Movement demands Bank of America pay back the $39 million it took from the Port Authority of Allegheny County in an unfair financial deal
Pittsburgh, PA–(ENEWSPF)–November 3, 2011. On Thursday, November 3, Occupy Pittsburgh and supporters of the Occupy Movement will march to the offices of Bank of America Merrill Lynch. Demonstrators will demand that the bank pay back the $39 million it took from the Port Authority of Allegheny County.
For years, Port Authority of Allegheny County has enacted fare hikes, service cuts, and cuts to the wages and benefits of employees. Some of these cuts could have been avoided if the Port Authority was not forced to pay Bank of America $39 million to get out of a risky bond agreement called a “swaption” that turned sour.
Meanwhile, Bank of America used one hand to pluck local tax dollars away from the Port Authority, and the other stuffed its coffers with $45 billion in federal bail outs.
Public transit rider Linda Warman of Hazelwood says:
“I have to take the bus everywhere I need to go, because I can’t afford a car. The bus lines keep getting cut back, it’s harder to get from place to place, and it keeps getting more expensive. And it turns out that a whole lot of the money I pay in fares is not going to bus service, but to some big Wall Street bank? This is disgusting! Bank of America needs to pay that money back.”
What: March to Bank of America Merrill Lynch
When: Thursday, November 3, 11:30 AM
Where: Gathering at the Occupy Pittsburgh encampment on Mellon Green, 500 Grant Street, followed by a march to the nearest offices of Bank of America Merrill Lynch, US Steel Tower
Known in New York City as Occupy Wall Street, there are now more than 1600 cities in the US and overseas where some sort of occupation-style movement has begun. Occupy Pittsburgh has been developed by residents of Southwestern Pennsylvania in harmony and solidarity with the 99% Occupy movement. Banding together are people from all age groups and most levels of society who have one thing in common: the desire for a future free of the corporate greed, corruption and undue political influence.