EvilEngineer
10-01-2008, 09:34 AM
Got this today forwarded from a friend. Looks like either Dow is about to go under and needs the 700 billion or this CEO is looking for a golden parachute. Either way... time to short sell dow. You'll find his contact info at the bottom... feel free to give him an ear full.
As many of you have seen in recent days, the importance of restoring economic stability through an economic rescue plan is of paramount importance to all of us. I want to share my perspective on this situation and its potential implications.
I am very disappointed in yesterday’s vote by the House of Representatives to reject The Emergency Economic Stabilization Act of 2008 HR 3997 – the historic $700 billion financial rescue package. The bill was narrowly defeated and efforts are now underway by both Republican and Democratic leaders to renegotiate the legislation. Congress must avoid playing the blame game, get back to the negotiating table and stay there until they have enough votes to pass a sound bill. The legislation currently being renegotiated by members of Congress will help return liquidity and stability to our markets. The final bill should retain the additional safeguards negotiated last weekend, including improved oversight, as well as constraints on executive compensation for those companies that participate.
We need legislation now that helps bring stability, security and confidence back to the U.S. financial system. Failure to act is not an option.
America’s current financial crisis is more than just a “Wall Street” issue. Anything that threatens to significantly disrupt the economic health of large, medium and small businesses across the United States impacts all of us.
Customers and Suppliers Impacted
We have already seen increased volatility in the market and increased bankruptcy filings. We are currently managing the difficult situation and your Company remains financially strong. We know where we are going and we are agile enough to make the adjustments to see us through this crisis. But, make no mistake, it is indeed a crisis, for us, our suppliers and our customers.
Let’s consider a hypothetical Dow customer. Unless that customer has access to credit, its ability to perform day-to-day operations — like paying bills, purchasing, and meeting payroll — could be severely limited. Customers of all sizes depend on sound credit to meet everyday needs and to invest for growth and job creation. Whenever our customers are impacted, it impacts us as well, and it will very soon impact individuals everywhere. If you’re not sure, just check the balance of your 401-k during these volatile times.
Taking Action
It is your Company’s assessment that the financial issues facing the U.S. today will not self-correct. That is why we have been undertaking intensive efforts to build congressional support for a meaningful bipartisan agreement. I remain optimistic that this can be accomplished. I personally have sent letters to all members of Congress that represent Dow sites, as well as congressional leadership. I have also been making personal phone calls to members of Congress stressing the importance of urgent action. Your site leaders have been making similar contacts with their representatives and senators. Our Washington, D.C. office is working around the clock to coordinate efforts with trade associations, particularly The Business Roundtable, National Association of Manufacturers and the U.S. Chamber of Commerce.
Our Washington office has forwarded to me the following list of Congress members representing Dow facilities or large Dow employee populations who voted "no" on Monday.
Joe Courtney (D-CT-2) – Allyn’s Point
Nathan Deal (R-GA-9) – Dalton
John Gingrey (R-GA-11) – Marietta
Gerald Weller (R-IL-11) – Grand Ridge, Joliet, Kankakee, Wilmington
Steve Buyer (R-IN-4) – DAS, Indianapolis
Steve Scalise (R-LA-1) – Employees live in his district
Rodney Alexander (R-LA-5) – Plaquemine, Sherlington
Don Cazayoux (D-LA-6) – Greensburg AMERCHOL
Bart Stupak (D-MI-1) – Employees live in his district
Pete Hoekstra (R-MI-2) – Ludington
Tim Walberg (R-MI-7) – Dow Automotive, Hillsdale
Joe Knollenberg (R-MI-9) – Dow Automotive, Auburn Hills
Candice Miller (R-MI-10) – Harbor Beach
Thad McCotter (R-MI-11) – Employees live in his district
Jim Ramstad (R-MN-3) – FilmTec
Ted Poe (R-TX-2) – Groves
John Culberson (R-TX-7) – Houston Dow Center, Memorial Plaza 2-3, Houston Univation
Nick Lampson (D-TX-22) – Clear Lake
Al Green (D-TX-9) – Houston/Westhollow
Ron Paul (R-TX-14) – Freeport, Angleton, Oyster Creek, Seadrift, Texas City
Gene Green (D-TX-29) – Channelview, La Porte
Shelley Moore Capito (R-WV-2) – West Virginia Operations
If you wish to voice your support to these members of Congress, you are encouraged to click THE DOW ACTION NETWORK where you can enter your home address and be directed to a page where you can send an email to your member.
For more background information on this issue, please reference the FAQ document.
It is critical that Congress take action now to pass legislation to restore stability to the financial markets.
