Vibrant Demonstrations Expose BofA’s Destructive Practices; Foreclosed Homeowner
Arrested in Civil Disobedience After Being Blocked from Entering Meeting
Charlotte, NC—(ENEWSPF)—May 9, 2012. The swelling wave of dissatisfaction with Bank of America (NYSE:BAC), both among investors and everyday people, reached a peak today in Charlotte. The historic Bank vs. America protest brought the 99% face to face with the 1% both inside and outside of BOA’s annual shareholders’ meeting today.
Inside, 80 Bank of America shareholders with National People’s Action and Rainforest Action Network, both members of the 99%Power coalition, asked hard-hitting questions of CEO Brian Moynihan on the bank’s record of foreclosing on millions of families, investing heavily in the dirty coal industry, and avoiding taxes and accountability through campaign donations.
Photos from today’s action are here: http://www.flickr.com/photos/rainforestactionnetwork/sets/72157629652678538/
Thirty 99ers spoke during the hour and a half meeting. Moynihan dodged and deflected the questions and was noticeably uncomfortable. A shareholder said, “love your neighbor, love your self.” Moynihan responded he subscribed to the philosophy.
“It’s easy to say you love your neighbor, love your self. Brian Moynihan, you’ve been a bad neighbor. We challenge to meet your neighbors,” said George Goehl, executive director of National People’s Action and co-founder of The New Bottom Line, who then invited Moynihan to visit the communities that have been destroyed by the banks’ foreclosure and environmental practices.
At the end, the 99 percenters “mic-checked” Moynihan in the style of occupy protests.
Johnny Rosa of Framingham, MA is a member of City Life/Vida Urbana whose home is in foreclosure and is facing eviction from his home, which is underwater on a mortgage now held by Bank of America. He was arrested by police along with four other members of the demonstration after attempting to enter the meeting to tell their story and demand Brian Moynihan allow Rosa to stay in his home.
“Bank of America is trying to steal Johnny’s home, but we are part of a growing movement to fight back against the banks’ gross negligence and greed. This is about Banks versus America,” said Martha Assefa, a community organizer with Worcester Anti-Foreclose Team, who traveled to Charlotte with Rosa. “He has requested loan modifications but has repeatedly been denied by Bank of America. Brian Moynihan heard our call today to embrace principal reduction for underwater homeowners like Johnny and 11 million others. We will not be silenced and we will not stop until all of us can stay in our homes.”
“Today’s Bank of America shareholder meeting was dominated by ordinary Americans raising their concerns about how the bank is treating people, their communities, and the planet,” said Amanda Starbuck, Energy and Finance Program Director of Rainforest Action Network. “CEO Moynihan was forced to listen to people across the country impacted by its leading role as financier of the coal industry, from Appalachia to the Powder River Basin to the Pacific Northwest.”
The 99% Power coalition demanded that Bank of America stop foreclosures and work with underwater homeowners to reduce mortgage principal; stop harming the environment with investments in dirty coal and mountaintop removal; and stop draining the public sector and start paying its fair share of taxes.
The mass mobilization included marches highlighting housing justice, divesting from coal, and worker’s rights, as well as a Bank vs. America boxing match.
The day was entirely peaceful and non-violent, although Bank of America had beefed up its police presence. The bank hired off-duty Charlotte police officers and G4S private security to police the meeting. The City of Charlotte declared the shareholders’ meeting an “extraordinary event,” which made possessing harmless items such as sharpies an arrestable offense and gave police wider latitude to search backpacks.
Bank of America had $88 billion worth of foreclosed homes in its servicing portfolio — more than any other mortgage servicer in the country, as of June 2010. The bank also owned $18.7 billion worth of foreclosed homes, the second highest in the nation. Additionally, Bank of America is the leading financier of U.S. coal and a notorious corporate tax dodger. In the past two years alone, the bank pumped over $6.74 billion into the dying coal industry.
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99% Power protests are targeting corporations including Bank of America, Wells Fargo, GE, Verizon, Sallie Mae, Wal-Mart, and Verizon — directly challenging the 1% board members and executives whose actions have expanded inequality, threatened democracy, destroyed the environment, and driven countless Americans from their homes. This spring represents the largest mobilization on shareholder meetings in U.S. history. For more information, please visit http://www.the99power.org/
