Wednesday, October 26, 2011

Show Me The Money: Largest black-owned bank in US gets last minute bailout






According to a bank official, Carver will receive a $55 million infusion of cash and will be saved. But for how long? Every few years, the bank seems to be in the same position, while the major conglomerate banks -- Bank of America, Wells Fargo, Citibank, etc. -- are thriving following a bailout from the American taxpayer.
So community banks that service the people are failing, while the big banks that are presiding over record foreclosures, ridiculous fees and no lending to small business, are hitting record profits?
As I watch Occupy (fill in the blank) movement spread across the country and the world, there has been an outcry for an agenda. A real agenda. Well, here's one for them: Urge people to support local and community banks. Put the pressure of the conglomerates (the Bank of Americas, the Wells Fargos and the Citibanks, etc.), to really service the community that bailed them out.
This is a can-do action that can get real results. This is the kind of thing that will put the power back in the hands of the people.
While blame can definitely be laid at the feet of government (namely the Dodd-Frank financial reform bill) for the banks lack of accountability, nothing is stopping the banks themselves from doing the right thing.
They certainly can't cry broke.

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