Trade
U.S. Steel Producers Win Anti-Dumping Case Against Cheap Imports Reuters ...The U.S. International Trade Commission on Friday voted to impose anti-dumping duties against steel pipe imports from six countries, exempting two, handing a victory to domestic producers who had complained that the cheap imports were undercutting their prices...
State Battles
Documents Allege Scott Walker Pressured Groups To Donate To Campaign Huffington Post ...Newly released court documents include excerpts from emails showing that Wisconsin Gov. Scott Walker's recall election campaign team told him to instruct donors to give to a key conservative group that would run ads for Walker and distribute money to other conservative groups backing him. … The documents are part of a secret investigation into whether Walker's campaign illegally coordinated with conservative groups during the run-up to the June 2012 recall...
Minimum Wage Ballot Campaign Begins KGTV ...A campaign spearheaded by local businesses to put the minimum wage ordinance before voters kicked off Thursday. The San Diego Small Business Coalition announced the referendum campaign at a news conference Thursday morning in Sorrento Valley...
Appeals Court Delays Wisconsin Voter ID Decision WCWF ...A federal appeals court put off a decision until next month on whether to put Wisconsin’s voter ID law back in place...
Survey: Economy Slows Down In Rural Areas Of Kansas KMUW ...A new monthly survey of bankers suggests the economy is slowing down in rural areas of Kansas, Missouri and eight other states...
Cruel Cuts: Philadelphia Public Schools Pay The Price For Pa.’s Expanded Neo-Voucher Program Americans United ...For the second year in a row Philadelphia’s public schools are struggling to open on time, and it appears deep budget cuts – including money siphoned for a voucher-like program – are to blame...
War On Workers
Bank Of America Papers Show Conflict And Trickery In Mortgages New York Times ...A founder of Countrywide Financial warned three years before the housing market collapsed that his company could face “financial and reputational catastrophe” if it continued holding certain risky mortgages on its balance sheet. Still, Countrywide continued to sell these loans to investors...
Few homeowners expected to benefit from Bank of America's $16.65B settlement Associated Press ...Only a fraction of homeowners would be eligible for refinancing under the settlement. And the process by which people would qualify and receive aid could drag on for years, with payouts set to be completed as late as 2018...
Man Claims Uber Driver Promised Him A Low Fare, Then Charged Him $814 LAist ...A man says that Uber charged his group a whopping $814 for a ride from El Monte to Culver City even though his driver promised it wouldn't be much more than $150...
Rebuilding America, One Bridge At A Time (opinion) Washington Post ...Our public infrastructure is rusting, rotting and, in some cases, falling apart, and we now lag behind nations that are investing in modern, efficient, low-carbon infrastructure...
Economic harassment and the Ferguson crisis (opinion) Los Angeles Times ...the Ferguson court is a "chronic offender" in legal and economic harassment of its residents. There's not much of a secret why: the municipality collects some $2.6 million a year in fines and court fees, typically from small-scale infractions like traffic violations. This is the second-largest source of income for that small, fiscally-strapped municipality...
A Walmart Manager Describes Walmart's Mismanagement Gawker ...Last week, we received an email from a current Walmart manager in Oklahoma asking to share his story. Below is his description of the policies that America's largest employer uses to pit managers against low-level employees, for the benefit of the richest family in America...
A first for Jackson Hole — protesters are here, and they don’t want rate hikes Marketwatch ...Protesters, worried that the central bank is about to put its foot on the brakes, have come to the Federal Reserve’s Jackson Hole retreat this year to urge the central bank to hold off and give the economy more time to heal. This is believed to be the first time there ever has been protesters at the event...
Miscellaneous
Americans' Satisfaction With Job Security at New High Gallup ...In the U.S., 58% of full- or part-time workers are completely satisfied with their job security. This represents an increase from the levels recorded during the aftermath of the Great Recession -- from 2009 to 2013 -- when roughly 50% of Americans said they were completely satisfied...
Showing posts with label Bank of America. Show all posts
Showing posts with label Bank of America. Show all posts
Saturday, August 23, 2014
Saturday, August 16, 2014
Today's Teamster News 08.16.14
Teamster News
Teamsters Battle Senator’s Scheme To Lengthen Truckers’ Hours Behind The Wheel People's World ...Saying that lengthening the consecutive hours truckers could stay behind the wheel endangers both truckers and other drivers, the Teamsters are battling a Republican senator's scheme to do just that...
Teamsters Reach Deal Ending Quixote Studios Boycott Deadline Hollywood ...The deal, which covers about 30 drivers, also calls for an election to see if the company’s 80 warehouse workers want to be represented by the union as well...
Tom O’Donnell Replaces Leo Reed As Director Of Teamsters Deadline Hollywood ...Tom O’Donnell, the current president of the International Brotherhood of Teamsters Local 817 in New York, has been named director of the Teamsters Motion Picture and Theatrical Trades Division, replacing the venerable Leo Reed, who left the post in January after 25 years at the helm...
Battle Lines Drawn As J.R. Simplot And Teamsters Local 120 Continue To Square Off Valley News Live ...The Union members today overwhelmingly voted down some new changes to their contracts this afternoon and say they will continue to walk the picket line 24/7. The Union’s contract expired June 1st. They were hoping for a new deal, but they say it never came...
Teamsters Hispanic Caucus Brings Fight Against Republic Services To Denver MarketWatch ...Tonight, Teamsters in Denver attending the Teamsters Hispanic Caucus Convention went to the Colorado Rockies game to educate Denver residents about the illegal actions of Republic Services...
Trade
Certification Allows US Trade Negotiators to Rewrite TPP Copyright Rules EFF ...The United States, exclusively amongst the dozen negotiating partners, is reserving the right to vet other countries' implementation of the agreement before its own obligations come into effect. This has worrying implications for other countries planning to take advantage of whatever flexibilities remain in the TPP text after the negotiations are finished...
State Battles
U.S. Chamber Of Commerce Joins Lawsuit Against 'Discriminatory' Seattle Minimum Wage Hike Huffington Post ...The U.S. Chamber of Commerce signed onto an amicus brief Tuesday in support of the International Franchise Association's (IFA) lawsuit against a “discriminatory” provision in Seattle’s recently passed minimum wage increase...
Federal Judge Denies Stay Of Wisconsin Voter ID Ruling Jurist ...A federal judge on Wednesday denied a request by Wisconsin's Attorney General JB Van Hollen to stay the his April ruling against the state's voter identification law. The April ruling found that the Act 23 requirement that all residents present photo ID when voting violated the Voting Rights Act and the US Constitution...
War On Workers
In the sharing economy, a rift over worker classification Boston Globe ...A class-action lawsuit filed this summer in Massachusetts and California courts is challenging that. The suit asserts that Uber improperly classifies its drivers, who own their cars and use Uber’s smartphone app to get work, as independent contractors. No sick time, no health insurance, no 401k contributions...
NC Forest Service Employee Dies In Tree Accident WSOC ...Tuttle State Educational Forest in Lenoir was closed Thursday after a North Carolina Forest Service employee died in an accident there Wednesday afternoon...
Bank Of America Could Get Tax Break On Part Of $16 Billion Mortgage Settlement Charlotte Observer ...As Bank of America prepares for a possible multibillion-dollar settlement with the government, the deal is expected to share a feature common to similar settlements with other banks – a big portion that’s tax-deductible as a business expense...
Miscellaneous
NSA Cyberwarfare Could Pick The Wrong Targets, Snowden Says Fox News ...Snowden described MonsterMind as problematic, noting that cyberattacks are often routed through computers in “innocent” third countries. This raises the possibility of U.S. counter attacks against the wrong targets. “You could have someone sitting in China, for example, making it appear that one of these attacks is originating in Russia,” he said. “And then we end up shooting back at a Russian hospital. What happens next?”...
Teamsters Battle Senator’s Scheme To Lengthen Truckers’ Hours Behind The Wheel People's World ...Saying that lengthening the consecutive hours truckers could stay behind the wheel endangers both truckers and other drivers, the Teamsters are battling a Republican senator's scheme to do just that...
Teamsters Reach Deal Ending Quixote Studios Boycott Deadline Hollywood ...The deal, which covers about 30 drivers, also calls for an election to see if the company’s 80 warehouse workers want to be represented by the union as well...
Tom O’Donnell Replaces Leo Reed As Director Of Teamsters Deadline Hollywood ...Tom O’Donnell, the current president of the International Brotherhood of Teamsters Local 817 in New York, has been named director of the Teamsters Motion Picture and Theatrical Trades Division, replacing the venerable Leo Reed, who left the post in January after 25 years at the helm...
Battle Lines Drawn As J.R. Simplot And Teamsters Local 120 Continue To Square Off Valley News Live ...The Union members today overwhelmingly voted down some new changes to their contracts this afternoon and say they will continue to walk the picket line 24/7. The Union’s contract expired June 1st. They were hoping for a new deal, but they say it never came...
Teamsters Hispanic Caucus Brings Fight Against Republic Services To Denver MarketWatch ...Tonight, Teamsters in Denver attending the Teamsters Hispanic Caucus Convention went to the Colorado Rockies game to educate Denver residents about the illegal actions of Republic Services...
Trade
Certification Allows US Trade Negotiators to Rewrite TPP Copyright Rules EFF ...The United States, exclusively amongst the dozen negotiating partners, is reserving the right to vet other countries' implementation of the agreement before its own obligations come into effect. This has worrying implications for other countries planning to take advantage of whatever flexibilities remain in the TPP text after the negotiations are finished...
