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On the Heels of 3,000 People Marching on Bank of America in Boston, the Wall Street Accountability Movement Hits Los Angeles This Week


Public discontent against Wall Street grows…L.A.-Area Homeowners, Residents Set to Disrupt “Business as Usual” for Wall Street Banks in Week of Direct Action and Protests

LOS ANGELES—(ENEWSPF)—October 2, 2011.  Following the historic decision of California Attorney General Kamala Harris to reject a settlement with banks over the foreclosure mess, and with protests against Wall Street growing in cities from coast to coast, Los Angeles homeowners, local residents and others are planning a series of activities this week to pressure big banks to keep families in their homes, pay their fair share of taxes and help rebuild hard-hit neighborhoods.

As part of the Refund California campaign, a statewide coalition of homeowners, community members, faith leaders and students this week will hold a “teach-in” at a downtown LA bank, visit the homes of two top bank executives in Bel-Air, move foreclosed families into banks and hold a major march and protest in downtown L.A. on Thursday. These events are part of a 10-city campaign aligned with The New Bottom Line, a nationwide coalition of 1,000 faith-based and community organizations that seeks to hold Wall Street accountable. www.newbottomline.com  Full details of the actions are below.

The goals of the campaign are to:

1.         Fix Housing to Fix the Economy Enact a widespread mortgage principal reduction program, creating 300,000 California jobs and injecting over $20 billion into the economy.

2.         Pay Fair Share  Close property tax loopholes, increase taxes on top 1% and corporations, stop ripping off taxpayers with financial schemes like interest rate swaps

3.         Stop Destroying Neighborhoods  Stop foreclosure blight, support small business lending and create jobs.  Reinvest profits into putting people back to work and rebuilding our economy.

The campaign also is supporting the efforts of La Puente homeowner Rose Gudiel, who is fighting an eviction by banks by refusing to leave her home. The Gudiel family, together with friends and supporters, are camped out at the house, ready to resist efforts by the LA County Sheriff’s Department to carry out the eviction.

LIST OF LOS ANGELES EVENTS -- OCTOBER 3 - 7

Note: Some of the details of direct action events will not be public prior to the day of events. Please contact Bahar Tolou, (323) 899-3399 or Peter Kuhns-[email protected] for more detailed information about specific events:

Monday, October 3 at 4:15 pm: Teach-In at the Banks

“Teach-in” at downtown bank on big banks’ role in school budget crisis 50 teachers and 100 students of all ages will do a tour beginning at a school and ending at a bank, where they’ll participate in discussing the role of the Wall Street Banks in the budget crisis. Miguel Contreras Learning Center, 322 S. Lucas Ave., LA 90017

Tuesday, October 4 at 10:30am: Surprise Direct Action.

This will be a direction action at high-profile surprise Orange County location.

Tuesday, October 4 at 4:30 pm: Wall Street Executive Home Visit

Wall Street executives are destroying our neighborhoods. We’ll be visiting the home of a prominent Wall Street executive and his/her neighbors to tell them “It's time for Wall Street Banks to Pay.” Begins at Holmby Park, 601 Club View Dr., LA 90024.

Wednesday, October 5; 5 pm: Wall Street Executive Home Visit

Wall Street executives are destroying our neighborhoods. We’ll be visiting the home of a prominent Wall Street executive and his/her neighbors to tell them “It’s time for Wall Street Banks to Pay.” Meeting details TBA.

Thursday, October 6 at Noon: Make the Banks Pay Mobilization

Over 1000 homeowners will be marching through the street into the offices of a major bank and demanding that “Wall Street Banks Pay.” California Plaza, 350 S. Grand Ave., LA 90071.

BACKGROUND

The ReFund California campaign kicked-off its efforts in the Bay Area last week with a series of public events culminating in a mass mobilization in the San Francisco Financial District on Thursday, September 29. Protests against Wall Street banks and the damage they have caused to the economy are growing across the country. ReFund California is part of a 10-city campaign aligned with

The New Bottom Line, a nationwide coalition of 1,000 faith-based and community organizations that seeks to hold Wall Street accountable. Separate efforts called “Occupy Wall Street” and “Occupy Los Angeles,” also are organizing ongoing protests.

Despite months of calls by Refund California and others for big banks to change their business practices, banks such as Wells Fargo, JP Morgan Chase, Bank of America and Citigroup refuse to be held accountable and clean up the mess they have created. Attorney General Harris’ decision last week to walk away from the settlement negotiations between the 50 State Attorneys General and the banks is the latest evidence that banks are unwilling to help fix the problems they have created and be held accountable for the damage they have caused taxpayers and homeowners.

The greedy, predatory and irresponsible practices of big banks and their rich CEOs caused the economic collapse and foreclosure crisis, destroying millions of American jobs. Yet after getting bailed out by taxpayers, banks today are making billions in profits by continuing to prey on consumers and extract profits from our communities, with no regard for the impact on neighborhoods and people’s economic livelihoods. By holding homeowners underwater and refusing to clean up the foreclosure mess, banks, who continue to pay their executives millions in bonuses, are devastating our neighborhoods, depressing the economy, and preventing millions of working Californians from getting back on their feet. By refusing to pay their fair share of taxes, big banks and their rich CEOs are harming our schools, gutting the services Californians rely on and hurting our state’s future.

California residents who want to join the campaign or get more information can call 877-633-9251 or visit www.MakeBanksPayCalifornia.com

Source: www.newbottomline.com   


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