Bankers Owe American Workers, It's Time to Pay

**ridgeabilly** · March-25-10, 08:38 AM

They crashed the economy, created the "mortgage crisis", and looted the taxpayer. Its time for the BANKSTERS to pay. Jobs with Justice and the Metro AFL-CIO are asking you to send these pillaging pirates a message. "Bankers owe American Workers Its time to pay".

Bank of America now resides in the GuardianBuilding. Detroit's Guardian Bank Group played a leading role in the Great Depression's "Banking Crisis". The GuardianBuilding has its roots in "corporate crime". HELP US "CALL THEM OUT".

WHEN: Thursday, March 25 - 4:30 to 5:30

WHERE: 500 Griswold St.DetroitMI - in front of the GuardianBuilding

WHO: sponsored by Jobs with Justice and the Metropolitan Detroit AFL-CIO

For more info:
Tanise M. Hill
Administrative Assistant to
Saundra L. Williams
President
Metro Detroit AFL-CIO
Ph: 313 961-0800; x231
Fax: 313 961-9776

**English** · March-25-10, 08:51 AM

While it's great to see people organize, I think that nothing less than a full scale street level revolution will cause the banks to stop fleecing the flock. "Power concedes nothing without a demand."

**jt1** · March-25-10, 09:27 AM

Originally Posted by ridgeabilly

They crashed the economy, created the "mortgage crisis", and looted the taxpayer. Its time for the BANKSTERS to pay. Jobs with Justice and the Metro AFL-CIO are asking you to send these pillaging pirates a message. "Bankers owe American Workers Its time to pay".

Bank of America now resides in the GuardianBuilding. Detroit's Guardian Bank Group played a leading role in the Great Depression's "Banking Crisis". The GuardianBuilding has its roots in "corporate crime". HELP US "CALL THEM OUT".

WHEN: Thursday, March 25 - 4:30 to 5:30

WHERE: 500 Griswold St.DetroitMI - in front of the GuardianBuilding

WHO: sponsored by Jobs with Justice and the Metropolitan Detroit AFL-CIO

For more info:
Tanise M. Hill
Administrative Assistant to
Saundra L. Williams
President
Metro Detroit AFL-CIO
Ph: 313 961-0800; x231
Fax: 313 961-9776

A few points:

1. If you want to bother BoA go to their Charlotte HQ.
2. Harrassing a local branch of a major corporation won't do shit but make Detroit less appealing to businesses
3. Where can I protest the AFL-CIO's fleecing of Detroit taxpayers over the years.

Bearinabox · March-25-10, 10:22 AM

Does BoA even have any offices in the Guardian apart from the branch in the lobby? I thought their local headquarters were up on Big Beaver Road somewhere.

**jiminnm** · March-25-10, 10:40 AM

Perhaps ridgeabilly could explain how the Union Trust [[which later acquired the Guardian name) played a leading role in the Great Depression. That bank was known as one of the most customer friendly banks at the time. They were one of the first to offer home mortgages, and they failed when borrowers lost their jobs and could no longer pay [[and the bank also extended terms to keep folks in their homes longer). They also helped finance Detroit's fledgling auto and aviation industries.

**detroitbred** · March-25-10, 11:41 AM

Bank of America's corporate headquarters are in North Carlolina. [[ local are indeed in Troy ). Your protest is misguided, uninformed, and showing up at the Guardian will only harass the average people who work there, trying to earn a living just like the rest of us. They have nothing to do with the decisions or policies of BOA [[ probably don't like them any more than you do ). You are wasting your time.

ferntruth · March-25-10, 11:47 AM

Originally Posted by detroitbred

Bank of America's corporate headquarters are in North Carlolina. [[ local are indeed in Troy ). Your protest is misguided, uninformed, and showing up at the Guardian will only harass the average people who work there, trying to earn a living just like the rest of us. They have nothing to do with the decisions or policies of BOA [[ probably don't like them any more than you do ). You are wasting your time.

It's their time to waste. At least they are out there doing SOMETHING.

**detroitbred** · March-25-10, 12:02 PM

That's true. But I wonder....There is plenty of blame to go around for the condtion of our economy....Why single out BOA? Lots of other banks, corporations, etc got "fat dumb and happy" at the expense of others. Your organization is far from being blameless. People in glass houses..............

**DetroitPlanner** · March-25-10, 12:13 PM

Want to send them a message? Pay off your loans and transfer your savings to a credit union where you are a member so the banker has to listen to you.

**Sstashmoo** · March-25-10, 12:13 PM

Quote: "Does BoA even have any offices in the Guardian apart from the branch in the lobby?"

Roflmao.. They are going to be like WTF?

If you want to protest the banking industry, go to New York or Charlotte.

**Sstashmoo** · March-25-10, 12:16 PM

Quote: "While it's great to see people organize, I think that nothing less than a full scale street level revolution will cause the banks to stop fleecing the flock. "Power concedes nothing without a demand.""