State Battles
U.S. Chamber Of Commerce Joins Lawsuit Against 'Discriminatory' Seattle Minimum Wage Hike Huffington Post ...The U.S. Chamber of Commerce signed onto an amicus brief Tuesday in support of the International Franchise Association's (IFA) lawsuit against a “discriminatory” provision in Seattle’s recently passed minimum wage increase...
Federal Judge Denies Stay Of Wisconsin Voter ID Ruling Jurist ...A federal judge on Wednesday denied a request by Wisconsin's Attorney General JB Van Hollen to stay the his April ruling against the state's voter identification law. The April ruling found that the Act 23 requirement that all residents present photo ID when voting violated the Voting Rights Act and the US Constitution...
War On Workers
In the sharing economy, a rift over worker classification Boston Globe ...A class-action lawsuit filed this summer in Massachusetts and California courts is challenging that. The suit asserts that Uber improperly classifies its drivers, who own their cars and use Uber’s smartphone app to get work, as independent contractors. No sick time, no health insurance, no 401k contributions...
NC Forest Service Employee Dies In Tree Accident WSOC ...Tuttle State Educational Forest in Lenoir was closed Thursday after a North Carolina Forest Service employee died in an accident there Wednesday afternoon...
Bank Of America Could Get Tax Break On Part Of $16 Billion Mortgage Settlement Charlotte Observer ...As Bank of America prepares for a possible multibillion-dollar settlement with the government, the deal is expected to share a feature common to similar settlements with other banks – a big portion that’s tax-deductible as a business expense...
Miscellaneous
NSA Cyberwarfare Could Pick The Wrong Targets, Snowden Says Fox News ...Snowden described MonsterMind as problematic, noting that cyberattacks are often routed through computers in “innocent” third countries. This raises the possibility of U.S. counter attacks against the wrong targets. “You could have someone sitting in China, for example, making it appear that one of these attacks is originating in Russia,” he said. “And then we end up shooting back at a Russian hospital. What happens next?”...
Thursday, May 22, 2014
US bank hires offshore call center to lie to customers on the road to foreclosure
Counterpunch has the story about the borrower, a retired Montana accountant, and his wife, Abraham and Betty Morrow. They are suing the Bank of America for fraud. They claim the bank deliberately misled them into foreclosing on their home. One reason the couple has a shot is that Abraham took meticulous notes of his conversations with customer service representatives.
According to Counterpunch,
One early conversation took place on Dec. 8, 2009. It was with a Bank of America representative who identified himself as “Brian.” Morrow said “Brian” told him that he and his wife were locked in for a loan modification program. If they successfully made reduced trial payments for three to four months, Morrow said he was told, their loan modification would be made permanent.
After the whole thing unraveled and the Morrows filed suit, one of the defenses made by Bank of America was that, according to its records, Morrow had not spoken with anyone by the name of Brian on the date in question. On Dec. 8, 2009, the bank said, Morrow spoke with a customer service representative in India by the name of Sunil Kumar.
(The Morrows' lawyer John) Heenan later deposed Kumar by telephone. Heenan said Kumar told him, “We all use American names” when speaking with customers.
And what American name did Kumar use? “Brian,” he told Heenan.That wasn't the worst of it.
The Morrows had run into financial trouble when the buyer of their business defaulted on payments to them. They tried to modify their mortgage loan with Bank of America, but couldn't. They were told to skip payments so they'd qualify for a loan modification -- then they'd get calls from collection agencies. They submitted paperwork, then were it was lost and to resubmit it again. They were sent letters by the bank and then told by the bank's customer service representatives to ignore the letters. They applied for a loan modification and waited for 10 months before they got an answer.
And the bank's defense? Abraham Morrow had never talked to a customer service representative named Brian!
The Morrows' case now goes to trial.
Read the whole story here.
Thursday, November 14, 2013
Today's Teamster News 11.14.13
Drivers Rally Outside D.C. Taxicab Commission Meeting teamster.org ...Hundreds of taxi drivers rallied outside the monthly meeting of the D.C. Taxicab Commission today to protest the unfair towing and ticketing of cabs and to demand a voice in the regulatory process. Also, watch this video of D.C. taxi drivers rallying November 4 at Freedom Plaza and
delivering a letter outlining their concerns to Washington, D.C. Mayor
Vincent Gray...
Hoffa: Congress, Detroit Have Role in Improving Retirement Confidence teamster.org ...A secure retirement used to be seen as a right for all hardworking Michiganders. Whether you were a city government employee in Detroit or a private sector worker in Pontiac, if you put in the time and did your job well, you would be rewarded with a nest egg for your golden years that would allow you live comfortably...
Wal-Mart Workers Strike, Target Workers Threaten to Join Black Friday Walkout Portside ...Sub-contracted Twin Cities janitorial workers who clean stores for Target and other corporations plan to announce today that they’re prepared to strike that day as well...
Reports shed light on how Koch brothers' money flows to campaigns The Cap Times ...A slew of reports released Wednesday reveal that a network of conservative think tanks, funded by multinational corporations and industrialists — most notably Charles and David Koch — comprise a vast dark-money campaign funding mechanism that funnels cash to conservative candidates, including Wisconsin Gov. Scott Walker in last year’s recall election...
Scalia’s chance to smash unions: The huge under-the-radar case Salon ...A Supreme Court case being argued Wednesday could take away a tactic that's kept unions alive...
You won’t believe how much companies make every single second Salon ...The highest grosser on the list is Samsung, which hauls in almost $6,500 a second (In the five minutes it took us to write this post, Samsung made almost $2 million). It is followed closely by Apple at $4,540 a second...
House Pushing Back on Trade Deal; More Detail on How Secret Arbitration Panels Undermine Laws and Regulations naked capitalism ...Wow, this is amazing. Word has apparently gotten out even to Congressmen who can normally be lulled to sleep with the invocation of the magic phrase “free trade” that the pending Trans Pacific Partnership is toxic...
WikiLeaks releases major trade agreement draft chapter Salon ...“One could see the TPP as a Christmas wish-list for major corporations, and the copyright parts of the text support such a view...”
Bank Of America, Freddie Mac May Settle $1.4 Billion Mortgage Dispute Reuters ...The Bank of America is in talks with Freddie Mac to resolve disputes involving more than $1.4 billion in defective mortgages that Freddie wants the bank to take back...
Apple under investigation in Italy for alleged tax fraud Reuters ...U.S. tech giant Apple is under investigation in Milan for allegedly hiding more than 1 billion euros ($1.34 billion) from the Italian taxman, a judicial source with direct knowledge of the matter, confirming a local media report...
Congressional Approval Sinks to Record Low Gallup ...Americans' approval of the way Congress is handling its job has dropped to 9%, the lowest in Gallup's 39-year history of asking the question...
A Living Wage in Bangladesh (opinion) New York Times ...The government of Bangladesh is expected to soon announce an increase in the minimum wage for workers in the country’s clothing factories, which are big suppliers to Western retailers like Walmart and H&M. Its decision could improve the lives of millions of families that struggle to eke out an existence on as little as the equivalent of about $38 a month, the current minimum wage...
Costco, Nordstrom Refuse To Ruin Thanksgiving Huffington Post ...If you make a last-minute run to Costco on Thanksgiving Day, you'll be out of luck...
Top Democratic Pollster Says Don't Mess with Social Security -- Or Else Face the Wrath of Voters in 2014 Alternet ...more than half of the 77 million baby boomers heading toward their mid-60s and older—especially women and people of color—have literally no retirement savings, and will fall into poverty as they age...
Occupy Wall Street activists buy $15 million of Americans' personal debt The Guardian ...A group of Occupy Wall Street activists has bought almost $15,000,000 of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit...
Socialist candidate leading in Seattle City Council race Raw Story ...With about 62,000 ballots from King County yet to be counted following the Nov. 4 election, 41-year-old economics professor Kshama Sawant was reportedly ahead of longtime incumbent Richard Conlin by 41 votes, with Sawant gathering 79,751 votes against 79,710 for Conlin...
Corporate crime wave in Texas: How a crackdown could be coming Salon ...The nation’s fourth-largest city, Houston, is slated to vote today on cracking down on an alleged national epidemic: companies not paying employees the wages they’re legally owed. The proposed ordinance would make companies found guilty of serious “wage theft” ineligible for city support...
Koch Brothers’ Dark Money Flowed into Wisconsin Recall Fight Express Milwaukee ...Group busted in California gave serious money to Wisconsin Club for Growth...
In Unintimidated, Scott Walker Reveals Depth of Disdain for Unions, Protesters Portside ...He ...charges that collective bargaining "isn't a right, but a racket."...
Michigan bill would ban employers from asking about felony convictions on job applications Michigan Live ...Michigan lawmakers are considering banning felony conviction check boxes on job applications. Supporters of the measure say the check boxes unfairly discriminate against people with criminal histories and hinder their ability to become successful members of society...
Freedom of Information Act requests could be cheaper, easier under Michigan House bill Michigan Live ...A state House panel on Tuesday unanimously approved a bill designed to update Michigan's Freedom of Information Act and ensure that government offices are not making it unnecessarily difficult for citizens to access public records...
State employee unions launch campaign to highlight government waste Detroit Free Press ...A coalition of unions representing 35,000 state employees has launched an effort to highlight areas where Michigan government can be more efficient and improve services to citizens...
Hoffa: Congress, Detroit Have Role in Improving Retirement Confidence teamster.org ...A secure retirement used to be seen as a right for all hardworking Michiganders. Whether you were a city government employee in Detroit or a private sector worker in Pontiac, if you put in the time and did your job well, you would be rewarded with a nest egg for your golden years that would allow you live comfortably...
