A ‘Showdown in Chicago’ Rally Against Bankers
Attracts 5,000 Enraged People Who Want Reforms

More than 5,000 angry people marched through the streets of Chicago on Tuesday, Oct. 27, mobilizing in front of the Sheraton Chicago Hotel and Towers, where the American Bankers Association was holding its annual meeting Speakers denounced the bankers for causing the financial crisis and then being rewarded with tens of billions in bailout money. They criticized the huge bonuses that top ranking executives were receiving.

Billed as “Showdown in Chicago,” the protesters demanded financial reforms and government regulations that will “allow us to rebuild our communities, our lives and the real economy. We’ve got a lot to rebuild.” (Labor Beat has produced a video, registering the images of enraged protesters, as speakers took turns at blasting the bankers for their greedy behavior.)

AFL-CIO President Richard Trumka, who joined union members and allies at the demonstration, told the crowd: “It’s time to hold banks and other financial institutions accountable for making this mess that required trillions of dollars to clean up. It’s time to hold them responsible for the pain they’ve inflicted on working families. It’s time to put them back to work for working people.”

There Was No Showdown-- the Bankers Didn’t Show

The vitriolic attacks on the big-time bankers had no effect on them as they enjoyed their elegant dine-and-dance party to celebrate a year of financial recovery. Not even one banker came out of the hotel to talk to either Trumka or a committee of protesters.

The only way there could have been a showdown with the bankers is if the protesters had forced their way into the hotel and confronted them, face to face, but no one suggested that. In actuality, a showdown would have accomplished nothing. You couldn’t shame bankers and financiers to curtail their greed, nor would they agree to any legislation that would curb their lust for maximizing their profits.

The showdown over banking reform, if it ever happens, will take place in Washington, not Chicago, with the banks having powerful friends within the Obama administration, as well as high-priced lobbyists.

Trumka correctly stated that the time for banking reform is now, but he has not indicated what strategy the AFL-CIO should follow “to make the banks work for us.” Can he or members of the Executive Council advise union members what they ought to do to build support for reforming the nation’s broken financial system?

LaborTalk (10) will be posted on Tuesday, November 3, 2009.