Wisconsinites are putting their money where their mouth is and are refusing to purchase goods or services from firms that support the radical agenda of Governor Scott Walker.
Apparently, Obama has a plan for winning re-election that does not involve Ohio... oh, and he is tired of talking about job CREATION.
The Consumer Financial Protection Bureau (CFPB) throws open its doors to consumers this week, officially starting its mission to safeguard Americans from overly complex financial products and malignant banking practices. The bureau is the culmination of a national grassroots effort to hold the big banks accountable for the 2008 economic collapse caused by Wall Street’s insatiable appetite for dangerous mortgage products. Millions of Americans signed petitions to create the bureau and new polling shows that 74% of Americans think it is a terrific idea.
The Center for Media and Democracy, Common Cause, the AFL-CIO, Citizens for Responsibility and Ethics in Washington, Public Citizen and other organizations have signed onto a letter to members of Congress opposing a draft bill by Rep. Michael Grimm (R-NY) that would weaken whistleblower protection and award programs at the Securities and Exchange Commission and the Commodity Futures Trading Commission (CTFC). Grimm's bill seeks to strip newly-enacted protections for whistleblowers who face retaliation for contacting enforcement agencies. It would also remove incentives for corporate insiders to inform regulators about wrongdoing, hamstring enforcement at the SEC and CTFC and give lawbreaking financial firms a way to escape accountability for their actions. The programs Grimm's bill is trying to gut are based on America’s most effective anti-corruption statute: the False Claims Act, which has returned more than $27 billion taxpayer dollars since 1987. The programs were created under the Dodd-Frank Wall Street Reform and Consumer Protection Act to help the SEC and CTFC monitor securities and commodities markets and help avert another Wall Street collapse. Under the Dodd-Frank Act, the CFTC and the SEC can compensate whistleblowers whose disclosures lead to enforcement actions with penalties of $1 million or more. Such programs help protect taxpayers by encouraging insiders with critical knowledge of large-scale corporate misconduct to come forward and report it. You can read the letter and see all the groups who have signed onto to it here (pdf).
On Tuesday, the shareholders of Marshall and Ilsley (M&I) Bank of Wisconsin “voted” to give $71 million in bonuses to failed executives as part of an acquisition deal. “Voted” may not be the right word, since CEO Mark Furlong opened and closed the meeting within the span of five minutes, allowing no discussion and no questions from the dozen or so shareholders in the room. Furlong has apparently learned Robert's Rules of Order from his friend Governor Scott Walker and the rest of the gang in the Wisconsin Capitol.
Guest Post by Zach Carter, Huffington Post
More than 1,000 activists descended on JPMorgan Chase's annual shareholder meeting Tuesday, according to community organizers present at the event, demanding action on the company's foreclosure practices and calling for an end to the company's investment in a company promoting genocide in Darfur.
This afternoon, the People's Rights Campaign, a coalition of labor and community organizations, organized a community action on Madison's Capitol Square. Activists scrounged for their last pennies and taped them to "deposit slips" so that they could be deposited directly into the accounts of the CEOs of M&I Bank, Bank of America and JPMorgan Chase Bank.
As the economy continues to sputter and new unemployment claims surge to an eight-month high, it hasn't escaped the notice of people on Main Street that the folks on Wall Street are back in the black.
According to Fortune magazine, profits of the 500 largest U.S. corporations have surged 81 percent over the past year. Fortune's editors write, "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans."
When Fortune is standing up for the workers, you know it's bad.
On the day that the bill passed the Wisconsin Assembly effectively ending 50 years of collective bargaining in Wisconsin and eviscerating the ability of public unions to raise money through dues, a new front opened in the battle for the future of Wisconsin families.
Bagpipes blaring, hundreds of firefighters walked across the street from the Wisconsin Capitol building, stood outside the Marshall and Ilsley Bank (M&I Bank) and played a few tunes -- loudly. Later, a group of firefighter and consumers stopped back in at the bank to make a few transactions. One by one they closed their accounts and withdrew their life savings, totaling approximately $190,000. See a video clip. After the last customer left, the bank quickly closed its doors, just in case the spontaneous "Move Your Money" moment caught fire.
520 University Avenue, Suite 260 | Madison, WI 53703, U.S.A. | Tel 1-608-260-9713
BanksterUSA is a project of the Center for Media and Democracy.