Wal-Mart Workers Strike, Target Workers Threaten to Join Black Friday Walkout Portside ...Sub-contracted Twin Cities janitorial workers who clean stores for Target and other corporations plan to announce today that they’re prepared to strike that day as well...
Reports shed light on how Koch brothers' money flows to campaigns The Cap Times ...A slew of reports released Wednesday reveal that a network of conservative think tanks, funded by multinational corporations and industrialists — most notably Charles and David Koch — comprise a vast dark-money campaign funding mechanism that funnels cash to conservative candidates, including Wisconsin Gov. Scott Walker in last year’s recall election...
Scalia’s chance to smash unions: The huge under-the-radar case Salon ...A Supreme Court case being argued Wednesday could take away a tactic that's kept unions alive...
You won’t believe how much companies make every single second Salon ...The highest grosser on the list is Samsung, which hauls in almost $6,500 a second (In the five minutes it took us to write this post, Samsung made almost $2 million). It is followed closely by Apple at $4,540 a second...
House Pushing Back on Trade Deal; More Detail on How Secret Arbitration Panels Undermine Laws and Regulations naked capitalism ...Wow, this is amazing. Word has apparently gotten out even to Congressmen who can normally be lulled to sleep with the invocation of the magic phrase “free trade” that the pending Trans Pacific Partnership is toxic...
WikiLeaks releases major trade agreement draft chapter Salon ...“One could see the TPP as a Christmas wish-list for major corporations, and the copyright parts of the text support such a view...”
Bank Of America, Freddie Mac May Settle $1.4 Billion Mortgage Dispute Reuters ...The Bank of America is in talks with Freddie Mac to resolve disputes involving more than $1.4 billion in defective mortgages that Freddie wants the bank to take back...
Apple under investigation in Italy for alleged tax fraud Reuters ...U.S. tech giant Apple is under investigation in Milan for allegedly hiding more than 1 billion euros ($1.34 billion) from the Italian taxman, a judicial source with direct knowledge of the matter, confirming a local media report...
Congressional Approval Sinks to Record Low Gallup ...Americans' approval of the way Congress is handling its job has dropped to 9%, the lowest in Gallup's 39-year history of asking the question...
A Living Wage in Bangladesh (opinion) New York Times ...The government of Bangladesh is expected to soon announce an increase in the minimum wage for workers in the country’s clothing factories, which are big suppliers to Western retailers like Walmart and H&M. Its decision could improve the lives of millions of families that struggle to eke out an existence on as little as the equivalent of about $38 a month, the current minimum wage...
Costco, Nordstrom Refuse To Ruin Thanksgiving Huffington Post ...If you make a last-minute run to Costco on Thanksgiving Day, you'll be out of luck...
Top Democratic Pollster Says Don't Mess with Social Security -- Or Else Face the Wrath of Voters in 2014 Alternet ...more than half of the 77 million baby boomers heading toward their mid-60s and older—especially women and people of color—have literally no retirement savings, and will fall into poverty as they age...
Occupy Wall Street activists buy $15 million of Americans' personal debt The Guardian ...A group of Occupy Wall Street activists has bought almost $15,000,000 of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit...
Socialist candidate leading in Seattle City Council race Raw Story ...With about 62,000 ballots from King County yet to be counted following the Nov. 4 election, 41-year-old economics professor Kshama Sawant was reportedly ahead of longtime incumbent Richard Conlin by 41 votes, with Sawant gathering 79,751 votes against 79,710 for Conlin...
Corporate crime wave in Texas: How a crackdown could be coming Salon ...The nation’s fourth-largest city, Houston, is slated to vote today on cracking down on an alleged national epidemic: companies not paying employees the wages they’re legally owed. The proposed ordinance would make companies found guilty of serious “wage theft” ineligible for city support...
Koch Brothers’ Dark Money Flowed into Wisconsin Recall Fight Express Milwaukee ...Group busted in California gave serious money to Wisconsin Club for Growth...
In Unintimidated, Scott Walker Reveals Depth of Disdain for Unions, Protesters Portside ...He ...charges that collective bargaining "isn't a right, but a racket."...
Michigan bill would ban employers from asking about felony convictions on job applications Michigan Live ...Michigan lawmakers are considering banning felony conviction check boxes on job applications. Supporters of the measure say the check boxes unfairly discriminate against people with criminal histories and hinder their ability to become successful members of society...
Freedom of Information Act requests could be cheaper, easier under Michigan House bill Michigan Live ...A state House panel on Tuesday unanimously approved a bill designed to update Michigan's Freedom of Information Act and ensure that government offices are not making it unnecessarily difficult for citizens to access public records...
State employee unions launch campaign to highlight government waste Detroit Free Press ...A coalition of unions representing 35,000 state employees has launched an effort to highlight areas where Michigan government can be more efficient and improve services to citizens...
Wednesday, October 23, 2013
Today's Teamster News 10.23.13
Teamsters Union optimistic for deal with CN Railway this week Reuters ...The Teamsters Canada Rail Conference union is optimistic that talks with Canadian National Railway Co, Canada's largest rail operator, will produce a deal this week…
Hershey Medical Center, Teamsters Continue Talks Lebanon Daily News ...Negotiators for the Penn State Milton S. Hershey Medical Center and Teamsters Local 776 were expected to sit down with a federal mediator to hammer out a new contract...
'Local Union Communications: The Social Art of Educating Members' TLA to be Held December 3-4 teamster.org ...This two-day Teamsters Leadership Academy (TLA), hosted by Local 986 in Los Angeles, will explore effective ways Teamster affiliates can communicate with members through the use of social networking, flyers, newsletters, websites and media. Don’t forget to register for this program...
Grocery Workers Strike in Puget Sound Averted Sky Valley Chronicle ...The large grocery store workers strike that was headed to begin October 21, by some 21,000 union employees against four large grocery chains, was averted at the wire by a tentative agreement reached by the negotiating teams for both sides in the dispute...
Top Five Ways Lobbyists Will Win and We Will Lose If a Major Corporate Trade Deal Goes Through Alternet ...The next time you want to share a song or a recipe online, you’d have to ask yourself: Am I a criminal? Interested in writing some fan fiction based on your favourite detective series and sharing it online? Ask yourself that very same question. That’s how TPP provisions could characterize you based on what we know about its Intellectual Property chapter...
Billion Dollar Pay Check? 10 CEOs in America Break All Records for Executive Pay Alternet ... the top 10 CEOs in this year's poll took home over $4.7bn between them and for the first time ever none earned less than $100m. "I have never seen anything like that," said Greg Ruel, GMI's senior research consultant and author of the report. "Usually we have a few CEOs at the $100m-plus level but never the entire top 10..."
College campuses see rise in homeless students USA Today ...Though hard data are lacking, the Free Application for Federal Student Aid estimates that there are 58,000 homeless students on campuses nationwide...
Plutocrats at Work: How Big Philanthropy Undermines Democracy Truthout ...For a dozen years, big philanthropy has been funding a massive crusade to remake public education for low-income and minority children in the image of the private sector...
Tax breaks could ease pain of JPMorgan deal Politico ...JPMorgan Chase has struck a tentative deal with the Justice Department to pay a record $13 billion over dodgy mortgage products — but the biggest U.S. bank may be able to slash that bill by paying Uncle Sam less in taxes...
Following Nationwide Strikes, Bangladesh Garment Workers Win Minimum Wage Increase The Real News ...Garment workers in Bangladesh are poised to receive a 50 to 80 percent increase in the minimum wage following massive protests in September which closed more than 100 factories and caused a 20 percent decline in national production, according to a Reuters report citing the Bangladesh Garment Manufacturers and Exporters Association...
Limited service delays BART commuters as strike ends Los Angeles Times ...Despite having reached a deal Monday night to end a four-day Bay Area commuter-rail strike, staffing issues made for a rocky start for BART riders Tuesday morning...
Hatred of unions is misplaced, as they created the strong middle class (opinion) Canton Repository ...I cannot understand why so many Americans have hatred for unions, which gave us a strong and vibrant middle class in the past...
Your prescription history is their business Los Angeles Times ...A secretive, for-profit service called ScriptCheck keeps track of all your prescriptions, even those you pay for with cash. Life insurers pay for the data...
More Americans pessimistic about economy after shutdown, poll shows Los Angeles Times ...Americans are more pessimistic about the state of the economy after the partial government shutdown and debt limit fight, according to poll results released Tuesday...
Feeding antibiotics to livestock is bad for humans, but Congress won’t stop it Washington Post ...The farm and pharmaceutical lobbies have blocked all meaningful efforts to reduce the use of antibiotics in raising livestock in America, a practice that contributes to a major public health risk, according to a study released Tuesday...
Ohio State University has invested millions with friend of Gov. John Kasich and Gordon Gee, but officials won't share details about the deal Cleveland Plain Dealer ... Ohio State University has invested tens of millions of dollars in a new, untested fund co-founded by a venture capitalist who enjoys close relationships with recently retired university president E. Gordon Gee and Gov. John Kasich. The deal was done behind closed doors, right around the time trustees changed OSU policy to allow top administrators more leeway over how to invest operating funds...
Court Holds Wisconsin Officials In Contempt For Enforcing Scott Walker’s Anti-Union Law ThinkProgress ...A Wisconsin judge who declared Wisconsin Gov. Scott Walker’s (R) union-busting law unconstitutional more than a year ago held the Wisconsin Employment Relations Commission in contempt of court on Monday for continuing to enforce that law against school and municipal workers...
Capitol Hill Needs to Save the Middle Class (opinion) teamster.org ...America’s ever-shrinking middle class is not only feeling pain in their wallet from lower take-home pay. Many are also witnessing a change in the places they live and the schools their children attend that could alter the fabric of our society for years to come...
