Alley has History of Working Against Accountability for Wall Street
(October 29, 2008)--Portland, OR--Allen Alley, the Republican candidate for State Treasurer has a record of poor corporate practices including lobbying against accountability and transparency measures; first, as a Bush appointee and later as a corporate CEO. Mr. Alley also was in the practice of outsourcing Oregon jobs to China and when he was forced to leave Pixelworks, he received the same type of executive compensation, also known as a "golden parachute", that is common practice on Wall Street.
Allen Alley worked against corporate transparency in 2002 when he was appointed by President Bush to the U.S.-Japan Private Sector/Government Commission. In November of that year, the private sector Commissioners recommended a rolling-back of new Securities and Exchange Commission rules regarding audits, financial reporting, and shareholder rights.
"We encourage the SEC to expeditiously make . exemptions to these rules"
In 2004, according to the Oregonian, Alley continued his work against corporate accountability by lobbying Congress and the SEC to oppose a proposal from the Financial Accounting Standards Board requiring companies to report executives' stock options on corporate income statements.
As the CEO of Pixelworks, Mr. Alley also outsourced over 200 Oregon jobs to China, the same year he was paid over one million dollars which the Seattle Times called "pay for dubious performance".
In 2006, when Alley was forced to resign as CEO of Pixelworks due to his management decisions that drove down the company's value by hundreds of millions of dollars, he received a "golden parachute" that pays him over $50,000 a year and health care benefits.
"Allen Alley has been engaged in the same corporate practices that have caused this financial crisis," said Stacey Dycus, campaign manager for Ben Westlund. "He has the wrong experience and the wrong priorities to be trusted with public money, voters deserve to know that he's just too risky."