Agreed. Folks have been demonstrating against the Iraq mess for years, has done absolutely nothing..

**Bcscott** · March-25-10, 02:30 PM

Haha, wow. Most of the banks that received TARP money have paid back their forced debts with interest. GM and the unions on the other hand still owe tens of billions of dollars. No bank ever forced me to take a loan. The people too stupid to realize they can't afford a $500,000 house on a $30,000 income are a lot more culpable than the banks. But hey if a pointless protest makes you feel better then go for it.

**Detroitnerd** · March-25-10, 02:49 PM

Originally Posted by Bcscott

Haha, wow. Most of the banks that received TARP money have paid back their forced debts with interest.

From the outset, healthy banks were eager to get out from under the TARP because they wanted to avoid discussions about appropriate levels of executive compensation. The investment banks that were capable of paying back did so in June, the month when lawyer Kenneth Feinberg was appointed as TARP's special master for executive compensation. Coincidence?

Originally Posted by Bcscott

GM and the unions on the other hand still owe tens of billions of dollars.

When did TARP funds go to unions?

Originally Posted by Bcscott

No bank ever forced me to take a loan. The people too stupid to realize they can't afford a $500,000 house on a $30,000 income are a lot more culpable than the banks. But hey if a pointless protest makes you feel better then go for it.

In 2000, Edward M. Gramlich, a Federal Reserve Board member, repeatedly warned about sub-prime mortgages and predatory lending, which he said "jeopardize the twin American dreams of owning a home and building wealth." He tried to get chairman Alan Greenspan to crack down on irrational sub-prime lending by increasing oversight, but his warnings fell on deaf ears, including those in Congress. The push for deregulation was too strong, allowing all sorts of unscrupulous lenders to work without effective supervision or regulation by the government. I suppose they had nothing to do with issuing all sorts of loans to people who couldn't afford them, yes?

**jmcguire39** · March-25-10, 03:19 PM

Originally Posted by Bcscott

Haha, wow. Most of the banks that received TARP money have paid back their forced debts with interest. GM and the unions on the other hand still owe tens of billions of dollars. No bank ever forced me to take a loan. The people too stupid to realize they can't afford a $500,000 house on a $30,000 income are a lot more culpable than the banks. But hey if a pointless protest makes you feel better then go for it.

No silly, its the banks fault for lending $ to someone who clearly could not meet the terms of the loan. After which they bundled the loans into class AAA investments [[well at least thats what the ethically folks @ moodys claimed). When in history has a bank been able to issue a loan and not give a shit whether it was repaid? Welcome to the ron reagan casino!! BTW is your real name rick santelli?

**Bcscott** · March-25-10, 03:43 PM

You're right, why was I thinking personal responsibility had anything to do with it

I'm sure you know that if banks want to expand they have to have a good CRA number. One of the only ways to get a good CRA number is to make risky loans to people who have a rather high probability of not repaying said loan. If they didn't do that, Al Sharpton and Jesse Jackson would be protesting in front of their banks.

The point is, the banks made the loans AFTER people applied for them, the banks didn't put a gun to people's head and force them to take out a bunch of money they couldn't afford to pay back. Are the banks guilty of making bad loans, yes. I'm not saying they don't have some responsibility. But putting all the blame on banks and then saying that they owe the American People money, while attending a protest put on by a group that does in fact owe the American people tens of billions of dollars is pretty amusing to me.

**Detroitnerd** · March-25-10, 03:52 PM

I would love to see how much of mommy and daddy's money [[to say nothing of public money) has gone into nurturing and helping support the lives of those in the Cult of Personal Responsibility.

**Gistok** · March-25-10, 06:03 PM

If you're going to do a protest, go do it outside at a standalone BoA branch... not a branch in the Guardian Building where you will likely disrupt the sales and services of other [[innocent) businesses such as Pure Detroit, the Coffee Shop and other businesses found in the former banking hall.

Or is the March weather too unpleasant to protest outside their Troy regional offices [[or standalone branches) in?

**oldredfordette** · March-25-10, 07:49 PM

The Guardian Building is near the offices of JWJ and the AFL-CIO, it was scheduled for late in the day so the nearby businesses would be hardly affected. It's the beginning of a campaign, there has been and will be more targets.

It wouldn't matter to the naysayers anyway. They want everyone to be quiet obedient little serfs, accepting passively what their corporate masters dish out to them. Fuck 'em.

**Patrick** · March-25-10, 08:04 PM

Why not rent a bus and go to Charlotte to protest? If you are going to protest, do it right the first fucking time or don't even do it at all.

**Bcscott** · March-25-10, 08:29 PM

Originally Posted by Detroitnerd

I would love to see how much of mommy and daddy's money [[to say nothing of public money) has gone into nurturing and helping support the lives of those in the Cult of Personal Responsibility.

