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Lakeview protest targets record bank bonuses

Lakeview residents plan to move $170,000 out of big banks Thursday as a protest against astronomical – and growing – executive compensation at big banks.

They’re targeting branches of JPMorgan Chase and Bank of America in an action planned for Thursday, December 15, 5 p.m.,  at Clark and Belden.

Lakeview Action Council members are among thousands of community activists across the country who have signed a letter to the CEOs of Chase, BofA, and Wells Fargo, calling on them to forgo bonuses and use the money to keep families in their homes, provide credit for businesses, and pay their fair share of taxes.

While media reports have suggested bank executives will face a pay cut this year, the New Bottom Line campaign analyzed compensation pools for the first three quarters of the year and projects that compensation will be up by 3.7 percent.

At BofA, despite heavy losses and plummeting stock prices this year, compensation setasides have increased by 7 percent, according to the group.

Last year JPM Chase CEO Jamie Dimon earned $10,400 an hour, according to NBL.

“These bonuses [represent] families facing foreclosure that can’t stay in their homes, taxes not paid, student loans not made.,” said Liz Ryan Murray of National People’s Action, which is part of NBL.   “These execs are rewarding themselves for damaging our communities and economy.”

Changes in executive compensation are credited with driving the high-risk investment strategies that crashed the economy three years ago.  With longterm unemployment and foreclosures still climbing, recovery is still a long way off.

But with the help of federal bailouts, big banks have recovered nicely; they currently sit on $2 trillion in cash reserves.  Rather than using the money to create jobs, they have spent lavishly on mergers and acquisitions, stock buy-backs, dividend payments, and executive bonuses, Murray said.

Push for action on health reform

Governor Quinn and legislators will join community leaders from across the area at a rally to push the state legislature to create a health insurance exchange to prepare for health reform’s rollout.

The rally takes place Sunday, October 16 at 3 p.m. at Temple Sholom, 3480 N. Lake Shore Drive.

Unless the legislature acts this year to set up an exchange, the state could lose more than $90 million in federal early startup grants under the Affordable Care Act, said Tom Lenz of United Power for Action and Justice, a regional network of congregations and community organizations that’s sponsoring the rally.

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On TIF reform, Bronzeville has ideas

Bronzeville residents turned out in impressive numbers for last Thursday’s public forum of the Mayor’s Task Force on TIF Reform, which was held at the Bronzeville Chicago Military Academy.

Other communities were represented, but more forums in additional communities would certainly offer the task force greater breadth of public input.  But last week’s was the only hearing that is planned.

Bronzeville is one of the city’s most heavily TIFed communities, with thirteen TIF districts covering 80 percent of the area, many created to finance CHA redevelopments – with more in the works had Mayor Daley won the 2016 Olympic games, according to Housing Bronzeville.

Sheila Carter testified on behalf of the group that TIFs have “failed local taxpayers” in their lack of transparency and accountability.  It’s been “virtuallly impossible for local residents to understand how TIF monies were being raised and spent in our area,” she said, suggesting “this confusion and lack of documentation was intentional.”

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  • Telling people’s stories, an ethnic media success September 2, 2015
        By Stephen Franklin Community Media Workshop   A 3-year-old child died on a plane from Chicago to Poland. This, Magdalena Pantelis instantly knew, was a story her readers would care about. But she needed more detail to write about it for the Polish Daily News, the nation’s oldest daily newspaper in Polish, founded Jan. […]
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