[R-G] Banks cry foul - ask CLC to remove slogan from poster

[Anthony Fenton]

http://www.nupge.ca/node/2131

'Democracy becomes a government of bullies tempered by editors.'  -   
Emerson

Banks cry foul - ask CLC to remove slogan from poster
The Canadian Bankers Association has asked Canadian Labour Congress to  
remove line "It's time to protect people instead of profits for the  
banks" from a rally poster. CLC president Ken Georgetti and NUPGE  
president James Clancy challenge banks on their record.

Ottawa (18 March 2009) - As activists in Hamilton and Belleville  
prepare to hit the streets on March 21st to demand federal government  
action to help those unemployed and hurting as a result of the  
economic crisis, Canada's banking association is concerned that they  
are being "bashed".

The Canadian Bankers Association (CBA) has taken exception to the line  
“It’s time to protect people instead of profits for the banks” that  
appears on the poster.

“Bank bashing”?

Nancy Hughes Anthony, president of the CBA, in a letter to Canadian  
Labour Congress (CLC) president Ken Georgetti says that it is  
"unfortunate that in encouraging people to come to a rally about jobs  
and other serious economic issues that are affecting many Canadians  
that the Canadian Labour Congress resorts to 'bank bashing.' "

Georgetti has responded by pointing out that Canada's banks, despite  
the Bank of Canada slashing interest rates and significant support  
from the federal government, have not moved to help consumers but  
instead have driven up costs. He writes that "the medicine of low  
interest rates is not getting through to the patient, the sick  
Canadian economy."

He further notes that "contrary to the signal from our Central Bank,  
members of your association are currently raising the rates charged on  
loans and lines of credit to Canadians, even those who are considered  
not to be bad credit risks."

"I most certainly agree with the many Canadians who believe that the  
recent action of Canadian banks in driving up interest rates and  
further restricting credit is a national scandal."

Banks have role to play but still operate as if it is business as usual

James Clancy, national president of the 340,000 member National Union  
of Public and General Employees (NUPGE), agrees with Georgetti.

“Economists and governments around the world are looking for ways to  
stimulate the economy. Meanwhile, Canada’s banks are restricting  
access to credit and charging usurious interest rates on credit cards.”

“I also want to point out that the banks are ignoring their 2007  
commitment to Finance Minister Flaherty to address high fees charged  
by automated banking machines. Instead of relief they continue to  
nickel-and-dime us at every opportunity.”

Clancy recognizes that “the banks have a major role to play in dealing  
with this economic crisis. Unfortunately, it looks like they believe  
it is still business as usual – all take and very little give.”

The rallies in Hamilton and Belleville on the 21st are the first in  
what will be a series of cross-country actions to demand federal  
government action to improve the Employment Insurance, public pensions  
and to deal with high consumer interest rates.

NUPGE

The National Union of Public and General Employees (NUPGE) is one of  
Canada's largest labour organizations with over 340,000 members. Our  
mission is to improve the lives of working families and to build a  
stronger Canada by ensuring our common wealth is used for the common  
good. NUPGE