Remarks by Richard L. Trumka, President of the AFL-CIO, American Bankers Association Protest October 27, 2009
Welcome to the showdown.We’re gathered here today to send a message to the bankers meeting
inside, and the message is this:
Business as usual is over.We are shutting it down.You work
for us—not the other way around.Your
job is to be stewards of our savings—to put and keep working families in homes,
to lend the money companies need to create jobs.And you have failed.You’ve turned the American economy into your
own private casino, gambling away our financial future with our money, driving
us to the brink of a second Great Depression, then sticking out your hand for
taxpayers to bail you out.
And Bankers, let me tell you this:We didn’t put you back in business so you can
pay billions in bonuses to the suits;those
bonuses have to go.And we didn’t put
you back in business so you could pile money and lobbyists into Capitol Hill to
fight the financial reform we so desperately need—while we’re losing jobs,
losing our homes, losing our retirement savings, losing it all—because you
treated the money we worked so hard to earn like Monopoly money.Let me tell you—this is not a game. It’s our lives.And we are not going to let bankers rule our
lives or our country.
Sisters and brothers, we are here to mark a new day, a day
when we demand accountability from our financial system.We demand accountability for the pain the Big
Bankers have inflicted on families who face financial ruin, for joblessness, pensions
wiped out, foreclosures and bankruptcy. And
we are here to support President Obama's call for tough new regulations to
force these bankers out of their Wild West mentality, out of their arrogance, out
of their contempt for the public they’re supposed to serve.
How do you
like the Obama team’s cutting the shreds out of those banker bonuses?I say, good start—now bring on the rest.Bring on the Consumer Financial Protection
Agency to grind out predatory lending, mortgage rip-offs, outrageous overdraft
fees, and sky-high credit card interest rates.Bring on some real risk regulation, so the Big Banks can’t ever, ever
shove the American economy to its knees again.
No more financial institutions that get “too big to fail,”
too complex or too interconnected.No
more asking the banks to regulate themselves.It’s time to either reform the Federal Reserve or ask the Fed to step
aside and have a real public agency protect our economy from the banks.
Bring on a spotlight for those “shadow markets,” the unregulated
hedge funds, private equity funds and derivatives that need real regulation
before they suck even more money into the black hole of greed and speculation.Bring it on.
Our economy has been all but destroyed.We have to build a whole new one based on
good jobs, not on bad debt with America investing in and exporting technology
and world-class products, not financial crisis;where hard work is rewarded, not colossal failure;where workers have a real voice because they
have the freedom to have a union if they want one;and where all of us have the health care we
need.That’s what we can do when we get
these bankers and their treachery under control.When we put people first.
The American Dream isn’t a dream just for the richest 1
percent.The American promise isn’t a
promise that a few can live well off their assets while the many can barely
live.Today we are here to redeem the real
promise of America—our America—a stronger America that provides everybody the
opportunity to work, to contribute, to succeed.
That’s why you’re here—not just to get angry or outraged,
although there’s plenty to be angry and outraged about.You’re here to make a difference—to clean up
Wall Street’s reeking garbage that is contaminating Main Street.
I want every single person here to commit to call their
members of Congress, not just today, but every day, and tell them these four
things:
One: Give us the Consumer Financial Protection Agency.
Two: Reform the Fed or create an agency that’s capable of
stopping systemic risk.
Three: Regulate the shadow markets before they do more
damage.
And four: Reform corporate governance and CEO compensation
to protect working people who are long-term investors, not speculators.
Will you do
it?Will you make those calls?
Thank you.
Now,
Sisters and Brothers, there’s someone else here I’d like you to meet.Armando Robles is president of UE Local 1110
at what previously was Republic Windows and Doors here in Chicago.He was a maintenance mechanic at the factory for eight years, but last
year on December 2, he and his 260 co-workers learned their factory would close
in three days.
Bank of America—which had received billions in taxpayer
bailout funds—cut off the company’s line of credit.The workers were about to lose their jobs and
their promised severance and vacation pay.But instead, like David, the union workers united to face down a giant.They staged a six-day sit-in that inspired
the country and won support from their neighborhood to the White House.
If they didn’t have a union, Armando and his co-workers
would have gone home empty-handed.If
the Big Banks had their way, these workers would have nothing.Instead, they won a $1.75 million settlement
from Bank of America and JP Morgan Chase.
I’m honored
to introduce a working family hero: Armando Robles.