Protesters Rally Against Bank Of America

March 14—BRIDGEPORT — About 15 protesters stood outside Bank of America on 2500 Main St. in Bridgeport Saturday and chanted “Hey, hey what do you say? Bank of America has to pay.”

Some of the protesters were members of the Service Employees International Union. Others were representing local religious organizations. And a few people came as private citizens.

SEI Union member Stacey Zimmerman said he joined the protest because Bank of America pays no income taxes in Connecticut. “It’s the largest bank in the state, but still when it’s time to pay taxes, it’s the middle class that is asked to come up with the money,” Zimmerman said.

Corporate tax loopholes in Connecticut exempt the company from state income taxes. Because Bank of America is based in the Cayman Islands. Connecticut does not have “combined reporting” laws that would require a corporations to pay income taxes in the states they do business in as well.

As the largest bank in the state, Bank of America sets the precedent for other corporations, Zimmerman said.

Many of the foreclosed homes in Bridgeport defaulted on Bank of America loans, Connecticut Citizen Action Group member John Murphy said.

Marilyn Moore was at the protest representing Mount Aery Baptist Church in Bridgeport.

“I know many, too many people, who are in foreclosure,” Moore said. “I know one young lady with two children who has tried several creative ways to keep her home. She works everyday, but she can’t get in front of it.”

Moore said she has a Bank of America mortgage she is unhappy with, but can’t switch to another bank because the closing costs would be as much as one month’s mortgage payment.

Bank of America has announced changes to improve its leading mortgage modification programs for distressed homeowners, company spokesman T.J. Crawford said.

Moore said she is also protesting because she discovered it is legal for the bank to fluctuate her escrow payments at will, and often the escrow payments are higher than what she owes. Moore said she knows several people who have found errors in their escrow payments.

Dawn Robinson , of Stratford, said she was protesting because she felt it is unfair Connecticut taxpayers subsidize Bank of America employees’ health insurance.

More than 500 Bank of America employees or their children receive HUSKY health care subsidies at a cost of $6.4 million to taxpayers, according to the Connecticut Action Alliance for a Fair Economy.

“Now we have to pay for their employee benefits?” Robinson said. “What about my own benefits? If Bank of America at least paid income taxes in the state, some of that money would go toward their own employees’ benefits.”

It is unfathomable for ordinary people to understand how much they are getting ripped off, said state Sen. Edward Gomes , D-Bridgeport, said.

About 45 minutes into the protest, Police Sgt. John Whalen arrived on the scene and told the protesters they would have to disband since they did not have a permit. A bank employee called the police after the protesters tried to to distribute pamphlets.

Protesters are organizing in front of Bank of America locations around the country. They rallied in four other Connecticut cities on Saturday.

A group called US Uncut organized the rallies. US Uncut is the domestic counterpart of UK Uncut, a group that protests government cuts while protecting corporations in Europe.

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