WorldNet Daily (Link) (April 8, 2009)
At the G20 meeting in London, President Obama agreed to create of an international board with authority to intervene in U.S. corporations by dictating executive compensation and approving or disapproving business management decisions, Jerome Corsi's Red Alert reports.
Political consultant Dick Morris said that by agreeing to create the Financial Stability Board, Obama is a "willing accomplice" to a decision that effectively repealed the U.S. Declaration of Independence and abrogated the sovereignty of the United States.
The final communiqués coming out of the G20 meeting in London April 2 included a document entitled "Declaration on Strengthening the Financial System."
"By agreeing to the stipulations in this document, President Obama gave the blessing of the United States to the G20 decision to elevate the Financial Stability Forum into the Financial Stability Board," Corsi wrote. "The United States has only one vote in the newly constituted Financial Stability Board, a group that will be largely controlled by European central bankers."
The new global regulator now has the authority to examine all U.S. banks, brokerage firms and corporations – including non-financial companies such as the Big Three automakers – to examine operations and determine risk.
The Financial Stability Board then has the international authority to set policies in these corporations, including compensation packages the private boards of directors in the examined companies decide to pay top executives and senior managers.
Morris charged that the Obama administration, by agreeing to create the Financial Stability Board, has gone beyond nationalizing U.S. corporations, to "internationalize" U.S.-based corporations under the control of this new global regulator.
While the G20 focused on regulating risks in hedge funds and derivatives, the authority of the Financial Stability Board extends to any banking, brokerage or business practice by a major U.S. corporation that the Financial Stability Board on its own authority determines is unduly risky.
Under the premise that the IMF and the Financial Stability Board would have the ability to make loans to important U.S. corporations, the IMF and the Financial Stability Board become the effective global regulators over the corporate world, superseding all U.S. governmental authorities, including the Federal Reserve, the U.S. Treasury, the Federal Deposit Insurance Corporation and a host of corporate regulators, including the U.S. Department of Commerce and the U.S. Department of Labor.