OCCUPYGOVERNMENT ORG launched on Oct 17 2011
“OccupyGovernment.org believes that we, the 99%, need to become, and support, non-corporate candidates who will represent us in Washington. We are not pushing any party or personality. Instead, your Citizen Pledge on this page will encourage candidates who have been turned off by the corrupt, money-driven campaign system to run for office. “
OCCUPY CONGRESS is scheduled for January 17, 2012
NATIONAL OCCUPATION OF WASHINGTON DC (NOW DC) is scheduled for March 30, 2012
ADDED:
01/25/12
Boston Com:
Text of Obama’s State of the Union address
“We will also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect people’s investments. Some financial firms violate major anti-fraud laws because there’s no real penalty for being a repeat offender. That’s bad for consumers, and it’s bad for the vast majority of bankers and financial service professionals who do the right thing. So pass legislation that makes the penalties for fraud count.”
“And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.”
The above is the element of President Obama’s speech that is making the rounds on the internet, clearly in response to the OWS movement and supporters. It is a very optimistic speech, but the proof will be in the action. He’s not quite there yet in getting to the heart of all surrounding issues; he is still perpetuating the myth that 19 ME men planned the attacks on 911, led only by OBL, cloaking this issue in false chatter. I strongly sense we will be enlightened with the Truth in 2012—quite unexpectedly— so I sincerely hope he comes to terms with confronting elements within this very same financial/bankster arena with a new and independent, full-subpoena, transparent investigation into 911. That Truth will emerge in 2012 and consume him in his own bubble if he does not take the lead here.
Companion posts: Slaying Of The Gmork
Chronicle of Financial Greed and Megalomania Part I and II
Dominique Strauss-Kahn, IMF, EU, FRes and WB: The Higher We Climb…..
Washington DC: Find That Elusive Moral Compass and Give The World The TRUTH about 9/11
01/25/12
NPR:
Davos elite: Capitalism has widened income gap
“With the global economic outlook gloomy at best as Europe struggles with its debt crisis, there’s a sense at the heavily guarded World Economic Forum in the Swiss Alps that free markets are on trial.”
“Many rejected the suggestion from Sharan Burrow, the general secretary of the International Trade Union Confederation, that capitalism has lost its ‘moral compass’ and needed to be ‘reset.’ Still, representatives of the business community insisted they were learning from the mistakes that dragged the world into its deepest economic recession since the World War II.”
01/11/12
Activist Post: Shop the Local Merchant Economy “It is not by chance that the elites of finance promote a scorched earth policy for Main Street. Their desire to cheapen products and wrangling the public into an addiction of buying junk is a given. What not well understood is that the supercenter is a fortress ready for a barbarian assault. Their high wall of pricing protection relies upon cheap imports. Nevertheless, the weak dollar exchange rate is in the process of an inevitable total demise. As the dollar panic accelerates and the loss of purchasing value quickens, the cost of imports will spike. The foreign manufacturers will experience a sharp decline in sales and their factories will slow down or close.”
“The solution to this contraction that relies upon the “as needed” inventory and container ship delivery paradigm is the return to a domestic manufacturing and a merchant economy. When the financial bubble bursts, and the chain stores close, where will you buy items for everyday use? Learn this lesson now and shop local whenever you can.”
01/05/12
Chicago Tribune:
Occupy Wall Street has changed the national conversation
“Suddenly, three years after the financial crisis plunged the country into recession, Americans were coming together to protest, echoing Frederick Douglass‘ truism that ‘power concedes nothing without a demand; it never did and it never will.’ By the time President Obama, at a December speech in Osawatomie, Kan., identified inequality as ‘the defining issue of our time,’ he was not leading the charge, but joining the chorus – the Occupy Wall Street protesters had been saying the same thing for nearly three months.”
