Posted: April 08, 20098:32 pm Eastern
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Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of "The Late Great USA," a book about the careful deceptions of a powerful elite who want to undermine our nation's sovereignty.
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by agreeing to create the Financial Stability Board, Obama is a "willing accomplice" to a decision that effectively repealed the U.S. Declaration of Independence and abrogated the sovereignty of the United States.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 communiquÃ©s 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 â€“ including non-financial companies such as the Big Three automakers â€“ 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.
Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have topped the New York Times best-sellers list, said no appeal procedure to any U.S. court or regulator is specified by the G20 communiquÃ© as recourse for a U.S. company that wants to contest a decision by the Financial Stability Board as incorrect, unfounded or otherwise overreaching.
Corsi received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.
For more information on "internationalizing" U.S.-based corporations and for financial guidance during difficult times, read Jerome Corsi's Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, "The Obama Nation."