Hershey Medical Center, Teamsters Continue Talks Lebanon Daily News ...Negotiators for the Penn State Milton S. Hershey Medical Center and Teamsters Local 776 were expected to sit down with a federal mediator to hammer out a new contract...
'Local Union Communications: The Social Art of Educating Members' TLA to be Held December 3-4 teamster.org ...This two-day Teamsters Leadership Academy (TLA), hosted by Local 986 in Los Angeles, will explore effective ways Teamster affiliates can communicate with members through the use of social networking, flyers, newsletters, websites and media. Don’t forget to register for this program...
Grocery Workers Strike in Puget Sound Averted Sky Valley Chronicle ...The large grocery store workers strike that was headed to begin October 21, by some 21,000 union employees against four large grocery chains, was averted at the wire by a tentative agreement reached by the negotiating teams for both sides in the dispute...
Top Five Ways Lobbyists Will Win and We Will Lose If a Major Corporate Trade Deal Goes Through Alternet ...The next time you want to share a song or a recipe online, you’d have to ask yourself: Am I a criminal? Interested in writing some fan fiction based on your favourite detective series and sharing it online? Ask yourself that very same question. That’s how TPP provisions could characterize you based on what we know about its Intellectual Property chapter...
Billion Dollar Pay Check? 10 CEOs in America Break All Records for Executive Pay Alternet ... the top 10 CEOs in this year's poll took home over $4.7bn between them and for the first time ever none earned less than $100m. "I have never seen anything like that," said Greg Ruel, GMI's senior research consultant and author of the report. "Usually we have a few CEOs at the $100m-plus level but never the entire top 10..."
College campuses see rise in homeless students USA Today ...Though hard data are lacking, the Free Application for Federal Student Aid estimates that there are 58,000 homeless students on campuses nationwide...
Plutocrats at Work: How Big Philanthropy Undermines Democracy Truthout ...For a dozen years, big philanthropy has been funding a massive crusade to remake public education for low-income and minority children in the image of the private sector...
Tax breaks could ease pain of JPMorgan deal Politico ...JPMorgan Chase has struck a tentative deal with the Justice Department to pay a record $13 billion over dodgy mortgage products — but the biggest U.S. bank may be able to slash that bill by paying Uncle Sam less in taxes...
Following Nationwide Strikes, Bangladesh Garment Workers Win Minimum Wage Increase The Real News ...Garment workers in Bangladesh are poised to receive a 50 to 80 percent increase in the minimum wage following massive protests in September which closed more than 100 factories and caused a 20 percent decline in national production, according to a Reuters report citing the Bangladesh Garment Manufacturers and Exporters Association...
Limited service delays BART commuters as strike ends Los Angeles Times ...Despite having reached a deal Monday night to end a four-day Bay Area commuter-rail strike, staffing issues made for a rocky start for BART riders Tuesday morning...
Hatred of unions is misplaced, as they created the strong middle class (opinion) Canton Repository ...I cannot understand why so many Americans have hatred for unions, which gave us a strong and vibrant middle class in the past...
Your prescription history is their business Los Angeles Times ...A secretive, for-profit service called ScriptCheck keeps track of all your prescriptions, even those you pay for with cash. Life insurers pay for the data...
More Americans pessimistic about economy after shutdown, poll shows Los Angeles Times ...Americans are more pessimistic about the state of the economy after the partial government shutdown and debt limit fight, according to poll results released Tuesday...
Feeding antibiotics to livestock is bad for humans, but Congress won’t stop it Washington Post ...The farm and pharmaceutical lobbies have blocked all meaningful efforts to reduce the use of antibiotics in raising livestock in America, a practice that contributes to a major public health risk, according to a study released Tuesday...
Ohio State University has invested millions with friend of Gov. John Kasich and Gordon Gee, but officials won't share details about the deal Cleveland Plain Dealer ... Ohio State University has invested tens of millions of dollars in a new, untested fund co-founded by a venture capitalist who enjoys close relationships with recently retired university president E. Gordon Gee and Gov. John Kasich. The deal was done behind closed doors, right around the time trustees changed OSU policy to allow top administrators more leeway over how to invest operating funds...
Court Holds Wisconsin Officials In Contempt For Enforcing Scott Walker’s Anti-Union Law ThinkProgress ...A Wisconsin judge who declared Wisconsin Gov. Scott Walker’s (R) union-busting law unconstitutional more than a year ago held the Wisconsin Employment Relations Commission in contempt of court on Monday for continuing to enforce that law against school and municipal workers...
Capitol Hill Needs to Save the Middle Class (opinion) teamster.org ...America’s ever-shrinking middle class is not only feeling pain in their wallet from lower take-home pay. Many are also witnessing a change in the places they live and the schools their children attend that could alter the fabric of our society for years to come...
Wednesday, September 25, 2013
Today's Teamster News 09.25.13
Teamsters, Horizon Air Reach Tentative Agreement Wall Street Journal ...Horizon Air and the International Brotherhood of Teamsters today jointly announced a tentative agreement on a proposed five-year contract extension covering the airline's 280 aircraft technicians, fleet service agents and other fleet support positions...
CN Rail contract talks with Teamsters snagged on health, safety Reuters ...Contract negotiations between Canadian National Railway and the Teamsters Union appear to have stalled as CN demands changes that union officials say could jeopardize the health and safety of workers...
U.S. Income Inequality Higher Than Roman Empire's Levels: Study Huffington Post ...the top one percent of earners in Ancient Rome controlled 16 percent of the society's wealth. By comparison, the top one percent of American earners control 40 percent of the country's wealth...
Banks find appalling new way to cheat homeowners Salon ...servicers like Nationstar often failed to inform homeowners about the change in servicing rights when they are transferred, meaning that the homeowner kept paying the wrong servicer. This is a clever way to facilitate late fees; just don’t tell the customer where to send their money...
Workers Set Factories Ablaze in Call for Decent Wage for Producing Globe's 'Cheap' Clothing Common Dreams ...Bangladesh swept by a third day of protests that leaves nearly 150 injured...
Bangladesh Garment Protests Enter Fourth Day Bloomberg ...Shipping Minister Shajahan Khan met last night with factory owners and labor leaders in an effort to end demonstrations that forced about 400 of the country’s 5,000 garment factories to close yesterday...
Greeks public sector workers strike as lenders check reform progress Reuters ...Greek public sector workers went on strike for the second time in a week on Tuesday, shutting schools and leaving hospitals with skeleton staff, as inspectors from Greece's foreign lenders checked if the country was meeting its bailout targets...
U.S. Trade Body Urges India to Play Fair Time ...An American manufacturing representative body is protesting against perceived discriminatory trade practices initiated by New Delhi ahead of Indian Prime Minister Manmohan Singh’s visit to the U.S on Friday...
Unifor Talking Right To Work Blackburn News ...The president of Unifor Local 444 in Ontario, Canada says his union is ready to fight Right To Work legislation. Dino Chiodo calls it “work for less” legislation, because that’s what he believes it will leave his members doing if it’s ever imposed on a provincial or federal level...
Walmart Cut Employee Hours So Drastically They Can't Keep Shelves Stocked, Losing Customers Think Progress ...Amid plunging sales and massive strikes, even Walmart has conceded it can’t run a business on a skeleton crew...
Government Shutdown Deadline In One Week Associated Press ...With a week left to hammer out a deal to avoid a government shutdown, some lawmakers seem resigned – if not rushing – to that end...
Robert Reich: We Can Save the Economy If We Get Serious About Taxing the Rich AlterNet ...New documentary "Inequality for All," starring Reich explains how to fix America's income inequality...
Nowhere to Hide: The Government's Massive Intrusion Into Our Lives Tom Dispatch ...The NSA isn’t the only government agency exploiting technology to make privacy obsolete...
Smithfield shareholders approve Shuanghui deal Associated Press ...Shareholders of Smithfield Foods Inc. on Tuesday approved a plan to sell the world’s largest pork producer and processor to a Chinese company...
Bank Of America To Pay $2.18 Million In Racial Discrimination Case Reuters ...Bank of America Corp was ordered to pay $2.18 million to 1,147 black job applicants over racial discrimination in hiring that kept qualified candidates from getting jobs, said the U.S. Department of Labor...
How America’s 401(k) Revolution Rewarded the Rich and Turned the Rest of Us Into Big Losers AlterNet ...It was a bad idea from the get-go, but new research shows that America’s 401(k) revolution has left us even worse off than we thought. Here’s a look at how we got into this mess, and where it will take us if we don’t wise up...
N.J. bank fined $8.2 million over federal money-laundering violations Star-Ledger ...Saddle River Valley Bank, a former community bank in Bergen County that once was controlled by private equity magnate J. Christopher Flowers, has agreed to pay $8.2 million to settle federal claims that it broke U.S. anti-money laundering laws...
Union Push for I.P.O. Forces Filing at Chrysler New York Times ...Chrysler filed for a public stock offering on Monday, acting only under pressure from its second-largest shareholder, a trust set up to provide medical coverage for 115,000 retired autoworkers and their relatives...
CN Rail contract talks with Teamsters snagged on health, safety Reuters ...Contract negotiations between Canadian National Railway and the Teamsters Union appear to have stalled as CN demands changes that union officials say could jeopardize the health and safety of workers...
U.S. Income Inequality Higher Than Roman Empire's Levels: Study Huffington Post ...the top one percent of earners in Ancient Rome controlled 16 percent of the society's wealth. By comparison, the top one percent of American earners control 40 percent of the country's wealth...
