Community Leaders Outraged at Another Year of Record Bank Bonuses

Protests scheduled in Chicago on Thursday and Minneapolis on Friday

Washington, DC—(ENEWSPF)—December 14, 2011. At time when millions of Americans are unemployed and with the poverty rate at record levels, new projections reveal that the bonus and compensation pool at the 7 big banks is estimated to reach $156 billion, an actual increase over last year’s all time record levels.  Even Bank of America, who has seen a year of losses and a plummeting stock price, has increased their compensation set-asides by 7% over 2010.   National People’s Action affiliates in Chicago and Minneapolis are taking action to protest this year’s bank executive bonuses.

 “Massive bank bonuses are misplaced investments.  These bonuses are a family facing foreclosure that can’t stay in their home, taxes not paid, student loans not made.   These execs are rewarding themselves for damaging our communities and economy” said Liz Ryan Murray, policy director with National People’s Action.

Right now many of America’s banks and corporations are sitting on over $2 trillion in cash.  Rather than using the money to create jobs, they have spent lavishly on mergers and acquisitions, stock buybacks, dividend payments, and, now, executive bonuses. 

Thousands of people from across the country have signed on to a letter to bank CEO’s Jamie Dimon of Chase, Brian Moynihan of Bank of America, and John Stumpf of Wells Fargo calling on them to forgo bank bonuses and instead keep families in their homes, pay their fair share of taxes, and get good credit moving again to create jobs. Community leaders and homeowners will be delivering this petition to big bank executives as part of the actions.

Chicago: 

WHAT:  Families from Chicago’s Lakeview neighborhood have pledged to move over $170,000 from Bank of America and JP Morgan Chase at Thursday’s action because of the big bank’s misplaced priorities.

WHEN:  Thursday, December 15, 5:00 pm

WHERE:  Lakeview, NE corner of Clark and Barry

WHO:  Lakeview Action Coalition

 Minnesota:  

WHAT: Community leaders dressed as executive bonuses protesting big banks’ misplaced priorities.

WHEN: Friday, December 16th; 10am – 11am

WHERE: Departing from the Hennepin County Government Center; 300 South 6th Street  Minneapolis, MN 55487

WHO:  Take Action Minnesota

National People’s Action is a national network of metropolitan, regional, and statewide community organizations that work to advance economic and racial justice.

These actions are part of the New Bottom Line, a new and growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities 

Source: www.newbottomline.com