They've been agitating for a complete redistribution of wealth and power for more than 100 years. Now, they're getting pretty darn close to accomplishing it.
Following the AFL-CIO's August attempt to fire Michael Dell at Dell Computers, the Teamsters have gone gunning for the founder of FedEx, Chairman Fred Smith.
From the Teamsters' press release:
At FedEx Corporation's [NYSE: FDX] annual meeting today the Teamsters' shareholder proposal to appoint an independent board chairman received 35 percent support according to results announced at the meeting. This marks a big leap in investor support for the proposed reform which received 27 percent support in 2009.
Excluding shares held by FedEx founder, Chairman and CEO Fred Smith and his business enterprises, 38 percent of the votes cast were in favor of the Teamsters' proposal—a significant vote for change on the FedEx Board.
"Shareholders are growing tired of Chairman Smith's stranglehold on the FedEx board," said Teamsters General Secretary-Treasurer C. Thomas Keegel. "It's time for independent board leadership at FedEx."
This ties into AFL-CIO boss Richard Trumka's statement on Friday that...
we need to fundamentally restructure our economy and re-establish popular control over the private corporations which have distorted our economy and hijacked our government. That’s a long-term job, but one we should start now.
Well, they do seem to be on their way, don't they?
“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine, December 23, 1776
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