President Obama wants to point to a big bank foreclosure settlement in Tuesday’s State of the Union as a measure of progress towards more Wall Street accountability. But the deal on the table is appalling, especially when compared to 2011 big bank bonuses.
TAKE ACTION: Call the White House right now and tell the President to investigate Wall Street, not let them off the hook with a sweetheart deal.
The New Bottom Line releases "Pulling Back the Curtain: Exposing the 1% Behind the 2011 Big Bank Bonuses"Today, The New Bottom Line releases “Pulling Back the Curtain,” a report exposing the one percent behind big bank bonuses. While 99% of Americans struggle to make ends meet in this financial crisis, this report details how the one percent work together to ensure further concentration of wealth.
Together, we launched a Tumblr blog called Bankrupting America. This hub on everything Bank of America highlights the worst of the big bank’s deeds, personal stories of those that have been hurt by the company and what everyday people are doing to fight back. The web site features everything from posts lampooning the company, to on-the-ground organizing efforts, to the latest news and reports on Bank of America activities.
Friend-Bank of America is one of the most reviled corporations in America. And with good reason:
- Bank of America is the #1 forecloser of American’s homes.
- Bank of America has shed nearly 100,000 jobs over the past several years — while it paid its top five executives over $500 million in bonuses.
- Bank of America is the #1 funder of the US coal industry, which is polluting our communities and cooking our climate.To put it simply: Bank of America puts profits ahead of people at any cost to our communities.
There’s so much opposition to Bank of America’s practices that challenging the bank at every turn has become a movement unto itself. Through the Move Our Money campaign, we’ve seen over $30 million moved out of Bank of America and back into communities. But that’s just the beginning.We’ve teamed up with the Rainforest Action Network to launch Bankrupting America, a clearinghouse for all things Bank of America.
Now we need your help.
We’re posting videos, photos, and other report-backs from every single protest or campaign aimed at holding Bank of America accountable. We’re also looking for breaking news, testimonials from customers who want Bank of America to change its ways, and anything else that highlights the widespread opposition to Bank of America’s banking practices. Can you join us and help amplify the drumbeat?Here’s a couple ways you can take action to call out Bank of America:Check out the blog. Visit BankruptingAmerica.tumblr.com and share the content on Facebook, Twitter, Tumblr, or any other network you’re on.
Submit content! If you’re a dissatisfied Bank of America customer and/or closing your account, if you're an activist or organizer involved in a protest or campaign, or if you're simply someone disgusted by Bank of America’s banking practices, we want you to submit to the blog. Just go to http://bankruptingamerica.tumblr.com/add.More people than ever are concerned about the role big Wall Street banks have played in wrecking our economy and our environment. Bank of America is the worst of the worst, so let’s make sure it gets the attention it deserves until they’re willing to stop foreclosing American homes and stop funding dirty coal.Check out, share, and submit to Bankrupting America today!Ian, Tracy, Ilana, and The New Bottom Line coalition
Thanks so much for your action,
P.S. Like our work? Make a tax-deductible donation to the The New Bottom Line, "Most Valuable National Coalition of 2011" according to The Nation Magazine.1
Your support will help us keep families in their homes and make sure we hold big banks and elected officials accountable to the 99% in 2012.
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Regular exercise. Read more. Eat healthier. All great plans for 2012.
But when it comes to the New Year, there's one resolution that everyone in the 99% should commit to: Moving Our Money off of Wall Street and into our communities.
Salary per hour of Big Bank CEOs vs. the average American worker. See that little dot? That's us:
Salary per day of Big Bank CEOs vs. the average American worker:
Salary per year of Big Bank CEOs vs. the average American worker:
Leaders from Lakeview Action Coalition delivered an open letter with over 5,000 signatures collected by The New Bottom Line community to Chase Bank, demanding that CEO Jamie Dimon refuse his bonus and put that money into the community instead.
While American families struggle through the Great Recession this holiday season, the bankers that caused much of the financial crisis are set to award themselves near-record breaking bonuses. Today, The New Bottom Line in partnership with The Public Accountability Initiative, released the 2011 Big Bank Bonus Report. The report release comes on the heels of two actions last week in Minneapolis and Chicago demanding big bank CEOs to put money in communities, not their pockets.