More than 5,000 Join Largest Taxpayer Rally Since Economic Crisis Began

Demand Banks Stop Lobbying Against Financial Reform During Third Day of Protests in Chicago

In the largest mobilization since the economic crisis began, more than 5,000 taxpayers marched on the American Bankers Association Convention in downtown Chicago.  The public march culminated three days of demonstrations demanding that banks stop lobbying against financial reform, end extravagant executive bonuses and halt home foreclosures that are ruining neighborhoods across the nation.

After taking $17.8 trillion in taxpayer bailouts and backstops, the big banks are back to business as usual, ignoring their commitments to help taxpayers and helping themselves instead.  The largest banks are making tens of billions of dollars in profits on the backs of the American taxpayers and they have spent $35 million in taxpayer funds to lobby for more taxpayer money and to fight against reforms that would protect taxpayers from their abuses in the future.

Meanwhile, ordinary Americans continue to face rising foreclosures, record unemployment, skyrocketing bank and credit card fees, and vanishing pensions and 401(k)s.  Americans have lost six million jobs, homeowners have lost $6 trillion in home values, and governments have lost up to $58.0 billion in annual property taxes.

“The big banks crashed our economy and when taxpayers bailed them out, the banks only took care of themselves,” says Tom Balanoff, President of the SEIU Illinois Council, one of more than 40 groups sponsoring today’s demonstration. “They are paying out billions in bonuses again, taking the same risks that caused this crisis and profiteering off of the bailout—but the American people are still suffering.  It’s time to end CEO greed and excess.”

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