Hundreds of union members and organizers descended on the streets of downtown Chicago Monday morning to picket the offices ofGoldman SachsInc. andWells Fargo& Co.
The group is demanding that "banks end their over-reliance on greed and profits and commit to using their taxpayer bailouts and backstops to help America's economy recover," said a news release from the Service Employees International Union.
Most of the protesters on the Chicago streets Monday morning appeared to be with a union and many of them were brought in on yellow school buses from across the Midwest. The message was one of ire at large bonuses being paid to bank executives, bank foreclosures and predatory lending.
The FDIC insures deposits at more than 8,000 institutions. The independent agency is backed by the government, and deposits are guaranteed up to $250,000 per account. The FDIC also still has tens of billions in loss reserves apart from the insurance fund.
The regulators' remarks came against the backdrop of protests outside the downtown Chicago hotel where the ABA is meeting. Unions and activists have organized three days of demonstrations against what they call the efforts of the ABA and large banks to fight financial reform efforts in Congress after taking billions of dollars in taxpayer bailouts.