NEW YORK—Parts of Wall Street were sealed off as a crime scene on Wednesday, as community organizations staged a protest against bonus packages for Wall Street executives, which are estimated to be worth $143 billion this year. That amount of bonuses during a time of high unemployment, home foreclosures, and service cuts constitutes a crime, claimed the protesters.
The mock crime scene on Wall Street was organized by the National People’s Action (NPA) and some of its affiliated organizations, such as the Voices of Community Activists & Leaders, the Community Voices Heard, and the Good Old Lower East Side. The NPA is a nationwide network of over 200 community organizations working to promote an economic and racial “justice agenda.”
In spite of the biting chill, the protesters gathered in front of the stock exchange, shouted slogans and sang songs mocking banking executives to the tune of Christmas carols.
According to the Service Employees International Union (SEIU) report published on Wednesday, the top six banks alone are estimated to pay out $143 billion in executive bonuses and compensation this year. The SEIU and the NPA frequently work together to advocate their shared ideology.
Among the protesters demanding more accountability from the banking sector was Desiree Pilgram-Hunter, 53, from the Bronx.
“The middle class is being destroyed,” she said, adding that there is a need to further regulate the banking industry.
Pilgram-Hunter knows how a financial crisis looks and feels personally. A couple of years ago, her husband was laid off from his Job at Citibank. Her mother, an 81-year-old grandmother living in Brooklyn, is currently struggling to keep her house, which is under the threat of foreclosure.
“Banks are killing our communities,” she said.
Stories like that of Pilgram-Hunter are being collected and sent to the attorney general as part of the campaign against the Wall Street bonus packages.
“Stop being greedy,” said Loretta Manning from the Community Voices Heard during the protest, adding that many other things could be done with the money.
According to the SEIU report, $143 billion is enough to fill the budget gap for every state in the country for the 2011 fiscal year. If invested directly into the economy, this money could also create 3.6 million jobs. Alternatively, by pumping $73 billion into the national economy, the banks could reset the principals and interest rates on all underwater mortgages in the country to market rates, states the report.
“Share your bonus with us,” said Manning.
The mock crime scene on Wall Street was organized by the National People’s Action (NPA) and some of its affiliated organizations, such as the Voices of Community Activists & Leaders, the Community Voices Heard, and the Good Old Lower East Side. The NPA is a nationwide network of over 200 community organizations working to promote an economic and racial “justice agenda.”
In spite of the biting chill, the protesters gathered in front of the stock exchange, shouted slogans and sang songs mocking banking executives to the tune of Christmas carols.
According to the Service Employees International Union (SEIU) report published on Wednesday, the top six banks alone are estimated to pay out $143 billion in executive bonuses and compensation this year. The SEIU and the NPA frequently work together to advocate their shared ideology.
Among the protesters demanding more accountability from the banking sector was Desiree Pilgram-Hunter, 53, from the Bronx.
“The middle class is being destroyed,” she said, adding that there is a need to further regulate the banking industry.
Pilgram-Hunter knows how a financial crisis looks and feels personally. A couple of years ago, her husband was laid off from his Job at Citibank. Her mother, an 81-year-old grandmother living in Brooklyn, is currently struggling to keep her house, which is under the threat of foreclosure.
“Banks are killing our communities,” she said.
Stories like that of Pilgram-Hunter are being collected and sent to the attorney general as part of the campaign against the Wall Street bonus packages.
“Stop being greedy,” said Loretta Manning from the Community Voices Heard during the protest, adding that many other things could be done with the money.
According to the SEIU report, $143 billion is enough to fill the budget gap for every state in the country for the 2011 fiscal year. If invested directly into the economy, this money could also create 3.6 million jobs. Alternatively, by pumping $73 billion into the national economy, the banks could reset the principals and interest rates on all underwater mortgages in the country to market rates, states the report.
“Share your bonus with us,” said Manning.