NY Progressives:
NY City Council Passes Resolution Declaring that Corporations Are Not People
“As our support of this resolution demonstrates, restoring confidence in government and strengthening democratic participation is a core principle of the Progressive Caucus. We believe that corporations should not share the same rights as people, that unlimited and unreported corporate donations meant to sway the electoral process should not be considered freedom of speech, and that the government should regulate the raising and spending of money by corporations intended to influence elections. We cannot allow corporate money to manipulate our democracy.”
Awesome.
01/03/12
Zero Hedge:
And Now The Hangover: Retailers Face Record Returns of Holiday Gifts
“We have heard more than enough about both the “resiliency” of holiday spending and the resurgence of the US consumer as shopping supposedly surprised in the past several months (on nothing else than as Bridgewater’s Prince indicated was merely the exhaustion of consumer savings). Now we get the confirmation that this was nothing but a prelude to a tsunami of retail returns as “shoppers” push to complete the other side of the transaction, whereby retailers part with the just received cash, leaving them with even greater inventories, and even thinner margins. “
I put this news piece here, because it was the Occupy movement who initially called for the return of holiday gifts.
12/29/11
The Last Word: Stopping NYPD attacks on OWS and reporters
12/27/11
BeyondChron:
San Francisco: Avalos, City Officials, Community Voices Discuss Municipal Banking Alternatives
“Supervisor Avalos opened the proceedings by discussing his ambitions to create a public city bank in San Francisco, citing the recent efforts of 14 states around the U.S. To introduce legislation on creating such institutions, as well as the success of the only public bank in the nation, the Bank of North Dakota. Public banking advocates point to BND has having helped the state achieve a nationwide low in unemployment (3.2%) and the only budget surplus in the country, all during a significant recession. BND reported a seventh consecutive year of record-breaking growth in April of this year, tallying profits over $60 billion, about half of which goes into the state’s general fund each year. Avalos referenced the worldwide Occupy movement as evidence of growing dissatisfaction with large financial institutions, and indicated that it was time for San Francisco to let its banking choices accurately reflect its values.” [emphasis mine]
12/24/11
The Nation:
Revolution through Banking?
“Make no mistake, the kind of bank we are discussing is both plausible, and better, than the conventional for-profit banks. It can and should be done. These ideals are the stuff that make Occupy such an exciting movement to be part of. The chance exists to change the very nervous system of the economy, and make it fairer, open and more democratic. In this way, we can begin to undermine the domination of our economy and society by those who seek nothing but profit, at any cost, including to the world economy. We can replace it with a system which both embodies and promotes other values which are equally if not more important: equality, democracy and justice.”
12/21/11
MSNBC Dylan Ratigan
Rep. John Yarmuth: “Money Is Speech” Was Tragic For This Country
“Rep. John Yarmuth (D-KY) has proposed a Constitutional amendment to overturn Citizens United along with Rep. Walter Jones (R-NC). His proposed amendment declares that spending on elections does not qualify as protected speech under the First Amendment. It would also give Congress the authority to create a public financing system as the sole source of funding for federal elections and designates a national holiday for the purpose of voting.” [emphasis mine]
YES! See my Post - 2010 and Beyond: In Midst of Nightmares…. for more updates.
12/19/11
OEN: Article: Occupy is Not Just About Occupying
“The elites are foolish to think they will stop this movement by closing occupations. The Occupy Movement will evolve in new and unpredictable ways that will make the elites wish for the days of mere public encampments. The 1% should know they will be held accountable. The people have found their voice and will not be silenced. The era of the rule of money is nearing its end. “
Gee, I couldn’t have said it better myself.
12/16/11
Bernie Sanders: Credits OccupyWallSt movement for push to get private corporations out of public government “If we don’t get our act together…our country is evolving into an oligarchy.”
12/16/11 TruthDig: Bernie Sandes Explains Why Congress Fears Citizens United “It took just 12 minutes and 29 seconds on the Senate floor for Sen. Bernie Sanders to expose the real power of corporate America over our elections. It should be a rallying cry for the embattled minority trying to clean up the system.”
