People Take Over Bank of America Branch in DC

Seems that some people who want the banksters to pay are taking matters into their own hands.

National People’s Action, one of the more aggressive progressive advocacy groups, has been deeply involved in street protests against foreclosure fraud and corporate greed. And today, they escalated those actions. 600 activists with NPA took over a DC branch of Bank of America today, handing over a “tax bill” to the large banking institution that they believe has cost states billions through tax avoidance and reckless speculation

This is part of National People's Action's Make Wall Street Pay campaign.

How much did Wall Street's abuse cost you? Find out!

Fill out the form below to see what Wall Street owes you and your state, and tell Congress to collect!

Our country is facing a revenue crisis. There's not enough money in our cities and states to support the investments needed to rebuild America. The good news is this: We know where the money is. While politicians might tell you differently, it's not in Grandma's pension. It's not in the homes of families fighting off foreclosure. And it's not in the pockets of American schoolchildren or schoolteachers.

It's on Wall Street.

The big banks bankrupted our country. But we can rebuild America. And the big banks must pay their fair share.

Well said, no?

Here are photos from today's action. I especially like this one: you can see a protestor holding a copy of the bill, which says "Past Due."

Who is NPA?

National People's Action (NPA) is a Network of community power organizations from across the country that work to advance a national economic and racial justice agenda.  NPA has over 200 organizers working to unite everyday people in cities, towns, and rural communities throughout the United States.

I'll update with more news and info -- there's video too! -- when I get a chance.

UPDATE: Okay, here's the vid.

Pretty catchy chant, "Tell Me What Democracy Looks Like, This is what Democracy Looks like."

The group of protestors is diverse: young and old; black, white, and Latino, and their joy is palpable. (That's an oft-overlooked benefit of protest, the impact on the protestors.)

I like what that woman says: "We don't have a budget crisis; we have a revenue crisis."

Why is NPA targeting BOA? Here they explain:

Wall Street banks caused the economic crisis that has left millions unemployed, foreclosed-on, and without prospects in the worst economy since the Great Depression. This crisis has, in turn, caused massive tax revenue shortfalls for the federal government and for state governments across the country: nearly $300 billion combined for 50 states in the years since the crisis began. To deal with these budget woes, politicians are cutting public spending: laying off teachers, attacking public sector workers, raiding pensions, closing hospitals, and eliminating essential services for children, veterans, and the elderly.

Raising revenue from the wealthy, bailed-out banks that caused the crisis would be a far more sensible way to address these budget woes...

This year Bank of America is receiving the "income tax refund from hell" — $666 million for 2010, according to its annual report filed in late February 2011. This is following a $3.5 billion refund reported in 2009. Bank of America's federal income tax benefit this year is roughly two times the Obama administration's proposed cuts to the Community Development Block Grant program ($299 million).

Six banks — Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley together paid income tax at an approximate rate of 11% of their pre-tax US earnings in 2009 and 2010. Had they paid at 35%, what they are legally mandated to pay, the federal government would have received an additional $13 billion in tax revenue. This would cover more than two years of salaries for the 132,000 teacher jobs lost since the economic crisis began in 2008...

Bank of America operates 371 tax-sheltered subsidiaries, more than any other big bank studied, and 204 subsidiaries in the Cayman Islands alone, according to its latest regulatory filings. 75% of Goldman Sachs's foreign subsidiaries are incorporated in offshore tax havens.

NPA has been at it for quite some time -- in fact, I believe they've been around since the 70s -- but in light of Wisconsin, it's fair to wonder if radical politics is making a comeback.