Oct 27, 2009 11:14 am US/Central
Union Members Protest For Banking Reform
Demonstration Held Outside American Bankers Convention
CHICAGO (CBS) ―
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Effigies created for a protest in favor of banking reform outside the Sheraton Hotel downtown Tuesday.
CBS
A massive protest took place downtown Tuesday, as union members and labor organizations called for banking reform.
As CBS 2's Susan Carlson reports, the demonstrators are angry over executive bonuses and mismanagement of stimulus money, among other issues.
Police were bracing for a crowd of thousands outside the Sheraton Hotel, 301 E. North Water St., where the American Bankers Convention is taking place.
Organizers estimated that 5,000 people from 20 states showed up.
The demonstration began earlier with a prayer vigil a couple of blocks away at Michigan Avenue and Wacker Drive.
At that location, the demonstrators planned to give pink slips to 12-foot cardboard cut-outs of characters with name-tags reading, "Wall St. Robber Banker."
"We're sick and tired of what the banks have done," said protester Gwendolyn Vaughn. "They've taken the stimulus money, paid out their own pockets and didn't help the people."
The Rev. Jesse Jackson and the Rainbow/PUSH Coalition participated in the rally.
"The Dow is up, unemployment is up and foreclosures are up," said Jackson.
He's calling on the federal government to come up with a second stimulus package.
"A second package would need to be created from the bottom up, not the top down. They need to focus on jobs, jobs, jobs" Jackson said.
The marchers want to stop executive bonuses and to take action to prevent foreclosures. Some of the demonstrators are out of work and blame the banks for not stepping in to save them.
"They could've kept financing us or let one of the potential buyers, buy us," said Keith Scribner who lost his job at Quad City Die-Casting.
Armando Robles agrees.
"I lost my job at Republic Windows and Doors because Bank of America didn't keep our credit line and didn't keep working us," Robles said.
The demonstrators marched from the prayer vigil to the Sheraton Hotel. Dozens of Chicago Police officers stood by to keep order.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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