currently, most violations by refineries are not penalized at all, and when they are, the amounts are paltry compared to the profitability of the industry. More stringent enforcement will provide a financial incentive for violators to update their pollution control systems and improve their operations to protect public health and the environment."
Bruze Reznick, executive director of Los Angeles Waterkeeper, lamented that "once again, the U.S. government has turned a blind eye while oil and gas companies pollute our environment, including our sensitive marine ecosystems, and disproportionately harm our frontline communities."
"We must now put the spotlight on oil refineries' essentially unregulated water pollution and demand that EPA fulfill its duty under the Clean Water Act by setting, updating, and actually enforcing discharge limits for these refineries," said Reznick.
He was echoed by Sejal Choksi-Chugh, executive director of San Francisco Baykeeper, who said that "it's high time for EPA to crack down on the toxic pollution from oil refineries that's threatening both wildlife and human health."
EIP researchers argued that "EPA's failure to require the cleanup of refinery wastewater is a part of a wider pattern."
"Most of the discharge limits in effect today for industries across the U.S. were established well before the end of the last century," the report points out. "According to the latest state water quality reports, about half of America's rivers, streams, and lakes, and a quarter of our estuaries are too polluted to support aquatic life, swimming, fishing, or to supply drinking water. The 1972 Clean Water Act promised to make all waters fishable and swimmable, but we are only halfway home to that goal more than fifty years later."
Keep ReadingShow Less
At Least 9, Including Elderly Woman, Killed by Israeli Forces in Refugee Camp 'Massacre'
Without a "real, strong response" from the international community to Thursday's raid in the occupied West Bank, said one analyst, "Israel will continue to do what it wants without punishment."
Jan 26, 2023
An elderly woman was among at least nine Palestinian people killed in an early morning raid at a refugee camp in Jenin in the occupied West Bank on Thursday, in what President Mahmoud Abbas denounced as "a massacre from the Israeli occupation government, in the shadow of international silence."
The woman died of a gunshot wound in her neck, Middle East Eye (MEE) reported.
Heavily armed soldiers with the Israel Defense Forces (IDF) entered the refugee camp in a commercial truck and shot at residents who were trying to block them. The IDF also used bulldozers in the raid and targeted an area that was used as a meeting place for residents. According to Al Jazeera, "dozens of armored vehicles and snipers" were involved in the raid.
"The sounds of bullets and gunfights were intense, and clouds of smoke covered the sky," Anas Huwaisheh, a correspondent at a local channel, told MEE. "The Israeli occupation cut off the electricity, the internet, and the cell phone network during the storming. This shows that it was planned."
At least 20 people were injured as of this writing, including four who were in critical condition.
\u201cIsraeli forces shot dead nine Palestinians and wounded at least 16 others during a raid on Jenin refugee camp in the occupied West Bank. \n\nThe attack is one of the deadliest days since Israeli raids intensified at the start of last year, and has been described as a \u201cmassacre\u201d.\u201d— Middle East Eye (@Middle East Eye) 1674741232
The raid made Thursday one of the deadliest days in the occupied West Bank since the IDF intensified its attacks early last year in response to the Palestinian resistance.
At least 29 Palestinians have now been killed by Israeli forces in the occupied West Bank and East Jerusalem this month, including five children and 15 people from Jenin.
Palestinian Health Minister Mai al-Kaila accused the IDF of obstructing ambulances as emergency workers tried to take victims to a nearby public hospital and of "deliberately [firing] tear gas bombs at the hospital's children's department, choking children."
"There is an invasion that is unprecedented... in terms of how large it is and the number of injuries," Wissam Baker, the head of the public hospital, told Al Jazeera. "The ambulance driver tried to get to one of the martyrs who was on the floor, but the Israeli forces shot directly at the ambulance and prevented them from approaching him."
The IDF denied firing tear gas at the hospital deliberately but said soldiers fired the chemicals close enough to the hospital that it could have entered the children's ward.
Murad Khamayseh, a medic, told MEE that "it was almost impossible to go into the camp" to rescue victims.
"Israeli forces fired warning shots and signaled at the team to not approach the area," Khamayseh said. "As paramedics we have gotten used to this, but I honestly couldn't keep myself together after the things I have seen today."
Political analyst Aleef Sabbagh told Al Jazeera that the raid is likely "the first shot in a coming, larger Israeli operation" and warned that without a "real, strong response" to the attack and other incidents like the killing of Palestinian-American journalist Shireen Abu Akleh last year, "Israel will continue to do what it wants without punishment."
"The targeting of ambulances and hospitals, preventing aid to wounded people, the field executions—even the killing of Shireen Abu Akleh—there has been no accountability," Sabbagh said.
Abu Akleh was shot to death while covering an IDF raid in Jenin last May; multiple investigations have determined the Israelis were responsible for her killing, either intentionally or unintentionally, but Israel said in recent weeks it would not cooperate with a U.S. investigation into the matter.
Jewish Voice for Peace said Thursday that the Jenin raid was "the result of unrestrained violence by the Israeli military."
\u201cThe massacre in Jenin is the result of unrestrained violence by the Israeli military: 9 killed in one day, including 2 children. We support the calls for a national strike across all Palestine.\u201d— Jewish Voice for Peace (@Jewish Voice for Peace) 1674749525
The group also called on the U.S. to "end its complicity in Israel's brutal violence and apartheid."
"Over and over, the Biden administration has refused to take action in response to Israel's blatant war crimes against Palestinians, all while continuing to send billions of dollars to the Israeli military," said Beth Miller, the group's political director. "Next week, Secretary Blinken is visiting Israel to continue normalizing relations with its far-right extremist and violent government. Enough is enough."
A general strike was called across the West Bank on Thursday to protest the raid at the refugee camp.
Keep ReadingShow Less
Most Popular
SUPPORT OUR WORK.
We are independent, non-profit, advertising-free and 100%
reader supported.
reader supported.