Bank shut down by UAW

You would think at some point that the banksters would notice that we all have a pretty good idea that they conned the Congress and brought down the country’s economy — while they sat back and collected the cash. And you’d think that they’d understand that business as usual isn’t acceptable anymore. If the corporate boy wonders had thought to pull back the reins on their greed, or pushed to get the government to help all the people they forced out of work, they wouldn’t have to be quite so nervous right now:

At the end of the UAW’s three-day bargaining convention in Detroit, union president Bob King led more than 100 members into the Bank of America branch in downtown Detroit today and temporarily shut down its operations for about 30 minutes.

Afterwards, the group joined hundreds more UAW members at the corner of Griswold and Congress streets in downtown Detroit and continued the protest.

King criticized the bank for not paying taxes in 2009, overpaying its executives and opposing legislation such as credit card reform and the Foreclosure Prevention Act.

“Anything that would help the middle class, Bank of America opposed,” King said. “When workers are struggling to pay child care and feed their families, Bank of America in 2010 made about $17.5 billion from credit card and ATM fees.”

Bank of America spokeswoman Diane Wagner said Bank of America paid more than $40 billion in taxes from 2000 to 2009. However, she was unable to say how much the bank paid in taxes in 2009. Generally, companies don’t pay taxes unless they earn a profit.

Wagner also said Bank of America repaid the $45 billion it received in federal stimulus dollars as well as an additional $2.5 billion in dividends. And, in 2009, Bank of America’s outgoing CEO received no pay under an agreement with the government.

[…] King said the protest against Bank of America and corporate tax breaks is connected to the battle for collective bargaining rights and the need to broaden the union’s organizing efforts.

“Banks get bailed out, people get sold out,” King chanted as the crowd joined in.

One thought on “Bank shut down by UAW

  1. … And, in 2009, Bank of America’s outgoing CEO received no pay under an agreement with the government.

    Ah, but did he get a golden parachute, a package of previously agreed to payments of deferred salary, vacation time, housing allowance, etc. etc. etc. What happened to his stock options? I’m sure that not getting paid for one year didn’t dent his wealth all that much.

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