Bank Of America showdown in NYC Tuesday as the 99 percent step-up their protests
Tuesday May 8, 2012, New York City]--The folks at MoveOn-org who are 2 million strong, say they are fed-up and are not going to take it anymore. A huge March is planned for Tuesday May 8. New York City's protest in Manhattan starts at 10:30 A.M.
This time the "99 percent" is protesting Bank Of America's practices which they say short-change the poor while filling their coffers. MoveOn.org claims that while BofA meets today in Charlotte, North Carolina for their shareholders meeting to count the 'loot' made from "millions in profits by dodging taxes and foreclosing on homes--which hit communities of color especially hard"-- the people adversely affected will be marching all across America.
They say they want to put pressure on the mega bank to hurt where it counts--the bottom line.
Why only Bank Of America and not Chase, Wells Fargo, Citi and others was not explained.
Bank of America is no longer the biggest for they suffered major losses during the 2008 financial crisis. Billions of dollars in toxic assets acquired through their purchase of Country Wide--the mortgage firm that went belly-up--helped push them to second place on the bank tier.
JPMorgan Chase is now at the top of that line after they all received billions in bail-out money through The Troubled Assets Relief Program (TARP) at tax-payers expense. Hence the anger of the '99 percent,' for after the big banks received their money, main stream America did not get any 'relief.'
Banks held on to the money and some even gave themselves big bonuses while homeowners remained under water and foreclosures continued to devastate communties everywhere.
According to the New York Times, Bank of America reported a better-than-expected operating profit in mid April quarterly revenues but still lag behind Chase and Wells Fargo. Their $5 charge proposed for customers to bring in additional revenue a few months ago, backfired as a firestorm of protests from advocacy groups like MoveOn.org, the Working Families Party (WFP), change.org and the Occupy Wall Street protesters squashed any chances of them implementing it.
In addition, BofA's net income fell from a whopping $2 billion or 17 cents per share a year ago to its current to $653 million or 3 cents per share, reports the NYTimes. (Click link to read more:
To add to their woes, BofA was sued by the federal governement and agreed to pay $335 million to settle CountryWide discrimination allegations. The mortgage company was accused of unfair practices towards African-Americans and Hispanics before the 2008 crash.
So in an hour and thirty minutes, protesters will gather in front of Bank Of American in Manhattan and all across the country to protests 'the power of big banks money.' See address below if you want to add your voice and live in NYC.
99% Spring Bank Protest
Bank of America Headquarters, 1065 6th Avenue (42nd and 6th ave) (Map)
New York, NY 10018
Tuesday, May 8th, 10:30 AM