And how are things in the cult of unions can do no wrong and there are no concequences for bad decisions where you reside? If you are actually curious, I got hired in 1998 at age 21 to the job I have now. I only made $30,000 my first year.

The bank I got my home loan through actually offered me a $140,000 line of credit. Since I also wanted to do things like turn on the water and eat I knew I couldn't afford that so I bought a $60,000 house that I still live in today even though my income has trippled. As far as mommy and daddy's money, mom doesn't work and dad is a non union factory worker just like me. I know it sounds strange but you can succeed without the government even though there's an entire political party telling you that you can't.

**jt1** · March-25-10, 09:45 PM

Originally Posted by oldredfordette

The Guardian Building is near the offices of JWJ and the AFL-CIO, it was scheduled for late in the day so the nearby businesses would be hardly affected. It's the beginning of a campaign, there has been and will be more targets.

It wouldn't matter to the naysayers anyway. They want everyone to be quiet obedient little serfs, accepting passively what their corporate masters dish out to them. Fuck 'em.

So you're willing to potentially interefere with local businesses, harass workers that have no say in BoA policies and your comment is 'F them'. Nice, and it's always surprising to you why the unions are hated more by the day.

How about I picket the AFL-CIO for their poor services, half assed work, no regard to the citizens of the city all while demanding pay above the private sector. If there is anyone that deserves the 'F them' comment it would be the AFL-CIO.

**East Detroit** · March-25-10, 09:49 PM

It would be nice if the financial houses were only given loans like GM was. Sadly, that is not the case.

New York would love a "street revolution." Nothing like the common folk burning their own houses down to stimulate some rebuilding activity and diverting energies to something meaningless.

As DetroitPlanner said, just move your money out of New York and back to Detroit.

http://www.huffingtonpost.com/ariann..._b_406022.html

Another thing you might want to consider is stop using credit cards, even if you pay them off every month.
The fees charged to the merchant just mean that ~5% of your purchase went from Detroit to New York in a moment's notice.

**oldredfordette** · March-25-10, 11:08 PM

Golly, jt1, get off your ass then and picket at the AFL-CIO. The office is on Lafayette, directly across from the Detroit newspapers and next to WDIV. There are parking meters everywhere around there and a couple of medium priced parking lots. Posterboards are available at every drugstore and office supply store, as are multi colored Sharpies. Do it. Otherwise you're just using oxygen and emitting methanes.

You won't, though.

**TKshreve** · March-26-10, 02:31 AM

Originally Posted by Bcscott

You're right, why was I thinking personal responsibility had anything to do with it

I'm sure you know that if banks want to expand they have to have a good CRA number. One of the only ways to get a good CRA number is to make risky loans to people who have a rather high probability of not repaying said loan. If they didn't do that, Al Sharpton and Jesse Jackson would be protesting in front of their banks.

The point is, the banks made the loans AFTER people applied for them, the banks didn't put a gun to people's head and force them to take out a bunch of money they couldn't afford to pay back. Are the banks guilty of making bad loans, yes. I'm not saying they don't have some responsibility. But putting all the blame on banks and then saying that they owe the American People money, while attending a protest put on by a group that does in fact owe the American people tens of billions of dollars is pretty amusing to me.

Must be a banker.

Funny...... for all the people who actually did play by the rules, where's their reimbursement for lost wealth? How many people in our fine society are you suggesting overleveraged themselves? Everyone? You are blaming all citizens for the behavior of a small percentage of the public. The truth is it was everyone who lost out on the crash. Well, almost everyone. I can think of some who have come out just fine. Shhh.

Oh and to coincide your analogy of a gun to the head: the people didn't put a gun to the bank's head and force them to give out a bunch of money they couldn't afford to pay back.

Personally, the idea of holding a gun to.........you know what......nevermind ..... not gonna go there.

**Bcscott** · March-26-10, 03:43 AM

No, by all means go ahead and finish your thought. I love hearing from my compassionate, tolerant friends on the left when they try to talk tough. If you had bothered to read what I posted, you would know that I am a factory worker not a banker. I too played by the rules and still lost over $40,000 in my 401K's value starting in 2007.

Here's where we differ, I didn't stand around whining about a reimbursement. I bought LESS house than I could afford which meant I could still contribute to my 401K and now I've made back everything plus $15,000. But that all goes back to the personal responsibility thing. Its a pretty sad state of affairs around here that it seems to be a bit of a novelty and a completely abstract concept to most on the left. I'm not absolving the banks of any responsibility, they did make some bad loans. However I'm not hearing any of you who disagree admit that there was any responsibility on the part of home owners who defaulted on their mortgages.

You don't think a lot of them exagerated their income or lied in some other way to get a cheap loan they knew damn well they would never be able to pay back?
No, its just the same tired mantra of evil bankers, evil Wall Street, evil insurance companies, evil capitalism, blah blah blah.