As G-20 Meets, DC JwJ Targets Financial Services Committee

DSCN2364.jpgOne year after the government bailed out Wall Street, activists plan to protest a meeting of the Financial Services Roundtable Thursday in Washington. DC Jobs with Justice, unions and consumer protection groups organized a demonstration outside the meeting of the Roundtable — a group of 90 finance and insurance companies — to demand accountability for the bailout money, a halt to anti-worker and anti-consumer lobbying, and to demand real economic recovery for working families. rnrnMember companies of the Roundtable, including Wells Fargo, Citigroup, JP Morgan Chase, and Bank of America, have received an estimated $213.8 billion in taxpayer funds as a part of the bail-out. At the same time, they’ve spent $43.9 million on lobbying, including opposing accountability for bailout recipients, solutions to the housing crisis, basic consumer protections, and the Employee Free Choice Act. rnrnThe high-energy 100-person rally featured a trial for bailout bandits Bank of America, JP Morgan Chase, and Wells Fargo.rnrnLast winter, just weeks after receiving $25 billion in bailout money, Bank of America refused credit to Chicago’s Republic Windows and Doors factory, prompting a six-day occupation by members of UE Local 260 to keep the plant open. “The bailouts have simply preserved power for the privileged and concentrated money in the hands of the few,” said Ruth Castel-Branco of DC Jobs with Justice. “Major banks continue to pay outrageous salaries and bonuses while driving layoffs by refusing to extend credit to viable companies. The bailouts are about saving the banks and saving the bankers, while sticking it to ordinary people.” rnrnIronically, the Roundtable, whose members have opposed workers’ rights, met at the Mandarin Hotel in southwest DC, a strong union hotel organized through card check. rnrnThe action was part of the national Economic Recovery Week of Action, organized by Jobs with Justice. Dozens of actions will take place across the country between September 24th and October 1st to mark the one-year anniversary of the bank bailouts.

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