Tuesday, October 18, 2011
Church divests $3M from Bank of America
On Oct 12, 2011 PACT held a bank accountability press conference to announce mounting divestments and to call on CA Attorney General Kamala Harris to take strong action to hold banks accountable for their unethical and illegal practices that have caused and prolonged the economic crisis.
San Jose churches, organizations and residents are divesting millions of dollars from big banks due to their unethical policies and practices. Most Holy Trinity Catholic Church is moving all of its accounts out of Bank of America. The City of San Jose has moved money out of B of A following its social responsibility investment policy. PACT is divesting from Wells Fargo. Community members are moving their money to follow their values - closing their accounts with big, national banks that caused the economic crisis and have taken no responsibility or action to be part of the solution.
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This doesn't make any sense. All the major banks would go bankrupt in a panic, and the ownders would lose everything.
ReplyDeleteThe global system is too vulnerable to survive panics on major financial institutions right now. It is irresponsible to try to punish or create panicks against financial institutions until the global system stablizes much more than it is.
If thats so, Chase shouldn't charge $5 a month to use a debit card; and citibank or Bank of America, whichever, shouldn't charge $15 a month for the priviledge of having an account in their bank.
ReplyDeleteInstead of the bailout, of which some was given out as bonuses to the allready obscenely rich, the government should have helped lenders pay their mortgages, and restructure the ridiculous sub-prime loans. Then neighborhoods would have less vacant property, and cash strapped communities would receive more tax money.
Should have read "helped borrowers pay their mortgage."
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