“The Los Angeles City Council supports the constitutional amendment. Another supporter, progressive activist Mark Green, said Occupy Wall Street should join in. He wrote in The Huffington Post, ‘Nothing could enhance American democracy more than if Occupy Wall Street helped enact the 28th Constitutional Amendment to end the pretense that corporations are people who speak with money. The 99% can stop the privatization of government.’ ”
The State (So Carolina):
Judge: Protesters can stay at Capitol
“Occupy Columbia protesters will continue their around-the-clock demonstrations on the State House lawn after a federal judge determined that state government does not have regulations in place to prevent camping and overnight stays.”
“Currie awarded the preliminary injunction barring the state from removing protesters Wednesday after a two-hour hearing. She asked the state’s attorneys questions about existing regulations for using the State House and its grounds and Gov. Nikki Haley’s authority to create rules for their use.”
For elected officials to make up “new rules” without a referendum by the citizens is simply an attempt to bend the public to a biased political mindset.
12/11/11
NYT:
Occupy Video Showcases Live Streaming
“With cellphones, iPads and video cameras affixed to laptops, Occupy participants showed that almost anyone could broadcast live news online. In addition, they could help build an audience for their video by inviting people to talk about what they were seeing. “
12/10/11
Green Fire Times:
What Does Occupy Wall Street Tell Us About The Holidays?
“An Occupy call is to stop corporate greed. What’s local action for that? Take control over what we buy and from whom we buy. Know or find out where products come from, what they are made out of, how they are made and who benefits from the purchase.”
“ ‘I think the single most important thing people can do to bring OWS into their daily lives is to stop for a minute and make a decision: Is it local?’ —Vicki Pozzebon, Executive Director, Santa Fe Alliance.”
12/07/11
RT: Pentagon provides military grade weapons to local police
“Local law enforcement has been getting assistance from the Pentagon. The recent militarization of the police at the Occupy protests has proved this true. The Pentagon program is getting military-grade weapons in the hands of local law enforcement in the US to use on American citizens. The Department of Defense has handed over $500 million worth of weapons this year. Is the government gearing up for mainstream to rise up? Max Blumenthal, writing fellow for The Nation Institute, joins us to answer some of these questions.”
The OWS movement has most definitely opened the conversation to a much larger public regarding the Police State developing in this country.
12/05/11
HuffPost:
SWAT Raids, Stun Guns, And Pepper Spray: Why The Government Is Ramping Up The Use Of Force
“But America’s police departments have been moving toward more aggressive, force-first, militaristic tactics and their accompanying mindset for 30 years. It’s just that, with the exception of protests at the occasional free trade or World Bank summit, the tactics haven’t generally been used on mostly white, mostly college-educated kids armed with cellphone cameras and a media platform.”
“Police militarization is now an ingrained part of American culture. SWAT teams are featured in countless cop reality shows, and wrong-door raids are the subject of “The Simpsons” bits and search engine commercials. Tough-on-crime sheriffs now sport tanks and hardware more equipped for battle in a war zone than policing city streets. Seemingly benign agencies such as state alcohol control boards and the federal Department of Education can now enforce laws and regulations not with fines and clipboards, but with volatile raids by paramilitary police teams.”
12/02/11
HuffPost:
U.N. Envoy: U.S. Isn’t Protecting Occupy Protesters’ Rights
“Frank La Rue, who serves as the U.N. “special rapporteur” for the protection of free expression, told HuffPost in an interview that the crackdowns against Occupy protesters appear to be violating their human and constitutional rights.
” ‘If I were going to pit a city ordinance against human rights, I would always take human rights,’ he continued..’ ” (emphasis mine)Collapse Network: Civil rights lawyers move to fight Occupy evictions nationwide
Pepper Spray Inventor Speaks : Current Abuse vs. Intended Use
The people running our American government have shamed our good name for 30 years or more. Enuf is enuf!
