Banking

Reverse Robin Hood Visits Banks Near WI Capitol

by Rebekah Wilce — May 11, 2011 - 2:56pm
  • Topics: Activism, Banking, Corporations, Democracy, Economy, Labor, Politics, Wisconsin Protests

    • This afternoon, the People's Rights Campaign, a coalition of labor and community organizations, organized a community action on Madison's Capitol Square. Activists scrounged for their last pennies and taped them to "deposit slips" so that they could be deposited directly into the accounts of the CEOs of M&I Bank, Bank of America and JPMorgan Chase Bank.

    "Why should they have to pay any taxes at all when grubby peasants and working stiffs still have a few pennies left in their pockets?" asked the group's press release.

    News

    Taxpayers Demand Chase Bank Pay its Fair Share

    by Rebekah Wilce — April 18, 2011 - 10:58pm
  • Topics: Activism, Corporate Social Responsibility, Banking, Wisconsin Protests

    • At a rally held in front of Chase Bank on Capitol Square in Madison, Wisconsin today, a few dozen people gathered to air their grievances against Chase and other U.S. corporations who will pay no taxes for 2010. Jeff Kravat of MoveOn hosted the rally along with Gene Lundergan, who gathered a group of four or five people to present a tax bill of almost $2 billion to the branch bank manager. This bill, for $1.988 billion, was drawn up using Chase's 2010 10-K filing with the Securities and Exchange Commission (SEC) and a December 2008 U.S. Government Accountability Office (GAO) report (pdf). When Lundergan, Steve Hughes of Young Progressives and several others approached the front entrance of the bank, they were refused admission by the security guard, so they left the bill propped in the front window.

    News

    Koch-Fueled Controversy Lands in Washington

    by Mary Bottari — April 14, 2011 - 2:20pm
  • Topics: Activism, Banking, Corporations, Democracy, Real Economy Project, Wisconsin Protests

    • On April 14 the House Oversight and Government Reform Committee, chaired by Darrell Issa (R-California), held a hearing on state and municipal debt where the key question was State Budget Cuts: Choice or Necessity?

    Chairman Issa started off by framing the issue in a manner that was thrilling to Wall Street barons and corporate big wigs. He said that states will face a shortfall of $112 billion in 2012 and the reasons for this were "obvious." The primary reasons, according to Issa, are reckless spending and unfunded or underfunded pension funds. The 2008 Wall Street financial crisis and the staggering job loss, which caused state and federal tax revenues to tank, were not mentioned.

    And so it went. Flying in the face of fact and reason, Republicans insisted that states spend too much and that the best way to attack the state deficit problem is on the back of unionized workers, their only organized opposition in the electoral arena.

    News

    Court Race Throws a Spanner in the Works of Wisconsin Wingnuts

    by Mary Bottari — April 6, 2011 - 3:15pm
  • Topics: Activism, Banking, Corporations, Democracy, Economy, Labor, Politics, Real Economy Project, Social Justice, Wisconsin Protests

    • While Wisconsin Congressman Paul Ryan prepares to shut down the federal government to prove that government is bad, analysts say the radical agenda of Wisconsin Governor Scott Walker suffered a major set back today as his good friend incumbent Justice David Prosser was defeated for Wisconsin Supreme Court.

    M&I Bank Protest: Stop Bankrolling Attacks On Workers

    Event Date: Tuesday, March 15, 2011 - 4:00pm - 7:00pm

    Event Contact Name: Peter Rickman

    Taking place at:
    M&I Bank Capitol Square Branch
    1 West Main Street
    Madison, WI

    Facebook event can be found here.
    M&I Bank got a $1.7 billion bailout while working people get sold out. Their CEO got a golden parachute of $18 million only to turn around with his M&I Bankster cronies to be the largest contributors to Scott Walker's campaign.

    Working people are fed up with big banks and the attacks on working families. We're not going to take it anymore.

    See map: Google Maps

    Op-Ed

    WI Firefighters Spark "Move Your Money" Moment

    by Mary Bottari — March 12, 2011 - 1:28pm
  • Topics: Banking, Democracy, Economy, Real Economy Project

    • On the day that the bill passed the Wisconsin Assembly effectively ending 50 years of collective bargaining in Wisconsin and eviscerating the ability of public unions to raise money through dues, a new front opened in the battle for the future of Wisconsin families.

