BREAKING NEWS: It’s the eleventh hour and the White House is about to strike a deal with big banks.
President Obama wants to be able to point to a big bank foreclosure settlement in Tuesday’s State of the Union as a measure of progress towards more Wall Street accountability. But the deal on the table is appalling, especially when compared to 2011 big bank bonuses.
Proposed total restitution for the millions of Americans who lost their home due to illegal foreclosure tactics: $20 billion.
2011 big bank bonuses: $144 billion.
Something is very wrong with this picture.
$20 billion is only a fraction of what is needed to reduce principal balances on millions of underwater homes; it is shameless that the White House isn’t demanding more money for principal reduction from the same big banks that crashed the economy.
Can you call the White House right now and tell them to launch a full investigation into Wall Street and make sure big banks are held fully accountable for the crimes that caused so many to lose their homes?
Right now big banks are sitting on an unprecedented mountain of cash: over $1.6 trillion. According to The New Bottom Line’s Pulling Back the Curtain report, big banks are set to award $144 billion in bonuses and compensation for 2011. The money is there.
We need the President to make sure Americans get back to work and keep their homes, not pad the pockets of the wealthiest Americans. He can do this by launching a full investigation of Wall Street, not just letting big banks off with the current sweetheart deal that is on the table.
Call the White House today and demand that any settlement with big banks:
President Obama wants to be able to point to a big bank foreclosure settlement in Tuesday’s State of the Union as a measure of progress towards more Wall Street accountability. But the deal on the table is appalling, especially when compared to 2011 big bank bonuses.
Proposed total restitution for the millions of Americans who lost their home due to illegal foreclosure tactics: $20 billion.
2011 big bank bonuses: $144 billion.
Something is very wrong with this picture.
$20 billion is only a fraction of what is needed to reduce principal balances on millions of underwater homes; it is shameless that the White House isn’t demanding more money for principal reduction from the same big banks that crashed the economy.
Can you call the White House right now and tell them to launch a full investigation into Wall Street and make sure big banks are held fully accountable for the crimes that caused so many to lose their homes?
Right now big banks are sitting on an unprecedented mountain of cash: over $1.6 trillion. According to The New Bottom Line’s Pulling Back the Curtain report, big banks are set to award $144 billion in bonuses and compensation for 2011. The money is there.
We need the President to make sure Americans get back to work and keep their homes, not pad the pockets of the wealthiest Americans. He can do this by launching a full investigation of Wall Street, not just letting big banks off with the current sweetheart deal that is on the table.
Call the White House today and demand that any settlement with big banks:
- Includes at least $300 billion in principal reduction
- Includes a full investigation into Wall Street conduct leading up to and a during the financial crisis
- Does not include blanket immunity for big banks from future legal challenges
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