LA City Council approves motion against corporate personhood “Move To Amend LA’ Founder and Democracy Activist Mary Beth Fielder and others speaking at the LA CIty Council meeting. The council just unanimously approved a motion favoring a constitutional amendment against ‘corporate personhood” and ‘money as free speech’. “
12/01/11
Boston Globe:
Coakley alleges banks pursued ‘destructive path’
” ‘They have had more than a year to show they understood their role and their need to show accountability for this economic mess and they failed to do so,’’ [Massachusetts Attorney General Martha Coakley ] said. ‘Whether through the courts or negotiations, we will accept only one result, obtaining accountability from these banks and getting real relief for homeowners.’ “
Although this has been going on for a year, OWS may have given Ms. Coakley the impetus she needed to move forward on this long-overdue lawsuit.
11/29/11
OccupyMarines:
Calling All Veterans Who Support the Occupy Wall Street Movement
HuffPost:
A Blow to Freedom of the Press
“Freedom of the press is one of the founding principles of our country. Our system of government cannot function without skeptical reporters asking probing questions, and photographers and video journalists having the access to capture images and bear witness to the messy work of democracy. In Mayor Bloomberg’s world, democracy has often seemed like an afterthought. Yet these recent events are too egregious to let slide.”
Daily Kos:
Jerry Brown to Agency that Trains Cops: Hold The Pepper
“California Governor Jerry Brown has ordered the state agency that trains police officers to review their guidelines concerning the use of pepper spray against peaceful protesters. “ Read Gov Brown’s letter to POST
11/25/11
The Register Guard:
Northwest politicians push for cities to put some of their money where it will help the local economy
“Eugene is one of several Northwest cities that may place a sliver of its reserves into credit unions in coming months. The movement toward depositing taxpayer dollars in nonprofit institutions gained prominence after the Nov. 5 nationwide protest in which an estimated 700,000 people moved their accounts from big banks to credit unions.”
“Now some politicians, including state Rep. Jefferson Smith, D-Portland, are pushing for cities to move some of their money to credit unions to stimulate local economies.”
11/22/11
Business & Law
House Democrat Introduces OCCUPIED Constitutional Amendment to Ban Corporate Money In Politics
“Known as the Outlawing Corporate Cash Undermining the Public Interest in our Elections and Democracy (OCCUPIED) Amendment, it would overturn the Citizens United Supreme Court decision that awarded free speech rights, as guaranteed by the First Amendment of the U.S. Constitution, to corporations, as well as specifically state that free speech and other constitutional rights can only be guaranteed to natural persons.”
Gotta LUV it!
11/18/11
Salon:
Debt, Elections Prod GOP To Ease Anti-Tax Stance
“The GOP’s image as a rigidly anti-tax party is softening. Spurred by federal debt worries in Congress, the shift conceivably could reshape the Republican Party’s brand ahead of the 2012 elections, forcing tough decisions by its presidential candidates.”
Well, I would say that Occupy Wall Street had something to do with this; they just will not admit that. Their congressional seats are toast.
the 99% Declaration:
“BE IT RESOLVED THAT:”
“WE, THE NINETY-NINE PERCENT OF THE PEOPLE of the UNITED STATES OF AMERICA, in order to form a more perfect Union, by, for and of the PEOPLE, shall elect and convene a NATIONAL GENERAL ASSEMBLY* the week of July 4, 2012 in the City Of Philadelphia to prepare and ratify a PETITION FOR A REDRESS OF GRIEVANCES on behalf of the Ninety-Nine Percent of United States citizens.”
(Quote)
1. Elect one man and one woman from each of the 435 congressional districts in March 2012 plus six delegates from Washington,D.C., Puerto Rico and the U.S. Territories. Voting will be online, telephone and at local polling places.
2. Between March 2012 and July 2012, these delegates will draft a list of grievances. Candidates running in the primaries and general election will be called upon to state their positions on the issues being debated by the 876 delegates.
