Posts Tagged ‘M&I

12
Mar
11

fighting back

The marquee at the Orpheum Theatre (Madison, Wisconsin) mocks Wisconsin Gov. Scott Walker showing him starring in the Arnold Schwarzengger film Total Recall

The Nation: The blowback from Wisconsin governor Scott Walker’s union-busting crusade has only just begun — and it may soon hit the governor where it really hurts: in the deep pockets of his biggest donors. Workers have begun organizing a “Move Your Money Campaign” against M&I Bank, whose employees are among his chief financial backers.

M&I Bank is the largest bank in Wisconsin, and was the recipient of $1.7 billion in TARP bailout money from the federal government. The bundled contributions from M&I executives were Walker’s second-largest source of campaign funds … executives at M&I Bank gave $46,308 to Walker’s campaign. And now, a group of local unions in Wisconsin have threatened to pull their money from M&I Bank unless it denounces Scott Walker’s attack on workers’ rights.

…On Thursday morning, several hundred protesters surrounded an M&I Bank across the street from the Wisconsin State Capitol shouting “You Got Bailed Out, We Got Sold Out.”  International Association of Fire Fighters Local 311 President Joe Conway Jr. told me two union members marched in and pulled a combined $192,000 dollars out of the bank. “Hopefully this sends a message to the bank,” says Conway. “We wanted to illustrate how serious our threat is by having just two of our members pull their money out. “ The union said it plans to escalate actions and will soon begin handing out flyers at protests asking people to move their money.

A senior union researcher estimates that unions have at least $1 billion invested in M&I Bank, mostly through pension funds. Discussions are going on at the highest levels of the labor movement about how exactly to leverage this financial clout in the political debate in Wisconsin. Since the Bank of Montreal is in process of purchasing M&I Bank, US unions have reached out to the Canadian Labour Congress to urge their involvement in a disinvestment campaign.

Full article here

Thank you Marlene 😉




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