This Friday, May 21st, during the noon lunch hour, the San Diego chapter of the Coffee Party will be targeting four mega-banks in the downtown area. Bank of America, Wells Fargo, Citi-Bank, and Chase, will all be targeted by the protest. In a tour of the banking area, activists will be pointing out how much each bank received in the bailout, what they pay their CEOs and other important info.
This is part of the nation-wide effort of the Coffee Party to clean up Wall Street and “K” Street (where the DC lobbyists all hang out) in favor of Main Street.
Activists will show up – some in costume – at Horton Plaza at 11:30 a.m. by the Fountain, the staging point for the tour. Everyone is invited to join with the Coffee Party as its highlights the role of the huge, mammoth banking institutions that control our economy.
Here is a statement from the local Coffee Party:
Why is this issue so important NOW?
United States representatives are currently shaping legislation to curb the abuses of Wall Street. Yet the powerful highly-financed “K Street” lobbyist are pouring millions of dollars into politicians pockets to stop or to water-down any such amendments. We must act now to insure that sensible regulations are to put in place.
The six biggest banks in the United States now possess assets equivalent to 60 percent of America’s gross national product. Back in the 1990s that figure was less than 20 percent. These six banks – Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo – literally dictate what goes on in the U.S. banking industry.
On Thursday May 7th, an amendment, the “SAFE banking Act” was defeated in the Senate (Diane Feinstein voted against). The amendment which would have put specific ceilings on the size of banks, builds on a provision already in the Senate’s financial regulatory overhaul package that is meant to limit future growth of large Wall Street firms.
What will future bills bring to the table? Will the politicians truly be effective to stop further abuses by Wall Street? Are the provisions being decided in back-room deals between Wall Street lobbyist and our elected officials?
It is time for us to be vigilant.
We must insist that our representatives be accountable to the American people not to the moneyed interest of Wall Street.
We must support Main Street banks over Wall Street banks.