Part 3 of my interview with UCI Law Professor David Min contains a discussion between David and I that might normally be left on the cutting room floor.  It’s a discussion that wasn’t intended to be a part of the final podcast, but after listening to it, I realized that it was very likely a discussion that many would want to hear.

If you’ve already listened to parts one and two of David’s interview, then you’re all set to tune into this third part… but even if you haven’t heard the beginnings… you can still jump in here and then go back to part one after you’ve listened to Part 3, because this part really does stand alone.

Jamie Dimon is expected to smash share holder revolt lead by AFSCME

AFSCME and other labor unions who’s pension funds hold shares in JPMorgan Chase have decided to change their strategy in their fight with big banks namely JPMorgan Chase.  Instead of recruiting college students to help them experiment with the limits of personal hygiene by camping out in a plaza for months on end without bathing, they have now decided to take their fight to JPMorgan Chase’s shareholder meeting.

AFSCME and the other unions who own stock in JPMorgan Chase are now demanding that Chairman and CEO Jamie Dimon be stripped of his title as Chairman be replaced by an independent Chairman.   They claim that there is a direct conflict of interest when a Board of Directors is overseen by the CEO.

 This effort is by the unions is part of a larger endeavor by unions and other activist shareholders calling on reforms in corporate governance by splitting the role of CEO and chairman. The AFSCME Employees Pension Plan has submitted a non-binding shareholder proposal for investors at JPM Chase’s 2013 annual meeting.

Fed Chief Ben Bernanke came to Congress in 2007 to tell everyone that the financial crisis was just a sub-prime loan problem and that its impact would be contained to sub-prime loans.  Well, I guess he was close.  He only missed that forecast by… um… let’s see… 9 minus 7… times 4… divided by 12… carry the 3… April, June and November… let’s see… oh yeah… by the entire world.

David Min is a nationally recognized expert on financial markets regulation, the law and policy of banking, real estate finance, and capital markets.  From 2007 through 2009, David was a Washington D.C. “insider.”  He was Banking Committee counsel for Sen. Charles E. Schumer (D-NY), and then served as senior policy advisor and counsel for the Joint Economic Committee of Congress.

No question about it… David was there when the lights went out.

Okay, so let’s start by remembering where we started on the housing and foreclosure crisis back in 2009… here’s President Obama’s delivering his speech that introduced his Making Home Affordable program on February 18, 2009.

Among other things, he says his plan will help save between 7 – 9 Million families so they can avoid foreclosure. But, that’s not all.  He also says his plan is important because of the neighbors to these families because foreclosures lead to lower home values, along with failing local businesses and lost jobs.  He says…