3. During the week of July 4, 2012, the 876 delegates will meet in Philadelphia at a National General Assembly to ratify and sign a final petition for a redress of grievances and solutions and plan a potential new independent party to run in the 2014 mid-term election.
4. The ratified petition for a redress of grievances shall be served upon all three branches of government and all candidates running for federal political office in 2012.
5. The National General Assembly will then wait a reasonable period of time for the 113th Congress, President and Supreme Court to act upon and redress the grievances listed in the petition. Political candidates in the 2012 election will be asked whether they support the petition.
6. If the grievances are not redressed and solutions implemented within a reasonable time, the National General Assembly will reconvene and organize independent candidates to run for all of the 435 House seats and 33 Senate seats available in 2014.
(End Quote)
11/16/11
NPR:
New York Town Pulls Funds From Big Bank
“Hempstead officials decided in April to take the $12.5 million in the village’s bank accounts — all of them with Chase bank — and move them to a smaller competitor. Since then, several other communities in New York state have followed suit, including Freeport and Binghamton.”
11/14/11
SLOG:
Seattle City Council: Nick Licata’s Occupy Wall Street Resolution Passes Unanimously
“By a 9-0 vote, the Seattle City Council just approved Nick Licata’s resolution to support the Occupy movement. While nonbinding, the measure resolves to reexamine city tax breaks for companies, affirm the rights of Occupy Seattle to peaceably assemble, and review the city’s “banking and investment practices to ensure that public funds are invested in responsible financial institutions.”
Let’s give a round of applause to the Seattle City Council!
11/12/11
NYT: A Town Creates Its Own Department Store “It’s a situation familiar to many communities these days. But rather than accept their fate, residents of Saranac Lake did something unusual: they decided to raise capital to open their own department store. Shares in the store, priced at $100 each, were marketed to local residents as a way to “take control of our future and help our community,” said Melinda Little, a Saranac Lake resident who has been involved in the effort from the start. “The idea was, this is an investment in the community as well as the store.”
While OWS was not on the scene when this community project was initiated, this story reflects one of the many “shifts” that OccupyWallStreet is working to achieve.
11/11/11 DN!: Occupy Homes: New Coalition Links Homeowners, Activists in Direct Action to Halt Foreclosures “We speak with Monique White, a Minneapolis resident who is facing foreclosure and recently requested the help of Occupy Minneapolis. Now two dozen of its members are occupying her home in order to stave off eviction. We are also joined by Nick Espinosa, an organizer with Occupy Minneapolis, and by Max Rameau, a key organizer with Take Back the Land who for the past five years has worked on direct-actions that reclaim and occupy homes at risk of foreclosure. ‘The banks are actually occupying our homes,’ Rameau says. ‘This sets up for an incredible movement where we have a one-two punch. On the one hand, we’re occupying them on their turf, and on the other, we’re liberating our own turf so human beings can have access to housing — rather than them sitting vacant so that corporations can benefit from them one time in the future.’ ” View DN! Video coverage
11/10/11 NYT: Judge Rejects Settlement Over Merrill Bonuses
Judge Jed S. Rakoff Rejects Settlement Over Merrill Bonuses Nov 10 2011
“Giving voice to the anger and frustration of many ordinary Americans, Judge Jed S. Rakoff issued a scathing ruling on one of the watershed moments of the financial crisis: the star-crossed takeover of Merrill Lynch by the now-struggling Bank of America.”
“Judge Rakoff refused to approve a $33 million deal that would have settled a lawsuit filed by the Securities and Exchange Commission against the Bank of America. The lawsuit alleged that the bank failed to adequately disclose the bonuses that were paid by Merrill before the merger, which was completed in January at regulators’ behest as Merrill foundered.”
“He accused the S.E.C. of failing in its role as Wall Street’s top cop by going too easy on one of the biggest banks it regulates. And he accused executives of the Bank of America of failing to take responsibility for actions that blindsided its shareholders and the taxpayers who bailed out the bank at the height of the crisis.”