Banks find appalling new way to cheat homeowners Salon ...servicers like Nationstar often failed to inform homeowners about the change in servicing rights when they are transferred, meaning that the homeowner kept paying the wrong servicer. This is a clever way to facilitate late fees; just don’t tell the customer where to send their money...
Workers Set Factories Ablaze in Call for Decent Wage for Producing Globe's 'Cheap' Clothing Common Dreams ...Bangladesh swept by a third day of protests that leaves nearly 150 injured...
Bangladesh Garment Protests Enter Fourth Day Bloomberg ...Shipping Minister Shajahan Khan met last night with factory owners and labor leaders in an effort to end demonstrations that forced about 400 of the country’s 5,000 garment factories to close yesterday...
Greeks public sector workers strike as lenders check reform progress Reuters ...Greek public sector workers went on strike for the second time in a week on Tuesday, shutting schools and leaving hospitals with skeleton staff, as inspectors from Greece's foreign lenders checked if the country was meeting its bailout targets...
U.S. Trade Body Urges India to Play Fair Time ...An American manufacturing representative body is protesting against perceived discriminatory trade practices initiated by New Delhi ahead of Indian Prime Minister Manmohan Singh’s visit to the U.S on Friday...
Unifor Talking Right To Work Blackburn News ...The president of Unifor Local 444 in Ontario, Canada says his union is ready to fight Right To Work legislation. Dino Chiodo calls it “work for less” legislation, because that’s what he believes it will leave his members doing if it’s ever imposed on a provincial or federal level...
Walmart Cut Employee Hours So Drastically They Can't Keep Shelves Stocked, Losing Customers Think Progress ...Amid plunging sales and massive strikes, even Walmart has conceded it can’t run a business on a skeleton crew...
Government Shutdown Deadline In One Week Associated Press ...With a week left to hammer out a deal to avoid a government shutdown, some lawmakers seem resigned – if not rushing – to that end...
Robert Reich: We Can Save the Economy If We Get Serious About Taxing the Rich AlterNet ...New documentary "Inequality for All," starring Reich explains how to fix America's income inequality...
Nowhere to Hide: The Government's Massive Intrusion Into Our Lives Tom Dispatch ...The NSA isn’t the only government agency exploiting technology to make privacy obsolete...
Smithfield shareholders approve Shuanghui deal Associated Press ...Shareholders of Smithfield Foods Inc. on Tuesday approved a plan to sell the world’s largest pork producer and processor to a Chinese company...
Bank Of America To Pay $2.18 Million In Racial Discrimination Case Reuters ...Bank of America Corp was ordered to pay $2.18 million to 1,147 black job applicants over racial discrimination in hiring that kept qualified candidates from getting jobs, said the U.S. Department of Labor...
How America’s 401(k) Revolution Rewarded the Rich and Turned the Rest of Us Into Big Losers AlterNet ...It was a bad idea from the get-go, but new research shows that America’s 401(k) revolution has left us even worse off than we thought. Here’s a look at how we got into this mess, and where it will take us if we don’t wise up...
N.J. bank fined $8.2 million over federal money-laundering violations Star-Ledger ...Saddle River Valley Bank, a former community bank in Bergen County that once was controlled by private equity magnate J. Christopher Flowers, has agreed to pay $8.2 million to settle federal claims that it broke U.S. anti-money laundering laws...
Union Push for I.P.O. Forces Filing at Chrysler New York Times ...Chrysler filed for a public stock offering on Monday, acting only under pressure from its second-largest shareholder, a trust set up to provide medical coverage for 115,000 retired autoworkers and their relatives...
Tuesday, May 7, 2013
Today's Teamster News 05.07.13
Austerity Has Cost The U.S. Economy 2.2 Million Jobs: Study Huffington Post ...There are more than 2 million unemployed Americans who might have jobs today if not for austerity...
Across The Country, Renters Are Getting Crushed By Housing Costs Business Insider ...In the grand scheme of personal finances, your take home pay is like an apple pie. Your bills are the hungry flock of kids banging their fists on the table to get their share. For renters in America, housing is usually the hungriest of the bunch...
Unemployment Benefit Cut Adds to Drag on U.S. Spending: Economy Bloomberg News ...Dentral Smith had to say no when her granddaughter asked for a treat on the way home from school. The government’s cut in unemployment payments leaves her with less spending money...
Online sales tax bill seen stalling in House Chicago Tribune ...Observers expect legislation that would give power to U.S. states to collect sales tax from online purchases will stall in the House. The Senate is expected to vote on the bill Monday although it has little chance of survival in the House, controlled by Republicans highly opposed to new taxes...
Koch Brothers Bought America's Universities, Now the Billionaires Want to Buy Our Free Press (opinion) Huffington Post ...The conservative oil tycoon billionaires, Koch Brothers, are after our free press and the newspapers that could serve as a broader platform for their conservative ideology. Newspapers provide our country with information and coverage that is essential for democracy. This is not a business investment for the billionaire brothers...
N.Y. to sue Bank of America, Wells Fargo over alleged violations of mortgage deal Washington Post ...New York Attorney General Eric Schneiderman said Monday he intends to sue Bank of America and Wells Fargo for failing to help struggling homeowners under the $25 billion national mortgage settlement...
Wisconsin Bill Would Treat Organic Milk, Sharp Cheddar, Brown Eggs as "Junk Food" PRWatch ...Wisconsin ranks 44th in the nation for new job creation. Rather than rolling up their sleeves and finding new and innovative ways to help create jobs, the Wisconsin legislature is spending its time telling people needing food assistance what they should be eating...
Illinois Constitution may impede pension reform effort Reuters ...A House-backed plan to repair Illinois' underfunded pension system, that would increase employee contributions while reducing benefits, may face a Constitutional challenge...
Sanford, Colbert Busch Poll Shows South Carolina Candidates In Tight Race Huffington Post ...Days ahead of Tuesday's special election for South Carolina's open congressional seat, a new poll shows former Gov. Mark Sanford (R) gaining momentum on Democratic rival Elizabeth Colbert Busch, erasing the strong lead she posted in a previous poll...
Chris Christie rakes in $6.2 million Politico ...New Jersey Gov. Chris Christie has raised just under $6.2 million for his reelection bid, his campaign announced Monday...
Despite reluctant GOP surrender, unions vow to fight Right to Work in Ohio PR NewsChannel …Two bills that could’ve made Ohio a right-to-work state in both the public and private sectors were stalled in the legislature just hours after they were introduced. Now hundreds of thousands of union workers in the state, many of whom have watched Michigan’s struggles, are being urged to view these recent developments as a wakeup call despite the outcome…
Hoffa: ALEC's War on Workers Huffington Post ...Corporations are upping the ante in their attempt to take control of the political process. Under the guise of the American Legislative Exchange Council (ALEC), the nation's most powerful are drafting legislation that is appearing in statehouses across the country. And the target is not just union members, but the entire middle class...
Massachusetts Firefighters Join Teamsters Local 170 IBT ...They put their own lives at risk to protect the citizens of Webster, Mass. Now, the 41 part-time firefighters with the Webster Fire Department have their own protection—Teamster representation...
Video: Equal pay issue earns Teamster support for Staten Island City Council candidate Mendy Mirocznik Staten Island Live ...For his vocal support of what he called "equal pay for equal work," Democratic Mid-Island City Council Candidate Mendy Mirocznik Monday earned the endorsement of Teamsters 237, which represents school safety agents...
Across The Country, Renters Are Getting Crushed By Housing Costs Business Insider ...In the grand scheme of personal finances, your take home pay is like an apple pie. Your bills are the hungry flock of kids banging their fists on the table to get their share. For renters in America, housing is usually the hungriest of the bunch...
Unemployment Benefit Cut Adds to Drag on U.S. Spending: Economy Bloomberg News ...Dentral Smith had to say no when her granddaughter asked for a treat on the way home from school. The government’s cut in unemployment payments leaves her with less spending money...
Online sales tax bill seen stalling in House Chicago Tribune ...Observers expect legislation that would give power to U.S. states to collect sales tax from online purchases will stall in the House. The Senate is expected to vote on the bill Monday although it has little chance of survival in the House, controlled by Republicans highly opposed to new taxes...
Koch Brothers Bought America's Universities, Now the Billionaires Want to Buy Our Free Press (opinion) Huffington Post ...The conservative oil tycoon billionaires, Koch Brothers, are after our free press and the newspapers that could serve as a broader platform for their conservative ideology. Newspapers provide our country with information and coverage that is essential for democracy. This is not a business investment for the billionaire brothers...
N.Y. to sue Bank of America, Wells Fargo over alleged violations of mortgage deal Washington Post ...New York Attorney General Eric Schneiderman said Monday he intends to sue Bank of America and Wells Fargo for failing to help struggling homeowners under the $25 billion national mortgage settlement...
Wisconsin Bill Would Treat Organic Milk, Sharp Cheddar, Brown Eggs as "Junk Food" PRWatch ...Wisconsin ranks 44th in the nation for new job creation. Rather than rolling up their sleeves and finding new and innovative ways to help create jobs, the Wisconsin legislature is spending its time telling people needing food assistance what they should be eating...
Illinois Constitution may impede pension reform effort Reuters ...A House-backed plan to repair Illinois' underfunded pension system, that would increase employee contributions while reducing benefits, may face a Constitutional challenge...
Sanford, Colbert Busch Poll Shows South Carolina Candidates In Tight Race Huffington Post ...Days ahead of Tuesday's special election for South Carolina's open congressional seat, a new poll shows former Gov. Mark Sanford (R) gaining momentum on Democratic rival Elizabeth Colbert Busch, erasing the strong lead she posted in a previous poll...
