Don’t let big banks steal your money…

1. Don’t let big banks steal your money… 2010 Campaign with SEIU, the AFL-CIO, ACCE, and the Americans for Fairness in Lending

2. Two Views Of The Crisis • Official: Was an unfortunate global financial accident occurred • Cyclical • Only small changes to regulatory structure are needed • Alternative: Was a foreseeable consequence of banking de-regulation • Massive change in financial structures in the US, caused by change in laws. Need to change laws, increase regulation to prevent it from happening again.

3. The biggest economic crisis since the Great Depression

4. 27 million (1 in 6 workers) Unemployed or Underemployed Nearly Half of Households With Lower Income

5. 1 in 7 1 in 10 mortgages foreclosed or delinquent Foreclosure peak expected in 2011

6. 2 million homes in foreclosure…Another 2 million + more by the end of the year Small business lending down 42% 6 million jobs lost $350 billionin state budget deficits by 2011

7. What Has Gone Wrong? Bank Lobbyists Make Final Run at Reform Bill (New York Times June 20, 2010) AIG Bonuses in 2010 Total $100 million (Huffington Post Feb. 2, 2010) The banking industry has reduced lending for five consecutive quarters, even as it has regained profitability thanks to vast public aid.(Washington Post Dec 14, 2009) Foreclosure Rates Surge, Biggest Jump in Five Years (MSNBC.com April 15, 2010)

8. Recent Bank Bonuses $17.4 million CEO of American Express $21.3 million CEO of Wells Fargo $17 million CEO of JP Morgan $9 million Goldman Sachs Hedge Funds Fees and Investment Gains 2009—Top 25 Averaged $1 billion $4 billion Appaloosa Management $3.3 billion Soros Fund Management $2.5 billion Renaissance Technologies

9. Companies receiving bailout money Bank of America: $230 billion Citigroup: $415 billion Goldman Sachs: $55 billion Morgan Stanley: $36 billion AIG: $ 260 billion

10. Since the bailout: $321 million lobbying 1.4 million a day spent lobbying against reform Top six banks: $ 28 million

11. The Way Forward It’s time big banks started helping in Main Street’s recovery, not just their own by: Stopping all foreclosures. Providing affordable loans to state and local governments. Expand small business lending. Lower consumer credit interest rates. Lower interest rates to states/provide grants to stimulate state economies

12. MAKE THE BANKS PAY! Local 1000’s campaign to hold the banks accountable is moving forward The team faced off with Wells Fargo Bank at a shareholders meeting in Downtown San Francisco. We went to Capital Hill and met with lawmakers to demand that they fully support banking reform and relief for local and state governments. We confronted the bankers and Shutdown K street in Washington DC Our team went to New York City to stand in solidarity with other workers who have had their houses foreclosed upon by the banks. The MAKE THE BANKS PAY campaign team has done presentations and workshops on the current foreclosure crisis and banking reform.

13. What’s Coming Up • Our big banks team is developing a campaign to make banks pay for the upkeep of foreclosed homes. If they refuse they can be fine up to $1000 dollars a day. • We’re supporting legislation (AB 2492) that would force banks to pay their fair share of property taxes when they buyout one another. • We’re expanding our outreach efforts to community based groups and allies.

15. What you can do • Get Involved! Email the MAKE THE BANKS PAY team • at makebankspay@seiu1000.org Get plugged into the • action. Visit the Local 1000 website for updates and • events. • 2. Sign up with the international campaign at SEIU, the AFL-CIO or with Americans for Fairness in Lending http://aflcio.org/corporatewatch/paywatch/bigbanks.cfm http://www.seiu.org/bigbanks/ • http://www.affil.org/ • 3. Read online, stay informed, talk to your co-workers about how reform can help the budget deficit in California. “lahookwinked” is a great website detailing efforts in LA to hold banks accountable. http://www.lahoodwinked.com/