    Bagpipes blaring, hundreds of firefighters walked across the street from the Wisconsin Capitol building, stood outside the Marshall and Ilsley Bank (M&I Bank) and played a few tunes -- loudly. Later, a group of firefighter and consumers stopped back in at the bank to make a few transactions. One by one they closed their accounts and withdrew their life savings, totaling approximately $190,000. See a video clip. After the last customer left, the bank quickly closed its doors, just in case the spontaneous "Move Your Money" moment caught fire.

    Op-Ed

    The "Badger Advocates": Corporate Advocates, Not UW-Madison Advocates

    by Steve Horn — March 6, 2011 - 5:05pm
  • Topics: Banking, Corporations, Education, Lobbying, Wisconsin Protests

    • Madison, Wisconsin -- A new lobbying firm, the Badger Advocates, has opened on Capitol Square.

    According to its newly-minted website, the Advocates "are dedicated to supporting the University of Wisconsin-Madison ... [and] will promote greater accountability through enhanced autonomy for this unique institution." This lobbying effort is similar to efforts afoot in other states to use state budget issues to privatize public higher education institutions and put more assets and power at the disposal of powerful corporate interests.

    The lobby shop's PR description closely mirrors the title of the Wisconsin Public Research Institute's December 2010 report titled, "Making the University of Wisconsin More Accountable Through Greater Autonomy." WPRI is heavily funded by the Lynde and Harry Bradley Foundation, a right-wing neo-conservative think tank.

    Astroturf for Hire

    by Mary Bottari — February 15, 2011 - 12:22pm

    NPR's Planet Money recently reported on astroturf activities in the financial sector. "Forgery: The Latest Tactic To Sway Finance Rules" focuses on the behind the scenes fight over the implementation of the Dodd-Frank Wall Street reform bill. The Dodd-Frank bill is now in the agency rulemaking stage and financial sector lobbyists have descended en masse on the pertinent federal agencies, lobbying in person and via comment letters to the Federal Register. Some firms seem to think their advocacy would be more effective if it came from grassroots groups and not corporations. As NPR reports: "In an effort to influence the new rules, somebody sent several forged letters to the Commodities Futures Trading Commission, a key government agency. The letters were sent as part of the public comment process for an arcane rule that could have big financial implications." The rule involved proposal to limit conflicts of interest at derivatives clearinghouses. The forged letters were supposedly from an exec at Heinz (the food company), a Burger King franchise owner, a local judge, a county sheriff and a dozen other concerned citizens. But in reality they were sent from a PR firm on contract with an unnamed client. The Wall Street Journal has named the PR firm as Dewey Square Group and its subcontractor, Goggans Inc. as culprits in the fiasco, but the firm's client is still unknown. The faux letters contain verbatim language railing against the "cartel-like control" of banks in the derivatives market, certainly a legitimate complaint. The fact that financial services firms -- perhaps those who want the opportunity to be part of the cartel -- had to hire PR companies to develop fake "grassroots" to counter the big banks underscores the continued absence of real, organized grassroots in the financial services debates. One notable exception is Americans for Financial Reform (AFR) a coalition of over 250 of labor, consumer, housing, and other public interest groups, that advocates for consumer protection and a more stable and secure financial system. Find out more at Ourfinancialsecurity.org.

    Main Source: 
    National Public Radio
    Op-Ed

    AIG: Corporate Welfare King Mouths Off

    by Mary Bottari — February 9, 2011 - 6:28pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Most Americans know American International Group (AIG) as the global insurance behemoth that was so recklessly managed it had an outsized role in tanking the global economy.

    Rather than feeling a bit humble for wreaking havoc on the lives of millions, AIG's new management is feeling rather cocky. Apparently AIG CEO Robert Benmosche has figured out the magic formula for selling insurance. Benmosche told Bloomberg News that he likes to do business in "red states" where the firm signs up more reliable customers than those in "more liberal" areas.

    Banksters Back in the Black: JPMorgan Chase

    by Mary Bottari — February 7, 2011 - 11:55am
  • Topics: Banking, BanksterUSA

    • Earnings and bonus reports are rolling in and the big, bailed-out banks are back in the black. In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135 billion -- up almost six percent from 2009 according to the Wall Street Journal. JPMorgan Chase CEO Jamie Dimon may take home the biggest bonus check, an eye-popping $17 million.

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