Chris Christie rakes in $6.2 million Politico ...New Jersey Gov. Chris Christie has raised just under $6.2 million for his reelection bid, his campaign announced Monday...
Despite reluctant GOP surrender, unions vow to fight Right to Work in Ohio PR NewsChannel …Two bills that could’ve made Ohio a right-to-work state in both the public and private sectors were stalled in the legislature just hours after they were introduced. Now hundreds of thousands of union workers in the state, many of whom have watched Michigan’s struggles, are being urged to view these recent developments as a wakeup call despite the outcome…
Hoffa: ALEC's War on Workers Huffington Post ...Corporations are upping the ante in their attempt to take control of the political process. Under the guise of the American Legislative Exchange Council (ALEC), the nation's most powerful are drafting legislation that is appearing in statehouses across the country. And the target is not just union members, but the entire middle class...
Massachusetts Firefighters Join Teamsters Local 170 IBT ...They put their own lives at risk to protect the citizens of Webster, Mass. Now, the 41 part-time firefighters with the Webster Fire Department have their own protection—Teamster representation...
Video: Equal pay issue earns Teamster support for Staten Island City Council candidate Mendy Mirocznik Staten Island Live ...For his vocal support of what he called "equal pay for equal work," Democratic Mid-Island City Council Candidate Mendy Mirocznik Monday earned the endorsement of Teamsters 237, which represents school safety agents...
Tuesday, November 6, 2012
Whoa! Bank of America cuts ties to ALEC
A Bank of America representative confirmed the company will not renew its membership in ALEC due to budgetary reasons. The bank was responding to investor letters asking that it dump ALEC.
ALEC stands for "American Legislative Exchange Council." It's a dating service that introduces state lawmakers to rich political donors during lavish family vacations. Those vacation are often paid for by the corporations -- or by the taxpayer. It's a good deal for the corporations that belong to ALEC. For short money, they get laws that let them hurt consumers, communities, workers and the environment.
The Center for Media and Democracy over the past year or so has exposed the inner workings of ALEC to the deep embarrassment of the lawmakers, the businesses and the organizations involved. By our count, about 40 major corporations and nonprofits have fled ALEC. Heh-heh.
Monday, August 13, 2012
Today's Teamster News 08.13.12
Long Term Unemployment is the Crisis of Our Time Economic Populist ...We have millions of people out of a job with years of experience, skills and advanced education, currently all going to waste...
China’s Economy Now Growing at a One Percent Rate? Iacano Research ...Recent news reports make the situation in China sound somewhat dire, what with exports tumbling in large part due to the recession sweeping over continental Europe and with the government’s efforts to cool a red-hot housing market apparently meeting with too much success over the last couple years...
Paul Ryan Only Passed 2 Bills Into Law In More Than A Decade Huffington Post ...Thanks to Ryan, the post office on 1818 Milton Ave. in Janesville, Wis., is now known as "Les Aspin Post Office Building..."
'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan The Guardian ...The Sensata plant in Freeport is profitable and competitive, but its majority owner, Bain Capital, has decided to ship jobs to China – and forced workers to train their overseas replacements...
Brockton Saves $ and Protests Foreclosure Misdeeds by Moving $170 Million Account from Bank of America naked capitalism ...the City of Brockton, which has one of the highest foreclosure rates in the state of Massachusetts, decided to save money and send a message by moving its payroll account from Bank of America...
Nice Memorial, But No New Mine Safety Laws Washington Post ...Despite the enormity of the Upper Big Branch disaster, the tragedy has not led to any significant new federal legislation to stop a serial safety violator such as Massey from cutting corners and causing the deaths of more workers...
China’s Economy Now Growing at a One Percent Rate? Iacano Research ...Recent news reports make the situation in China sound somewhat dire, what with exports tumbling in large part due to the recession sweeping over continental Europe and with the government’s efforts to cool a red-hot housing market apparently meeting with too much success over the last couple years...
Paul Ryan Only Passed 2 Bills Into Law In More Than A Decade Huffington Post ...Thanks to Ryan, the post office on 1818 Milton Ave. in Janesville, Wis., is now known as "Les Aspin Post Office Building..."
'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan The Guardian ...The Sensata plant in Freeport is profitable and competitive, but its majority owner, Bain Capital, has decided to ship jobs to China – and forced workers to train their overseas replacements...
Brockton Saves $ and Protests Foreclosure Misdeeds by Moving $170 Million Account from Bank of America naked capitalism ...the City of Brockton, which has one of the highest foreclosure rates in the state of Massachusetts, decided to save money and send a message by moving its payroll account from Bank of America...
Nice Memorial, But No New Mine Safety Laws Washington Post ...Despite the enormity of the Upper Big Branch disaster, the tragedy has not led to any significant new federal legislation to stop a serial safety violator such as Massey from cutting corners and causing the deaths of more workers...
Sunday, May 6, 2012
Today's Teamster News 05.06.12
The incredible shrinking labor force Washington Post ...About 41 percent of the unemployed have been out of work for more than 27 weeks, and economists have found that as workers remain jobless for extended periods of time, their skills erode, their work contacts move on, their motivation wanes and they have difficulty returning to the labor force when the economy picks back up...
Jobs Few, Grads Flock to Unpaid Internships New York Times ...practice, there is little to stop employers from exploiting interns...
Bank of America’s Protection Detail firedoglake ... Charlotte has imposed special rules on a 2 block by 2 block square for 12 hours on Wednesday (May 9) to protect the Bank of America annual shareholder meeting from disruption by protesters...
Interesting facts about buying American-made products Manufacture This ...$10 a day spent on U.S. made products would cause wages to rise...
Madness in Spain Lingers as Ireland Chases Recovery Bloomberg ... Developers ... continue to build even with 2 million homes vacant around the country, new airports that never saw a single flight being mothballed, and property appraisers and banks reporting values have fallen only about 22 percent, said Encinar, who estimates the real decline is probably at least twice that...
Employers pull back on hiring, but jobless rate drops; trucking adds 1,800 jobs Associated Press ...For-hire trucking picked up 1,800 jobs for the month, after losing 1,900 in March. The preliminary April number for trucking is better than the same month a year ago by 38,500 jobs, and it's 99,300 jobs better than March 2010, the low point in the downturn. But the current total is still 120,800 jobs shy of the industry peak in early 2007 — a slip of 8.3 percent...
Against Chairs Jacobin ...the American Cancer Society wrapped up a fourteen-year longitudinal study of 120,000 participants and discovered that sitting for extended periods during the day dramatically increased participants’ risk of death...
Jobs Few, Grads Flock to Unpaid Internships New York Times ...practice, there is little to stop employers from exploiting interns...
Bank of America’s Protection Detail firedoglake ... Charlotte has imposed special rules on a 2 block by 2 block square for 12 hours on Wednesday (May 9) to protect the Bank of America annual shareholder meeting from disruption by protesters...
Interesting facts about buying American-made products Manufacture This ...$10 a day spent on U.S. made products would cause wages to rise...
Madness in Spain Lingers as Ireland Chases Recovery Bloomberg ... Developers ... continue to build even with 2 million homes vacant around the country, new airports that never saw a single flight being mothballed, and property appraisers and banks reporting values have fallen only about 22 percent, said Encinar, who estimates the real decline is probably at least twice that...
Employers pull back on hiring, but jobless rate drops; trucking adds 1,800 jobs Associated Press ...For-hire trucking picked up 1,800 jobs for the month, after losing 1,900 in March. The preliminary April number for trucking is better than the same month a year ago by 38,500 jobs, and it's 99,300 jobs better than March 2010, the low point in the downturn. But the current total is still 120,800 jobs shy of the industry peak in early 2007 — a slip of 8.3 percent...
Against Chairs Jacobin ...the American Cancer Society wrapped up a fourteen-year longitudinal study of 120,000 participants and discovered that sitting for extended periods during the day dramatically increased participants’ risk of death...
Friday, April 20, 2012
Bank of America's embarrassing fake website
The website, http://yourbofa.com/#, fooled the Dow Jones Newswire for a few hours until it posted a correction.
Today, it's time to acknowledge that our Bank isn't working anymore—not just for the market, but for people, our real customers. We've paid $8.58 billion in relief to borrowers and $3.24 billion in fines. We face lawsuits and claims from citizens, companies, and state and local governments. There is even a petition with the Federal Reserve to break up our bank, adding yet more uncertainty to our position. Finally, we've found ourselves front-and-center in the national foreclosure crisis...The website can't be making the troubled bank happy. It has a section where readers can post suggestions for improving the bank. According to The Huffington Post, some suggestions are more constructive than others:
"I want my bank to lay out all potential charges on my card usage and accounts to be in a clear and understandable term sheet before any charges are incurred," one comment stated.
"Banks need to offer investment opportunities that focus on local needs and small businesses," another stated.
"I would like you to feature a photo of Brian Moynihan with his head up his ass!" declared a third.The website looks almost exactly like the bank's real website, with the same soothing corporate tone.
The Yes Men say their mission is to impersonate big-time criminals in order to publicly humiliate them.
Our targets are leaders and big corporations who put profits ahead of everything else.Sounds like a plan.
Thursday, March 15, 2012
It's a Day of Action Against Bank of America
The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time. Did you hear about the plot to rig global interest rates? The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers? Take your eyes off them for 10 seconds and guaranteed, they'll be into some shit again: This bank is like the world's worst-behaved teenager, taking your car and running over kittens and fire hydrants on the way to Vegas for the weekend, maxing out your credit cards in the three days you spend at your aunt's funeral. They're out of control, yet they'll never do time or go out of business, because the government remains creepily committed to their survival, like overindulgent parents who refuse to believe their 40-year-old live-at-home son could possibly be responsible for those dead hookers in the backyard.To add to the banksters' discomfort, it's "F the Banks Day," "F" meaning foreclose. In 12 cities, protesters will be moving their living rooms into Bank of America lobbies, the way these guys did earlier this week in New York (Watch here).
