Jobs with Justice Week of Action: Demanding Real Economic Recovery
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This week marks the one-year anniversary of the Wall Street bailout, and Jobs with Justice (JwJ) is launching a Week of Action to demand that the banks use our taxpayer dollars to finance the recovery and not their own corporate agenda.
During the Sept. 24-Oct. 1 week of action, working people will join with students, activists, community leaders and others across the country to highlight Big Banks’ misuse of tax dollars. So far, few of the billions in taxpayer money that went to Big Banks have reached Main Street. Instead, executives of banks that were bailed out with taxpayer dollars have lined their pockets with stock options that guarantee them huge windfalls for years. While they get richer, they have laid off more than 160,000 employees since Jan. 1, 2008.
To top it all off, Bank of America, which received $45 billion in taxpayer-funded bailout support, has spent more than $1.5 million lobbying on Capitol Hill against the reforms that would protect consumers from a future financial crisis, such as restrictions on executive compensation, home mortgage lending and credit card fees. The bank also is lobbying on a consumer rights bill, on student lending issues, on a bill that would’ve allowed bankruptcy judges to alter mortgages and on a proposed federal regulatory oversight agency.
