Workers Expose Bailed Out Bank Behind Attack on Working Families

[Omaha Steve]

MADISON, Wis., March 17, 2011 /PRNewswire-USNewswire/ -- This week, Unions and allied organizations held site specific actions at branches and offices associated with Marshall and Ilsely (M&I) Bank at over 30 locations in 6 states throughout the Midwest and Southeast with further demonstrations planned at the bank's headquarters in Milwaukee, WI.

According to Michael Jeske, who attended a rally at a M&I Branch in Tampa, FL, "M&I Bank got a bailout while the middle class got sold out."

Ken Alexander, in Kansas City, MO stated that "while Wisconsin workers were told to surrender their collective bargaining rights, M&I's CEO was busy getting himself a golden parachute worth $24 million."

In the fall of 2008, M&I Bank received $1.75 billion from the Bush Administration's Troubled Asset Relief Program. It subsequently embarked on an effort to support political candidates who chose to demand austerity from some of the same taxpayers whose funds helped "bail out" M&I Bank.

Executives at M&I Bank contributed more than any other non-party donor to Wisconsin's Governor Walker in the past election. In fact, campaign documents show that half of their total nationwide donations went to one candidate: then GOP Gubernatorial candidate Walker.

Shareholder groups have launched several lawsuits (Source: Reuters) against the proposed acquisition of M&I Bank by the Bank of Montreal. These include charges against executives at M&I Bank for breach of their fiduciary duties to shareholders. The shareholders allege that the transaction is unfair to shareholders by underpricing the shares of M&I Bank, exploiting its loss of value due to the economic crisis. They also allege that Bank CEO Mark Furlong and others violated their fiduciary duties in exchange for positions with Bank of Montreal.

First hand reports, covered in various news outlets, have indicated that customers have begun boycotting M&I Bank by withdrawing accounts, including an initial report of two Wisconsin firefighters who each withdrew their life's savings. The Milwaukee Journal Sentinel reports that US Airways Pilot Jeff Skiles, famous for the "Miracle on the Hudson" landing, withdrew hundreds of thousands of dollars in savings from his accounts at M&I Bank.

The Sheet Metal Workers' International Association (SMWIA) serves to protect and raise the living standards of over 140,000 skilled men and women employed throughout the United States, Canada and Puerto Rico. They are employed in the construction, manufacturing, service, railroad and shipyard industries.

The SMWIA is affiliated with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and the Canadian Labour Congress (CLC).

Webmaster Keep an Eye on M&I http://eyeonmandi.com

[eilen]

1. Our local IBEW uses M&! for their HSA

We just got the card in the mail. I'll be giving the hall a phone call tomorrow am.

[BanzaiBonnie]

2. Hey OS, I tell ya, with some effort the power will shift

Here's my post this morning on banking:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x671840