Sincerely,
________________________
Andrew N. Liveris
Chairman and Chief Executive Officer
The Dow Chemical Company
2030 Dow Center
Midland, MI 48674
Tel: 989-636-4147
Fax: 989-638-9468
anliveris@dow.com
As many of you have seen in recent days, the importance of restoring economic stability through an economic rescue plan is of paramount importance to all of us. I want to share my perspective on this situation and its potential implications.
I am very disappointed in yesterday’s vote by the House of Representatives to reject The Emergency Economic Stabilization Act of 2008 HR 3997 – the historic $700 billion financial rescue package. The bill was narrowly defeated and efforts are now underway by both Republican and Democratic leaders to renegotiate the legislation. Congress must avoid playing the blame game, get back to the negotiating table and stay there until they have enough votes to pass a sound bill. The legislation currently being renegotiated by members of Congress will help return liquidity and stability to our markets. The final bill should retain the additional safeguards negotiated last weekend, including improved oversight, as well as constraints on executive compensation for those companies that participate.
We need legislation now that helps bring stability, security and confidence back to the U.S. financial system. Failure to act is not an option.
America’s current financial crisis is more than just a “Wall Street” issue. Anything that threatens to significantly disrupt the economic health of large, medium and small businesses across the United States impacts all of us.
Customers and Suppliers Impacted
We have already seen increased volatility in the market and increased bankruptcy filings. We are currently managing the difficult situation and your Company remains financially strong. We know where we are going and we are agile enough to make the adjustments to see us through this crisis. But, make no mistake, it is indeed a crisis, for us, our suppliers and our customers.
Let’s consider a hypothetical Dow customer. Unless that customer has access to credit, its ability to perform day-to-day operations — like paying bills, purchasing, and meeting payroll — could be severely limited. Customers of all sizes depend on sound credit to meet everyday needs and to invest for growth and job creation. Whenever our customers are impacted, it impacts us as well, and it will very soon impact individuals everywhere. If you’re not sure, just check the balance of your 401-k during these volatile times.
Taking Action
It is your Company’s assessment that the financial issues facing the U.S. today will not self-correct. That is why we have been undertaking intensive efforts to build congressional support for a meaningful bipartisan agreement. I remain optimistic that this can be accomplished. I personally have sent letters to all members of Congress that represent Dow sites, as well as congressional leadership. I have also been making personal phone calls to members of Congress stressing the importance of urgent action. Your site leaders have been making similar contacts with their representatives and senators. Our Washington, D.C. office is working around the clock to coordinate efforts with trade associations, particularly The Business Roundtable, National Association of Manufacturers and the U.S. Chamber of Commerce.
Our Washington office has forwarded to me the following list of Congress members representing Dow facilities or large Dow employee populations who voted "no" on Monday.
Joe Courtney (D-CT-2) – Allyn’s Point
Nathan Deal (R-GA-9) – Dalton
John Gingrey (R-GA-11) – Marietta
Gerald Weller (R-IL-11) – Grand Ridge, Joliet, Kankakee, Wilmington
Steve Buyer (R-IN-4) – DAS, Indianapolis
Steve Scalise (R-LA-1) – Employees live in his district
Rodney Alexander (R-LA-5) – Plaquemine, Sherlington
Don Cazayoux (D-LA-6) – Greensburg AMERCHOL
Bart Stupak (D-MI-1) – Employees live in his district
Pete Hoekstra (R-MI-2) – Ludington
Tim Walberg (R-MI-7) – Dow Automotive, Hillsdale
Joe Knollenberg (R-MI-9) – Dow Automotive, Auburn Hills
Candice Miller (R-MI-10) – Harbor Beach
Thad McCotter (R-MI-11) – Employees live in his district
Jim Ramstad (R-MN-3) – FilmTec
Ted Poe (R-TX-2) – Groves
John Culberson (R-TX-7) – Houston Dow Center, Memorial Plaza 2-3, Houston Univation
Nick Lampson (D-TX-22) – Clear Lake
Al Green (D-TX-9) – Houston/Westhollow
Ron Paul (R-TX-14) – Freeport, Angleton, Oyster Creek, Seadrift, Texas City
Gene Green (D-TX-29) – Channelview, La Porte
Shelley Moore Capito (R-WV-2) – West Virginia Operations
If you wish to voice your support to these members of Congress, you are encouraged to click THE DOW ACTION NETWORK where you can enter your home address and be directed to a page where you can send an email to your member.
For more background information on this issue, please reference the FAQ document.
It is critical that Congress take action now to pass legislation to restore stability to the financial markets.
Sincerely,
________________________
Andrew N. Liveris
Chairman and Chief Executive Officer
The Dow Chemical Company
2030 Dow Center
Midland, MI 48674
Tel: 989-636-4147
Fax: 989-638-9468
anliveris@dow.com