More than 5,000 Converge On Bankers’ Convention in Largest Taxpayer Rally Since Economic Crisis Began
Tuesday, October 27, 2009 at 2:46PM Taxpayers Demand Banks Stop Lobbying Against Financial Reform During Third Day of Protests in Chicago.
In the largest mobilization since the economic crisis began, more than 5,000 taxpayers marched on the American Bankers Association Convention in downtown Chicago today. The public march culminates three days of demonstrations demanding that banks stop lobbying against financial reform, end extravagant executive bonuses and halt home foreclosures that are ruining neighborhoods across the nation.
“The big banks crashed our economy and when taxpayers bailed them out, the banks only took care of themselves,” says Tom Balanoff, President of the SEIU Illinois Council, one of more than 40 groups sponsoring today’s demonstration. “They are paying out billions in bonuses again, taking the same risks that caused this crisis and profiteering off of the bailout—but the American people are still suffering. It’s time to end CEO greed and excess.”
After taking $17.8 trillion in taxpayer bailouts and backstops, the ABA and the six largest banks are back to business as usual, ignoring their commitments to help taxpayers and helping themselves instead. The largest banks are making tens of billions of dollars in profits on the backs of the American taxpayers and they have spent $35 million in taxpayer funds to lobby for more taxpayer money and to fight against reforms that would protect taxpayers from their abuses in the future.
Meanwhile, ordinary Americans continue to face rising foreclosures, record unemployment, skyrocketing bank and credit card fees, and vanishing pensions and 401(k)s. Americans have lost six million jobs, homeowners have lost $6 trillion in home values, and governments have lost up to $58.0 billion in annual property taxes.
“When we bailed out the banks, they were supposed to help people who were hurt by the economic crisis,” said Maria Guerra, janitor at Little Village Academy. “The banks got our money and they could help people like me, but they don’t even try.”
The march and rally concluded three days of demonstrations around the ABA convention and launched a nationwide campaign to demand big banks and Wall Street stop spending millions in taxpayer dollars to lobby against financial reform.
Events kicked off Sunday with a gathering of hundreds of ordinary Americans who have lost their homes, jobs, and pensions during the bank-induced economic crisis sharing their stories and hearing from Senator Dick Durbin (D-IL). That evening, more than 900 people were organized to take their message directly to the ABA at a banker’s ball being held at their convention.
On Monday, FDIC Chair Sheila Bair addressed nearly 1,000 people and reaffirmed her support for much needed reforms like the Consumer Financial Protection Agency. She told the crowd she would deliver that message when she addressed the ABA convention later that morning. Following Bair’s remarks, taxpayers took their message directly to the banks at demonstrations outside of Goldman Sachs, Wells Fargo, and the ABA convention.
“American families already lost $11 trillion in wealth and every 13 seconds another home goes into foreclosure,” said Denise Dixon, Executive Director of Action Now. “All while the bank bosses live it up on big bonuses and lavish parties. The banks must be held accountable for the destruction they’ve caused in our communities.”
View photos and video at:
• YouTube - http://www.youtube.com/ABAShowdown
• Flickr - http://www.flickr.com/search/?w=all&q=ABAShowdown&m=text
Reader Comments (7)
The majority of the money spent has been buying mortgage securities and the insurance company, AIG. Freddie Mac and Fannie Mae, remember, existed to buy mortgages from banks, in order to package them and sell them to investors. Fannie Mae and Freddie Mac were a Private/Government hybrid. The GOVERNMENT set the lending guiidelines through these organizations, which banks ultimately followed. Money spent between AIG (insurance company, not bank) Freddy Mac, and Fannie Mae is well over a trillion. Banks have received a few hundred million, which much has been payed back, and most will be returned at some point.
Remember what really caused this is the Chinese and Asian purchase of vasts amounts of U.S. dollars, in order to cause massive trade deficits. This excess money brought cheap lending rates, which allowed people to borrow and borrow. This ultimately led to the recession you see now. Obama's cure, borrow even more money from China. This will cause such massive debt by the U.S., that the eventual tax liability will destroy the U.S. economy.
Rather than rally against banks, who have limited responsibility, try VOTING OUT incumbent politicians who have spent decades in office, and continue to add on debt and ignore Chinese currency minipulation. THE GOVERNMENT AND ITS CITIZENS BEAR THE GREATEST responsiblity. Try voting instead.
Does anyone else see the shift in American buying from cash to credit/debit? Doesn't the American public know that each time they swipe their card credit OR debit, the banks (merchant accounts) get a 1.85-2.85+% fee for you to do so. That is almost 3% of every purchase goes to these big banks. Who do you think is paying this 3% - certainly not big corporate, it is built in to all the prices that the general consumer pays each and every day on every item they purchase.