Chief Executive Brian Moynihan of Bank of America (not, as mistakenly reported, Jamie Diamond, current CEO of JP Morgan who received $20 million dollars last year in bonuses) received millions in bonuses last year.  Now the criminal enterprise that poses as a ‘bank’ is set to charge five dollars per month for the use of debit cards at all retail sites.  This comes as mega-retailers like Wal Mart fought with the banks which charged the mega-retailers 44 cents for each swipe of the debit card for retail purchases.  Now, with the Dodd bill in force the charge has fallen to 24 cents for the giant retailers and the bank, in their lust to make up their losses, is going after consumers.  This is why they will be charging five dollars per month to consumers for debit card purchases.  Meanwhile, the mega-retailers will pocket the savings as ‘profits’ and we can all be assured that shareholders will reap the benefits not working class consumers.  No doubt more and more banks will follow suit – raising charges for consumers.

 

In the midst of all the Make Banks Pay actions and the continuing work of the people involved with #OccupyWallStreet, as I reported citizens got some great news that is a testament to how people power can make elected officials do the right thing. California Attorney General Kamala Harris announced that she is pulling California out of a proposed 50-state settlement with the Wall Street banks because the terms basically absolve banks of any responsibility for the ruin they’ve cause for the paltry sum of $20 billion. I know this may not seem like a Big Deal, but it really is. You can read more at: Make Banks Pay @ http://www.makebankspaycalifornia.com/

The actions by Make Banks Pay are organized by Refund California, a state-wide coalition of homeowners, community members, faith leaders and students working to make Wall Street banks pay for destroying jobs and neighborhoods with their greedy, irresponsible and predatory business practices.  The campaign aims to fix the housing crisis by pursuing a widespread mortgage principal reduction program that will create 300,000 California Jobs and inject over $20 billion into the economy. The campaign also seeks to restore needed state revenue by making Wall Street banks pay their fair share and rebuild California neighborhoods by helping homeowners and penalizing banks for foreclosures and blight. These events are also part of a 10-city campaign aligned with The New Bottom Line, a nationwide coalition of 1,000 faith-based and community organizations that seek to hold Wall Street accountable.

Key organizations that are a part of this effort are:

AFT 1521
Alliance of Californians for Community Empowerment (ACCE)
California Calls
California Partnership
Clean Carwash Campaign
California Nurses Association
Oakland Education Association
SEIU 1000
SEIU 1021
SEIU 721
SEIU ULTCW
SEIU USWW
UAW 2865
UAW 4121
United Students Against Sweatshops

 

Find Make Banks Pay on Facebook at: Make Banks Pay California or online at: http://www.makebankspaycalifornia.com/who_who

 

The following are teach-ins organized for this week

 

Teach-In at the Banks - LA 10/3

Monday, October 03, 2011 at 03:00 PM · 6 rsvps

Miguel Contreras Learning Center in Los Angeles, CA

This is a “teach-in” at downtown bank on big banks’ role in school budget crisis. 50 teachers will do a tour beginning at a school and ending at a bank, where they’ll do a teach-in discussing the role of the Wall Street Banks in the budget crises.  (show less)

This is a “teach-in” at downtown bank on big banks’ role in school budget crisis. 50 teachers will do a tour beginning at a school and ending at a bank, where they’ll do a teach-in discussi (show all)

Wall Street Exec Home Visit - LA 10/4

Tuesday, October 04, 2011 at 04:30 PM · 3 rsvps

Holmby Park in Los Angeles, CA

Wall Street executives are destroying our neighborhoods.  We’ll be visiting the home of a prominent Wall Street executive and his/her neighbors to tell them “Its time for Wall Street Banks to Pay”

Surprise Direct Action - LA 10/4

Wednesday, October 05, 2011 at 10:00 AM · 14 rsvps

TBA in Los Angeles, CA

This will be a direction action at high-profile surprise location (TBA).

Wall Street Exec Home Visit - LA 10/5

Wednesday, October 05, 2011 at 12:00 PM · 2 rsvps

TBA in Los Angeles, CA

Wall Street executives are destroying our neighborhoods.  We’ll be visiting the home of a prominent Wall Street executive and his/her neighbors to tell them “Its time for Wall Street Banks to Pay”

Taking Trash to the Bank - LA 10/5

Wednesday, October 05, 2011 at 12:00 PM · 7 rsvps

Central Library in Los Angeles, CA

The banks are foreclosing on our neighborhoods and leaving blighted houses with trash behind.  We’ll be collected trash from one of these South LA houses and delivering it to the responsible bank

Make the Banks Pay Mobilization - LA 10/6

Thursday, October 06, 2011 at 11:30 AM · 25 rsvps

California Plaza, 350 S. Grand in Los Angeles, CA

Over 1000 homeowners will be marching through the street into the offices of a major bank and demanding that “Wall Street Banks Pay”.