Labor Union to Protest on Wall Street

The AFL-CIO labor union is planning a protest during the trading day on April 29th, demanding regulations on the banking industry, taxes on financial transactions and higher levies on hedge funds and private equity. AFL-CIO president Richard Trumka told the Post, "It's an unprecedented, grassroots campaign that says: Good jobs now; make Wall Street pay."

Trumka says that over 10,000 supporters will participate in the "March on Wall Street," which coincides with Senate action on financial reform. Trumka told Politico.com, “People will be talking, yelling, chanting and letting America — and letting Wall Street, particularly — know that their brand of economics, where the financial economy overshadows the real economy, is no longer acceptable, that we want them to help pay for the jobs that they destroyed." Of course, Wall Street CEOs are not happy about the plan. Kathryn S. Wylde, president and CEO of the Partnership for New York City, which supports many businesses, called the plan "unfortunate," saying, “This is a time when Americans should be pulling together...Demonizing Wall Street diminishes us in the eyes of the world."

However, Trumka hopes the protest will distract bankers from going about "business as usual" like he claims they did during the financial crisis. “I think that's what's angered the American public the most: They destroy all these jobs, they bring us to the brink of financial disaster, they get bailed out, they don't lend money to people that could create jobs, and yet they go back to business as usual.” The march is planned for April 29 from 3 p.m. to 6 p.m.

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By Jaya Saxena in News on April 10, 2010 10:30 AM

Comments [rss]

jgonzz

This guy Trumka doesn't make any sense. How can an organized 'march on Wall Street' be described as a "unprecedented, grassroots campaign.."? And how can a union be against Wall Street, when every freaking union job would be lost with out it?

Trumka said that "the financial economy overshadows the real economy, is no longer acceptable". The financial economy IS the real economy. There is a reason 'the world' invests in the US and its not because they think we are 'cool'. Even the Revolutionary Guard in Iran sneaks investments here because of the financial environment.

It would seem that the unions in the US have priced themselves out of a job. State governments and municipalities are being stretched out by budget deficits and many union contracts signed in the past simply cant be maintained. So the 'fat' is going to be cut.

Unions are like that last kid standing in dodge ball. He's out numbered, fat, tired and doomed..

JacqueMehoff

Oh no they better not, someday I's gonna get one of those great paying jobs and darn to heck I'm on the bankers side becuz thems my People. My people being Real Americuns for Amurica.

SimonLok

We in the middle class or aspiring middle class get pillaged coming and going. We have the wall streeters on one side attacking our retirement savings and the unions on the other side holding us hostage for more and more tax dollars year after year out of our current money. Both sides funnel tons of cash to our politicians, the net result is the same, we cant win.Can we get rid of both ends?

Greenpoint60

In France they have a strong labor movement that fights for the middle class, we need a similar movement here.

Viva La France!!

SimonLok

Sorry, I have to disagree. Bankers aren't doing us many favors, but the labor unions of today are doing nothing but bankrupting the states and wont do anything to help the problem. Meanwhile hard working people are getting taxed out of their homes. BTW, France had a higher double digit unemployment rate than we did before the global recession and its even worse now, not sure that's the greatest model you're holding up there.

Greenpoint60

The Unemployed get far better benifits in France.

Pointer the US unemployment rate is near 15% when you consider those persons who have used up thier benifits

BTW France was not hit by a banking meltdown in 2008 because they have stricter regulations on the financial sector,

Greenpoint60

This is very good news, we need to build a strong labor movement in this country and smack down these Wall St bandits.

mns

the afl-cio is not itself a labor union. it is an organization of labor unions. you might call it an "umbrella organization" whose members are other organizations, not individuals.

this is not a huge issue, but it wouldn't be a bad idea to briefly look into the topics on which you are writing.

jaycjay

I was about to write basically the same thing. Call it a "union federation" or "congress" (both words being among what the letters in "AFL-CIO" stand for; it's the combination of the American Federation of Labor and the Congress of Industrial Organizations), but "The AFL-CIO labor union" is simply inaccurate.