Today Is A Good Day To Break Up with Your Mega Bank
February 16, 2012 · By Matias Ramos
Ordinary citizens are making their voices heard by moving millions of dollars out of the big banks' coffers.
Last week's announcement that the Obama administration had reached a $25 billion settlement with five of the nation's largest banks over charges of systemic and widespread mortgage fraud does not mean you should keep your relationship with those banks going.
As Rebuild The Dream President Van Jones pointed out, the settlement is a rather small first step in his op-ed, "$25 Billion Down, $675 Billion to Go":
Millions of homeowners and families are still suffering under the tremendous weight of a debt blanket that is smothering the economy. This $25 billion settlement helps only a fraction of those homeowners and addresses only a very limited set of fraudulent behaviors.
The behavior of the mega-banks has been hurtful to American society. That's what the folks at Green America have been saying for months, as they work to get people to move their money out of tax dodgers and prison profiteers such as Bank of America and Wells Fargo.
Green America has created a ten-step guide for people to move their money to a new community development bank or credit union.
Carol Jean and Edward F. Newman Fellow