Call for Bankers to Donate Bonuses to Homeless Americans
I came across this on Facebook recently. It’s a petition addressed to Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America, asking them to donate their bonuses to the people they helped make homeless in the financial crisis.
HUH? Wall Street megabanks forced ten million people out of their homes due to the foreclosure crisis, while spending 2013 dodging the law for the blatant financial fraud that left folks homeless.2
HOW? Ten banks kicked off 2013 by paying $8.5 billion to settle complaints that they improperly foreclosed on homeowners3; in the summer, Bank of America was charged with rewarding employees who pushed the MOST people into foreclosure4; and then JPMorgan Chase rounded off the year by paying $13BN in fines to make fraud complaints go away.5
WHY? That $91.44 Billion a year could go a very long way towards undoing the vast damage done by Wall Street’s megabanks that have engaged in megafraud, not to mention go quite a long way towards curbing American homelessness in general.