Shareholder meetings shed light on the role of banks in the economic crisis. On May, 9 the shareholders from Charlotte city, North Carolina revolted against the Bank policy. The protest was peaceful and inspired with creative and colourful signs that were noticed by the shareholders’ meeting members. The protest was against the bank’s part in mortgage industry. The bank was accused for helping the foreclosure crisis. The Bank of America promised to give out $ 11.8 billions. The Bank representatives reported before the rival about first 5,000 of mortgage customers who would receive a loan modification of mortgage principal decrease to 30%.
North Carolina is the state that elected Obama by the majority in the elections of 2008. This year election position of North Caroline is hard to determine and the Democrats decided to secure them with the summer’s Democratic National Convention being held in Charlotte, North Carolina. During the preparations to this event the authority of the city adopted an amendment that would allow the city to declare extreme events. That means that the police will get more power and will be allowed to arrest people who are supposed to be within this ‘extreme event’ area.
Bank of America is supposed to be the second biggest bank in the country that has $2 trillions in assets. The Bank was claimed in the press to be ‘too big to fail’. The Bank is stated to get the profit not only from banking industry but also from dirty coal exploitation. The RAN activists climbed 100 ft in order to ‘correct’ the banner of Bank of America and wrote the Bank of Coal.
The Rainforest Action Network (RAN) is the part of the movement against the mountain removal. The CEO of the RAN organization Rebecca Tarbotton stated that Bank of America appeared one of the main investor of the mountain mining. The process of mountain mining is the most pollutant process that destroys mountains flora and fauna.
This week shareholders’ meeting was aimed to get the attention to the problem and it is predicted that the rioters will keep on holding these ‘extreme events’.