The point of the exercise is to demonstrate how Bank of America illegally took tens -- hundreds? -- of thousands of homes through illegal foreclosures. Follow the action on #FightBAC.
Today is also the day that Bank of America's disgruntled customers will move their money to another bank. In Phoenix, for example, number nine dream will move his checking account from BofA after waiting a long time for the right day to do it. He explains that Bank of America took homes from four people in his neighborhood, slapped fees on his grandchildren's savings accounts and put hidden fees on loans to veterans.
A new logo for the bank has even been devised:
We'll be keeping track as the day unfolds.
Thursday, January 26, 2012
Today's Teamster News 01.26.12
Right-to-work measure clears Indiana House Associated Press ...Indiana is poised to become the first right-to-work state in more than a decade after the Republican-controlled House passed legislation on Wednesday banning from collecting mandatory fees from workers...
Private-prisons bill advances in Florida Senate Miami Herald ...opposition is building on multiple fronts. Correctional officers and unions say privatization is being rushed and will cause widespread disruption to families, where it is common for two or more members of the same family to hold prison jobs...
Five Democratic State Senators In Missouri Threatened With Sniper Crosshairs On Their Office Doors Addicting Info ...Just a few days ago, a Democratic campaign manager in Arkansas arrived home to find his children’s pet cat murdered with the word ‘Liberal’ scrawled across its fur. And now, Missouri lawmakers are also being threatened...
California calls $25-billion mortgage settlement 'inadequate' Los Angeles Times ...“Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners and meaningful enforcement that ensures accountability. At this point, this deal does not suffice for California..."
Bank of America Poses a Grave Threat to U.S. Financial Stability Public Citizen ...Petition calling on Federal Reserve and Financial Stability Oversight Committee to break up Bank of America...
Trucking Industry, Teamsters Clash Over Owner-Operator Bill Journal of Commerce ...The harbor trucking industry is clashing with the Teamsters union over a bill before the Washington state legislature that would classify owner-operators as employees rather than as independent contractors...
Private-prisons bill advances in Florida Senate Miami Herald ...opposition is building on multiple fronts. Correctional officers and unions say privatization is being rushed and will cause widespread disruption to families, where it is common for two or more members of the same family to hold prison jobs...
Five Democratic State Senators In Missouri Threatened With Sniper Crosshairs On Their Office Doors Addicting Info ...Just a few days ago, a Democratic campaign manager in Arkansas arrived home to find his children’s pet cat murdered with the word ‘Liberal’ scrawled across its fur. And now, Missouri lawmakers are also being threatened...
California calls $25-billion mortgage settlement 'inadequate' Los Angeles Times ...“Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners and meaningful enforcement that ensures accountability. At this point, this deal does not suffice for California..."
Bank of America Poses a Grave Threat to U.S. Financial Stability Public Citizen ...Petition calling on Federal Reserve and Financial Stability Oversight Committee to break up Bank of America...
Trucking Industry, Teamsters Clash Over Owner-Operator Bill Journal of Commerce ...The harbor trucking industry is clashing with the Teamsters union over a bill before the Washington state legislature that would classify owner-operators as employees rather than as independent contractors...
Friday, January 13, 2012
Today's Teamster News 01.13.12
Indiana anti-union bill to get vote next week as Republicans and Democrats make a deal DailyKos ...With or without amendments, though, Republicans are overwhelmingly likely to have the votes they need to pass the bill, forcing union members to pay the costs of union representation for their coworkers who don't belong to the union...
3 billionaires who'll drag out the race Politico ...Meet the three billionaires who could drag out the GOP presidential primary, bloody up front-runner Mitt Romney and weaken the odds of defeating President Barack Obama: Sheldon Adelson, Foster Friess and Jon Huntsman, Sr...
Virginia Bill to Consider Establishing a State-Owned Bank American Banker ...A Virginia lawmaker is urging his colleagues in Richmond to consider creating a state-owned bank that would use deposits from residents and state agencies to lend to local businesses and stimulate economic growth...
Bank of America Prepares Emergency Plans at Fed Behest, May Need to Amputate on Geographic Basis naked capitalism ...no one should cry at the prospect that Bank of America might have to shrink to if it continues to be in financial and litigation hot water...
Occupy Wall Street reclaims Zuccotti Park Washington Post ...Occupy Wall Street protesters flooded into their former dwelling space at Zuccotti Park Tuesday night after police removed the metal barricades that had blocked their entrance since a police raid in November...
Several Teamsters Locals Are Striking, Some For Over a Year, But Nobody Seems to Notice The Indypendent ...in 2010, a total of 11 strikes were documented; this compared to as many as 300 at any given time in the 1970s...
3 billionaires who'll drag out the race Politico ...Meet the three billionaires who could drag out the GOP presidential primary, bloody up front-runner Mitt Romney and weaken the odds of defeating President Barack Obama: Sheldon Adelson, Foster Friess and Jon Huntsman, Sr...
Virginia Bill to Consider Establishing a State-Owned Bank American Banker ...A Virginia lawmaker is urging his colleagues in Richmond to consider creating a state-owned bank that would use deposits from residents and state agencies to lend to local businesses and stimulate economic growth...
Bank of America Prepares Emergency Plans at Fed Behest, May Need to Amputate on Geographic Basis naked capitalism ...no one should cry at the prospect that Bank of America might have to shrink to if it continues to be in financial and litigation hot water...
Occupy Wall Street reclaims Zuccotti Park Washington Post ...Occupy Wall Street protesters flooded into their former dwelling space at Zuccotti Park Tuesday night after police removed the metal barricades that had blocked their entrance since a police raid in November...
Several Teamsters Locals Are Striking, Some For Over a Year, But Nobody Seems to Notice The Indypendent ...in 2010, a total of 11 strikes were documented; this compared to as many as 300 at any given time in the 1970s...
Saturday, January 7, 2012
Today's Teamster News 01.07.12
Unemployment 8.5% for December 2011 - 200,000 Jobs Economic Populist ...this report shows a gain of 50,000 jobs in transportation and warehousing. 42,000 of those jobs is with courier services, i.e. UPS and Fed-Ex. We know online shoppin' has really taken off, but lets hope those delivery and shipping jobs reported permanent really are...
Occupy Geriatrics: Seniors in Walkers Shut Down Local Bank of America SF Weekly ...the protesters said they had no intention (or oxygen) of storming the bank, as occupiers in other communities have done, officials at Bank of America shut the doors and locked them as they spotted the slow-moving group make its way to the front of the bank...
30 Statistics That Show the Middle Class Is Dying in Front of Our Eyes Business Insider ...#27 In 1970, 65 percent of all Americans lived in "middle class neighborhoods". By 2007, only 44 percent of all Americans lived in "middle class neighborhoods"...
US economic data sees ‘reversion to mean’ (opinion) FT Alphaville ...The labour market is looking healthier and the housing market might well hit a bottom this year (finally) (please). But neither do we think that the string of expectations-beating economic indicators point to a spiky new trajectory for growth...
"Right to Work" hearings in Evansville, Gary & Fort Wayne this weekend Indiana AFL-CIO ...This public forum to educate people on what Right to Work is as well as to hold a discussion on how the public feels about the Legislation...
Bill to allow Floridians the right to a citizens’ veto filed today in Tallahassee Florida Independent ...State Rep. Richard Steinberg, D-Miami Beach, and state Sen. Paula Dockery, R-Lakeland, today filed a bill that would “authorize and establish requirements for a citizens’ veto referendum.”...
Occupy Geriatrics: Seniors in Walkers Shut Down Local Bank of America SF Weekly ...the protesters said they had no intention (or oxygen) of storming the bank, as occupiers in other communities have done, officials at Bank of America shut the doors and locked them as they spotted the slow-moving group make its way to the front of the bank...
30 Statistics That Show the Middle Class Is Dying in Front of Our Eyes Business Insider ...#27 In 1970, 65 percent of all Americans lived in "middle class neighborhoods". By 2007, only 44 percent of all Americans lived in "middle class neighborhoods"...
US economic data sees ‘reversion to mean’ (opinion) FT Alphaville ...The labour market is looking healthier and the housing market might well hit a bottom this year (finally) (please). But neither do we think that the string of expectations-beating economic indicators point to a spiky new trajectory for growth...
"Right to Work" hearings in Evansville, Gary & Fort Wayne this weekend Indiana AFL-CIO ...This public forum to educate people on what Right to Work is as well as to hold a discussion on how the public feels about the Legislation...
Bill to allow Floridians the right to a citizens’ veto filed today in Tallahassee Florida Independent ...State Rep. Richard Steinberg, D-Miami Beach, and state Sen. Paula Dockery, R-Lakeland, today filed a bill that would “authorize and establish requirements for a citizens’ veto referendum.”...
Thursday, December 29, 2011
99% Choir forecloses on Bank of America (video)
Guess we weren't feeling very inspired on Wednesday, because we forgot to post a music video. We'll try to make up for it today with a hilarious video of the 99% Choir, made up of the Seattle Labor Chorus, the Backbone Campaign and the Washington Community Action Network. The choir sang carols in the Seattle Bank of America lobby, then staged a mock foreclosure of the bank.
For those who ask "What are they trying to accomplish?" we will argue that actions like these keep the community's focus where it belongs -- on the unprosecuted criminality of banks. Not on government workers, not on unions, not on poor people, not on Occupy Wall Street campers, not on any of the usual phony culprits that Fox News likes to blame for the middle class's struggles.
