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September 06, 2010
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Unions Plan Protests Against Big Banks
Updated On: Mar 19, 2010 (10:54:00)

 MARCH 3, 2010, 4:35 PM

Unions Plan Protests Against Big Banks

ORLANDO — In an action it hopes would create jobs and increase economic fairness, the A.F.L.-C.I.O. announced on Wednesday that it will sponsor two “Weeks of Action” against the nation’s major banks.

The A.F.L.-C.I.O., the nation’s main federation of labor unions, said it would hold demonstrations from March 15 through March 30 at banks in 200 cities, with the slogan, “Good Jobs Now, Make Wall Street Pay.”

Speaking at the federation’s winter meeting here, Denise Mitchell, the A.F.L.-C.I.O.’s communications director, said the dozens of demonstrations would have three goals: getting banks to pay their “fair share,” getting banks to stop fighting tougher new banking regulations and getting banks to lend more to “Main Street” and small businesses.

The rallies and protests will take place at branches and office of Bank of America, Citibank, Goldman Sachs, JP Morgan Chase, Wells Fargo and other banks.

Criticizing the banks for helping cause the economic downturn, Richard Trumka, the A.F.L.-C.I.O.’s president, said the demonstrations would call for increasing taxes on banks and bankers to help finance job creation programs.

“The guys who destroyed all the jobs really ought to be part of funding the creation of millions of jobs,” he said.

Mr. Trumka said organized labor would call for a “speculative” tax on short-term financial transactions, a tax that he said could raise $400 billion a year and would discourage a short-term investment mentality.

He said many European leaders backed such a tax to discourage speculative financial transactions that he said pressure many corporate executives to think short term to maximize profits and share prices. This, he said, discourages executives from thinking long-term about how to expand their companies – and the number of jobs.

Mr. Trumka also called for imposing far higher taxes on banker’ bonuses and on the large incomes of many hedge fund executives.

The planned protests also are an effort to apply public pressure on President Obama and Congress to take a tougher stance on taxing and regulating the big banks.

Mr. Trumka attacked the more than $100 billion in bonuses the nation’s bankers have awarded themselves this year.

“Bankers don’t ingratiate themselves with them public when they give themselves $145 billion in bonuses,” he said. “In a year when the banks lost massive amounts of money and the nation lost millions of jobs, it’s difficult to say that they’ve earned bonuses worth $145 billio

 






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