Give this judge a big round of applause! Thank you!
Follow-up article 12/05/11 from Market Oracle: Finally, Someone Stands Up to Wall Street
11/07/11 RT: Billions of dollars moved in bank transfer demonstrations: “Leading up to November 5, $4.5 billion was taken out of major financial institutions.”
Technically, however, wouldn’t a more accurate amount “withdrawn” be more like $40B +, if we include the “nine times” they cannot not multiply that $4.5B for loans?
“For every dollar a commercial bank holds in its reserves from depositors, roughly nine times that amount can be used for consumer loans, including mortgages. This is called fractional reserve lending; though it should be called fractional reserve ‘printing’ ”.
11/06/11
Maryland Juice:
One Million Americans Leave Big Banks for Credit Unions // Bank Transfer Day Success
“Forbes had this take on the potential symbolism of the Bank Transfer Day success:” ‘If awareness is the goal, then supporters of Bank Transfer Day can pop the champagne already.’
‘Bank Transfer Day is an orchestrated call to action for consumers to switch from their for-profit bank to not-for-profit credit unions before November 5. With its media bullhorn and measurable results of credit union growth, Bank Transfer Day is arguably not just a one day event; it signals the start of an on-going movement from which we may see ripple effects in the coming year…. ’ “
11/03/11
Crooks & Liars:
40 House Republicans Sign Letter Signalling They’re Open To Raising Taxes “The Republicans are still focusing on the cutting of expenses side of the equation, without question. However, to have them acknowledge that their dogmatic and inflexible stance on no raising of taxes may be the answer for Grover Norquist, but not for the rest of the country I think shows that the messages of the Occupy movement is piercing through the Beltway Bubble.”
While this particular “Bank Transfer Day” was not borne of OWS per se, the momentum and exposure of the movement’s message propelled its success.
11/01/11
Senators Introduce Constitutional Amendment to Clean Up Campaign Finance System
“WASHINGTON – U.S. Senators Tom Udall and Michael Bennet today introduced a constitutional amendment to grant Congress the authority to regulate the campaign finance system. Among other important reforms, the amendment would allow Congress to correct the controversial Citizens United v. FEC Supreme Court ruling on campaign finance that has the effect of allowing virtually unlimited corporate and special interest spending in elections. Joining Udall and Bennet as original cosponsors of the legislation are Sens. Tom Harkin, Dick Durbin, Chuck Schumer, Sheldon Whitehouse and Jeff Merkley.”
This proposed Constitutional Amendment is nowhere near what it should be. We need a Constitutional Amendment that unequivocally ends “Citizens United” and cuts the cord of money flow between our government from corporate, banking and other special-interest lobbying bribes. Period, point.
10/28/11 OccupyNashville: Judge throws out case, says the curfew is illegal! Yay!
“Occupiers in Nashville, Tennessee scored a major victory again last night when Judicial Chancellor (magistrate) Thomas Edward Nelson ordered the immediate release of all 26 occupiers of Legislative Plaza, who were arrested in a second night of arrests and incarcerations by Tennessee Highway Patrol (THP) officers under the orders of Governor Haslam and Tennessee General Services. Nelson further instructed the state troopers in his courtroom that they were to make no more arrests nor issue any more warrants, ruling Tennessee General Services had no legal authority to order a curfew of Nashville’s Legislative Plaza.”
” ‘I have reviewed the regulations of the state of Tennessee, and I can find no authority anywhere for anyone to authorize a curfew anywhere on Legislative Plaza,’ Chancellor Thomas Nelson said.”
NYT:
Chase, Wells Fargo drop debit fees, BofA to adjust “Chase and Wells Fargo are joining the list of banks that won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.”
” ‘People are literally walking into branches and cutting up their Bank of America cards,’’ Kirk Kordeleski, CEO of Bethpage Federal Credit Union in Long Island, N.Y., said last week.