Here's a quick primer on some of the fraud -- criminal fraud -- banks have engaged in to foreclose on peoples' homes.
Wednesday, December 21, 2011
Today's Teamster News 12.21.11
3 Million Could Lose Jobless Pay in Impasse New York Times ...Jobless benefits have been overshadowed by debate on a payroll tax cut, but have become a huge sticking point in negotiations on a bill that deals with both issues...
BofA Shares Fall Below $5 for First Time Since March 2009 Bloomberg ...Bank of America Corp. (BAC), the second- biggest U.S. lender, fell below $5 in New York trading for the first time since March 2009 amid concern that Europe’s debt crisis will be a drag on the world’s financial system...
Mass March by Cairo Women in Protest Over Abuse by Soldiers New York Times ...Several thousand women demanding the end of military rule marched through downtown Cairo on Tuesday evening in an extraordinary expression of anger over images of soldiers beating, stripping and kicking female demonstrators in Tahrir Square...
People’s Convention of Florida drafts proposals for 2012 session The Florida Independent ...Occupy Wall Street-inspired groups from around the state have begun to draft proposals to be handed to House Speaker Dean Cannon, R-Winter Park, on the first day of the Florida legislative session, Jan. 10...
Frustration over recall Walker signatures causing problems WTMJ ...With less than 30 days to go before the deadline to collect recall signatures one thing both sides can agree on is that it's getting down right nasty and dangerous out on the streets...
Alta Dena Dairy Workers Ratify Strong First Contract Locals 630 and 166 ...Drivers, production workers and equipment and maintenance mechanics at Alta Dena Dairy in City of Industry, Calif. ratified their first contract since joining Teamsters Locals 630 & 166 in Southern California in September 2011 through card recognition...
BofA Shares Fall Below $5 for First Time Since March 2009 Bloomberg ...Bank of America Corp. (BAC), the second- biggest U.S. lender, fell below $5 in New York trading for the first time since March 2009 amid concern that Europe’s debt crisis will be a drag on the world’s financial system...
Mass March by Cairo Women in Protest Over Abuse by Soldiers New York Times ...Several thousand women demanding the end of military rule marched through downtown Cairo on Tuesday evening in an extraordinary expression of anger over images of soldiers beating, stripping and kicking female demonstrators in Tahrir Square...
People’s Convention of Florida drafts proposals for 2012 session The Florida Independent ...Occupy Wall Street-inspired groups from around the state have begun to draft proposals to be handed to House Speaker Dean Cannon, R-Winter Park, on the first day of the Florida legislative session, Jan. 10...
Frustration over recall Walker signatures causing problems WTMJ ...With less than 30 days to go before the deadline to collect recall signatures one thing both sides can agree on is that it's getting down right nasty and dangerous out on the streets...
Alta Dena Dairy Workers Ratify Strong First Contract Locals 630 and 166 ...Drivers, production workers and equipment and maintenance mechanics at Alta Dena Dairy in City of Industry, Calif. ratified their first contract since joining Teamsters Locals 630 & 166 in Southern California in September 2011 through card recognition...
Saturday, November 26, 2011
Today's Teamster News 11.25.11
Opening Day for Shoppers Shows Divide New York Times ...The low-end and midrange retailers are risking low margins as they cut prices to attract shoppers, while executives at luxury stores say that they are actually able to sell more at full price than in recent boom years...
Bank of America's billion dollar spin Salon ...In misleading TV ads, the bank casts itself as a champion of the working class and small business. Reality check!...
Debunking the conservative argument about the rich and taxes, in three easy charts Washington Post ...the percentage change of the overall average income of the top one percent has risen by 119 percent. That’s more than twice the amount of the change in their income tax, which grew by 54 percent in that time...
Egypt Military and Protesters Dig In for a Long Standoff New York Times ...the protesters, emboldened by the end of the fighting, said they were as determined as ever to stay in the square until the military council and its chief, Field Marshal Mohamed Hussein Tantawi, left power...
Eurozone Fears Hit London Market Press Association ... Doubts over the future of the currency bloc were compounded as Italy was forced to pay more than 7% on the bond markets, a level that is widely seen as unsustainable...
Europe's Economic Implosion Heats Up Economic Populist ...Right before Thanksgiving, there were more events pointing to a tsunami from the Eurozone...
Bank of America's billion dollar spin Salon ...In misleading TV ads, the bank casts itself as a champion of the working class and small business. Reality check!...
Debunking the conservative argument about the rich and taxes, in three easy charts Washington Post ...the percentage change of the overall average income of the top one percent has risen by 119 percent. That’s more than twice the amount of the change in their income tax, which grew by 54 percent in that time...
Egypt Military and Protesters Dig In for a Long Standoff New York Times ...the protesters, emboldened by the end of the fighting, said they were as determined as ever to stay in the square until the military council and its chief, Field Marshal Mohamed Hussein Tantawi, left power...
Eurozone Fears Hit London Market Press Association ... Doubts over the future of the currency bloc were compounded as Italy was forced to pay more than 7% on the bond markets, a level that is widely seen as unsustainable...
Europe's Economic Implosion Heats Up Economic Populist ...Right before Thanksgiving, there were more events pointing to a tsunami from the Eurozone...
Wednesday, November 2, 2011
Today's Teamsters News 11.02.11
"Occupy Oakland" strike gains big labor support Associated Press ...A widely anticipated strike Wednesday by anti-Wall Street demonstrators in Oakland is expected to get a big boost from organized labor and established advocacy groups whose grievances range from school closures and waning union benefits to home foreclosures and cuts to libraries and services for the disabled...
Bank of America scraps debit card fee after consumer backlash Washington Post ...It was a classic David-and-Goliath fight, fueled by the growing populist outrage against the nation’s financial system. On Tuesday, the little guy won: Bank of America announced that it was abandoning the fee...
Progressive editor Matt Rothschild, 17 others arrested for using cameras in Wisconsin Assembly gallery Isthmus ...Rothschild said he was fed up with the arrests in recent weeks of citizens who defied the Assembly ban on displaying signs, and shooting photos and video...
Missouri billionaire’s tax crusade crosses state line to Kansas Kansas City Star ...political consultants said that if (Rex) Sinquefield becomes heavily involved in the Kansas income tax debate, it could profoundly change the political environment surrounding the issue...
Michigan Surpassing 48 States Shows Autos Drive U.S. Recovery Bloomberg ...Michigan’s economy is recovering from the recession at the second-fastest pace in the U.S., lifted by reviving carmakers and local manufacturers, according to a new Bloomberg index that tracks the pace of state growth...
Union workers in public, private sectors forge alliance to repeal SB 5 Youngstown Vindicator ...What started as a public- versus private-sector compensation debate has morphed into a union rights’ battle, with public and private unions generally sticking together...
Bank of America scraps debit card fee after consumer backlash Washington Post ...It was a classic David-and-Goliath fight, fueled by the growing populist outrage against the nation’s financial system. On Tuesday, the little guy won: Bank of America announced that it was abandoning the fee...
Progressive editor Matt Rothschild, 17 others arrested for using cameras in Wisconsin Assembly gallery Isthmus ...Rothschild said he was fed up with the arrests in recent weeks of citizens who defied the Assembly ban on displaying signs, and shooting photos and video...
Missouri billionaire’s tax crusade crosses state line to Kansas Kansas City Star ...political consultants said that if (Rex) Sinquefield becomes heavily involved in the Kansas income tax debate, it could profoundly change the political environment surrounding the issue...
Michigan Surpassing 48 States Shows Autos Drive U.S. Recovery Bloomberg ...Michigan’s economy is recovering from the recession at the second-fastest pace in the U.S., lifted by reviving carmakers and local manufacturers, according to a new Bloomberg index that tracks the pace of state growth...
Union workers in public, private sectors forge alliance to repeal SB 5 Youngstown Vindicator ...What started as a public- versus private-sector compensation debate has morphed into a union rights’ battle, with public and private unions generally sticking together...
Friday, September 30, 2011
Bank of America pokes $5-a-month stick in the eye
 |
| Some will rob you with a six-gun, some with a fountain pen. |
Report Reuters,
Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue.
U.S. banks have been looking for ways to increase revenue as regulations introduced since the financial crisis limited the use of overdraft and other fees.
The Dodd-Frank Act's Durbin amendment, due to go into effect on October 1, caps fees banks can charge merchants for processing debit card transactions at 21 cents per transaction from an average of 44 cents, potentially costing banks billions of dollars.We're reminded of Elizabeth's Warren's comment:
The American middle class became the turkey at the Thanksgiving dinner. It's not only that they didn't get a seat at the table, they were served on a platter. They fed those who got rich during the boom.Or, as the Naked Capitalist puts it,
Banks don’t like it when their imperial right to loot customers runs into interference, do they?Naked Capitalist further explains:
The Charlotte bank is trying to preserve margins by circumventing the intent of new legislation, which was intended to stop what amounted to bank price gouging for debit cards (you can drive a truck between the cost of providing the service and what banks charged). That’s why it’s such a shame our bank regulatory apparatus has been co-opted by the industry. A competent regulator would beat back a brazen effort like this to game new rules.
She recommends moving your money to a local bank, cancel your Bank of America credit card and tell a customer services representative exactly why you're doing it.It’s hardly novel to say that the banking industry has become too large relative to the real economy and increasingly extractive in its posture. The industry needs to shrink, both in size in profits. ... The intent of the legislation was in fact that banks make less money on the debit card service; the BofA strategy to deal with it is tantamount to a stick in the eye.
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