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Posted: 7:49 AM Mar 17, 2010
W.Va. AFL-CIO Pushes Banks to Restore Lost Jobs
As part of a nationwide campaign, the West Virginia AFL-CIO is planning a rally to push Wall Street banks to replace the jobs the group says the banks helped to destroy.
Reporter: The Associated Press, Anna Baxter Email Address: anna.baxter@wsaz.com |
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CHARLESTON, W.Va. (AP) -- As part of a nationwide campaign, the West Virginia AFL-CIO is planning a rally to push Wall Street banks to replace the jobs the group says the banks helped to destroy.
Wednesday's rally will be held outside the Wells Fargo/Wachovia Bank in Charleston.
State AFL-CIO President Kenny Perdue said that despite receiving taxpayer bailouts, leading banks have not resumed lending and have refused to modify home mortgages.
He said working Americans attending the rally will urge banks to pay their fair share to restore the jobs they destroyed, and start lending to small businesses and others starved for credit. They also will encourage banks to stop fighting financial reform.
The rally is expected to get underway at noon near the Laidley Tower on Lee Street.
Latest Comments
Well now, look at that. Goldman Sachs charged w/ securities fraud by the SEC. It's like I have a crystal ball or something...
"You really think a bank took away jobs?" - Ummm, yes I do. Goldman Sachs (investment bank) more specifically. Here's what they did: Step1 - Give millions in political contributions to your Republican friends to roll back legislation that has been effective for over half a century. Step2- After said legislation passes, invent mortgage backed securities - investment pools of residential mortgages. Step3 - Aggressively sell these investments to pension funds, mutual funds, municipalities. Step3 - Give mortgage lenders "financial incentives" to push sub-prime mortgages onto customers causing a further run up in prices. Step4 - Once everyone and their brother starts buying these (including your competition) and running up the prices, convince an insurance company to write insurance policies against losses on these investments. Step5 - Continue to aggressively push these investment vehicles to customers while at the same time taking massive bets that these investments will lose value (called a short position). Stick it to your European friends especially hard (Iceland for example) Step6 - Watch all your competition (JP Morgan, Lehman, etc) crash and burn with their long positions when the market inevitably corrects. Create a liquidity crisis where banks are SCARED TO LEND TO EACH OTHER LET ALONE CUSTOMERS. When the insurance company can't pay to cover your remaining long position losses, aggressively ask the government to cover the insurance companies policy. Step7- Arrogantly announce to the media that you are doing "God's Work" Step8 - Pay exhorbitant bonuses to your "talent". AND THAT'S HOW A BANK TAKES AWAY JOBS.
Why not? ARE YOU GREEDY?????
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