The People will not stop until we see prosecutions among the top of the bankster food chain including BofA, Citibank, Goldman-Sachs and importantly, the Federal Reserve! This is just the beginning.
10/21/11
Toronto National Post:
Some advice for Toronto councillor’s city bank proposal from U.S. advocate
“The National Post recently published an essay from Toronto councillor Kristyn Wong-Tam calling on the city to look at starting its own bank. Some financial experts raised concerns about the viability of such a venture. North Dakota has a public bank, and other U.S. states are looking at the same thing. The Post reached out to the Public Banking Institute, an American think-tank that advocates for public banks.” Read what executive director Marc Armstrong had to say
Obama, Occupy Wall Street & 2012 Campaign
Until and unless President Obama makes concrete moves to initiate open prosecutions of all the we-know-who-they-are crooks, all else is just talking through the side of his mouth.
Metro UK: US announces plan to pull all its troops from Iraq by December 31 “Its decision ends months of hand-wringing by US officials and comes despite deep concerns about Iraq’s security forces and the potential for instability.”
Still, our government is still trying to keep that supra-controlling foot in the door over there. It’s a start, anyway. It is said that the pullout is due to Iraq not guaranteeing legal immunity for troops, but no doubt the OWS movement gave some push here.
10/19/11
Cenk Uygur Announces Wolf-PAC.com at Occupy Wall Street
We’re the Wolf PAC and we’re coming
“The objective of Wolf PAC will be to raise money and raise an army for the sole purpose of passing this amendment. We need a Constitutional revolution to get unlimited corporate money out of politics. Please join us and help retake our democracy.”
10/15/11
Crooks and Liars: Progressive Groups Launch Occupy the Board Room “A coalition of progressive organizations are launching a virtual march on big banks to “Occupy the Boardroom” in solidarity with the Occupy Wall Street movement. The groups created a website, OccupyTheBoardroom.org, that will gather stories from Americans who have been foreclosed upon or had to file for bankruptcy. Occupy the Boardroom will then print out those stories and deliver them to the executives at the huge banks that played such a big role in the financial crisis that has hurt so many Americans.”
Since this appears to be a political way to support OccupyWallStreet, I have placed it on this page since it is not a direct outgrowth of the grassroots OWSNYC movement. Great idea, though!
10/11/11
SEC Charges Bank Executives With Hiding Millions of Dollars in Losses During 2008 Financial Crisis“The SEC alleges that the bank’s former chief executive officer Thomas Wu, chief operating officer Ebrahim Shabudin, and senior officer Thomas Yu concealed losses on loans and other assets from the bank’s auditors, causing the bank’s public holding company UCBH Holdings Inc. (UCBH) to understate 2008 operating losses by at least $65 million (approximately 50 percent). A few months later, continued declines in the value of the bank’s loans led the bank to fail, and the California Department of Financial Institutions closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. United Commercial Bank was one of the 10 largest bank failures of the recent financial crisis, causing a loss of $2.5 billion to the FDIC’s insurance fund.”
” ‘Today’s charges reflect an all too familiar pattern – corporate executives once seen as rising stars embrace deception to avoid losses and conceal negative news, with investors and the FDIC insurance fund left to pick up the pieces,’ said Robert Khuzami, Director of the SEC’s Division of Enforcement. ‘But accountability for these executives begins today.’ ”
10/09/11
On The Hill:
Buffalo News: Ford to pay workers $6,000 bonus in new contract “Under agreements struck with Ford and General Motors, most of the companies’ factory workers will get profit-sharing checks instead of annual raises. They’ll also get a signing bonus. In turn, the automakers will increase their workforces and invest billions more dollars in their factories.”
“It’s an unusual turnabout for the United Auto Workers. For decades, its members’ pay and benefits were the envy of workers around the world, and it wouldn’t hesitate to strike to protect them. But the agreement signals a new reality. After the industry nearly collapsed two years ago, a sobered UAW is no longer fighting the Big Three but fighting to compete against rivals who pay their workers far less.”
