Labor & Employment Law

Seattle Activists Demand Big Banks Pay Fair Share

By Mike Hall

Nearly 100 union and community activists rallied outside a JP Morgan Chase bank branch in downtown Seattle yesterday demanding the state legislature make “Big Banks pay their fair share” by closing a $67 million tax loophole for out-of-state banks.

The rally came on the first day of a special legislative session to close a $2.8 billion budget shortfall that threatens cuts in schools, health care, public safety and other vital services. The House revenue package closes the bank loophole, but bank lobbyists are pressuring the state Senate to maintain the giveaway.

Al Link, Washington State Labor Council (WSLC) secretary-treasurer, says the banks fighting to keep the $67 million loophole open are showing the same greed as

the Wall Street banks that turned their backs on us after they took $700 billion of our money in taxpayer bailouts….Now, here in Washington State, these big banks want even more of our money.

The Seattle rally is a part of the AFL-CIO union movement’s two weeks of action across the country that will include rallies and demonstrations at branches of the Big Six Wall Street banks?Bank of America, Citibank, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wachovia-Wells Fargo. The Big Six’s reckless greed played the major role in wrecking the U.S. economy and killing American job. (Find out about events in your area here.)

Workers are telling the banks it’s time to “Make Wall Street pay for creating good jobs” to make up for their reckless greed that has put the nation in an 11 million jobs deficit. Says Link:

Our country is in the midst of a jobs crisis?a crisis created by big Wall Street banks like JP Morgan Chase, and these are the institutions that should pay to create the 11 million jobs America needs to fix their mess….And right here in Washington state, our state lawmakers need to send Wall Street banks a clear message by closing this outdated $67 million tax loophole that Chase and other big out-of-state banks take advantage of.

You also can tell Wall Street executives to pay to create good jobs by sending a letter urging them to do the right thing. Just click here.

Find out about events in your area here. If you take part in an event, be sure to send us your photo or video here.

Full post as published by AFL-CIO NOW BLOG on March 16, 2010 (boomark / email).