Protesters Crash Chicago Mercantile Exchange Meeting, Chairman Lies to Shareholders

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Protesters Crash Chicago Mercantile Exchange Meeting, Chairman Lies to Shareholders


Chairman Terrence Duffy lied to shareholders during the Chicago Mercantile Exchange’s annual shareholders meeting, held downtown on May 23. Protesters holding proxy shares attempted to probe Duffy with questions pertaining to CME’s lobbying for state tax breaks and their massive profits. Duffy rebuffed the questions as out of order because they did not address items on the agenda while telling them they could be asked during the open question and answer session at the end of the meeting.

Roughly 50 protesters scattered themselves around the room prior to the meeting but stood in solidarity with each other as proxy after proxy attempted to question CME’s profitable lobbying for a state tax break last fall. The company threatened to leave the state after more than 100 years of operation if it did not get its way. Duffy tried to hedge against the protesters’ concerns at the beginning of the meeting in his opening remarks.

“We are a global company, and we asked to be taxed like every other major company based in Illinois, many of which are much larger than CME Group,” said Duffy. “The Illinois Legislature recognized and corrected the unfair treatment by giving us an apportionment that is equitable and puts us closer to other Illinois companies.” ...............(more)

The complete piece is at: http://www.alternet.org/newsandviews/article/944546/protesters_crash_chicago_mercantile_exchange_meeting%2C__chairman_lies_to_shareholders/