Caterpiller CEO James Owens Thumbs Nose At Shareholders!
June 11th 2009 18:06
Caterpillar CEO James Owens admitted Wednesday at his company's annual stockholder meeting that the carbon caps his company supports could hurt the U.S., U.S. heavy industry and Caterpillar itself.
Owens made the admission in response to questioning by Tom Borelli, director of the National Center for Public Policy Research's Free Enterprise Project, who attended the meeting on behalf of the Free Enterprise Action Fund.
Owens told Borelli and stockholders that the U.S. and Caterpillar will be harmed if carbon caps are adopted by the U.S. but not adopted by the rest of the world.
The key industrial nations of China and India are extremely unlikely to adopt carbon caps.
Borelli also asked Owens how Owens would be held accountable if Caterpillar's lobbying led to "a regulatory avalanche leaving the U.S. in an uncompetitive situation." Owens responded by telling Borelli to just sell his stock.
Owens made the admission in response to questioning by Tom Borelli, director of the National Center for Public Policy Research's Free Enterprise Project, who attended the meeting on behalf of the Free Enterprise Action Fund.
Owens told Borelli and stockholders that the U.S. and Caterpillar will be harmed if carbon caps are adopted by the U.S. but not adopted by the rest of the world.
The key industrial nations of China and India are extremely unlikely to adopt carbon caps.
Borelli also asked Owens how Owens would be held accountable if Caterpillar's lobbying led to "a regulatory avalanche leaving the U.S. in an uncompetitive situation." Owens responded by telling Borelli to just sell his stock.
I am continually puzzled by seemingly intelligent people who vote against their own interests. Owens is literally, flipping you off. You, the workers of America, are being sold a bill of goods about cap-and-trade, presumably to protect the environment from CO2 and (gasp) global warming. Nevermind that the connection between the rise of CO2 and global temperature rise has been severed.
To vote for Cap-and-Trade knowing your business will suffer as will business in America, is committing suicide. How dare this man, who has to know how Obama works by now, put his shareholders last.
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