Bonus Money Should be Used to Save Families from Foreclosure, Help Economy Recover
Light-hearted Internet Video Urges Groups & Individuals to Break Up With Big Banks(New York, New York) The New Bottom Line and National People’s Action, an organizational member of NBL, called on the CEOs of Bank of America, Wells Fargo and JPMorgan Chase to forego holiday bonuses for their executives and use the money to write down mortgage principal for families facing foreclosure or who owe more than their homes are worth, make loans to small businesses, and pay their fair share of taxes.
Last year, the nation’s six largest banks paid their executives $143 billion in bonuses, benefits and compensation. If Wall Street had pumped that money directly into the economy, it could have created 3.6 million new jobs and lowered the unemployment rate by 2.3 percent – at no cost to taxpayers. Just half of the money the top six banks paid in 2010 would have provided the $73 billion needed to give all underwater homeowners in the country loan modifications with principal and interest rate reductions to market value.
A petition to the CEOs of Bank of America, Wells Fargo and JPMorgan Chase urges them to “start doing right by your customers and by the American people” and “start working to build a new bottom line – an economy that works for everyone.”
Since The New Bottom Line launched its Move Our Money campaign, clergy, unions, community groups, and individuals have withdrawn more than $55 million from Wall Street banks and opened accounts with community banks and credit unions that invest in their communities. In the coming weeks, many congregations that are part of PICO National Network will move $100 million from the big banks.
As part of NBL’s Move Our Money campaign, a light-hearted video called “Breaking Up With Big Banks” is circulating on the Internet. The New Bottom Line is also working with city councilors and other elected officials to pass responsible banking and divestment ordinances in cities around the country.
The New Bottom Line (NBL) is a new and growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap, and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, and dozens of state and local organizations from around the country.
National People's Action (NPA) is a network of grassroots organizations with a fierce reputation for direct action from across the country that work to advance a national economic and racial justice agenda. NPA has over 200 organizers working to unite everyday people in cities, towns, and rural communities throughout the United States through direct-action, house meetings and community organizing.