In front of the bank offices, Grace Bowman, an unemployed data analyst from Minneapolis, said “The money big banks spend on huge bonuses and give to politicians and lobbyists could be spent helping underwater homeowners instead.”
The New Bottom Line coalition estimates that the seven largest U.S. banks could write down the principal of underwater mortgages at a one-year cost of seventy-one billion which would save underwater families and average of five-hundred and forty-three dollars per month, pumping billions into the economy and creating up to one million jobs.
11 demonstrators held signs, one-per-person, which spelled out $141,083,671.00 on one side, the total amount of bonus and compensation money the top five Wells Fargo executives received in 2008, 2009, and 2010, the three years immediately following the the crash.
“I hear that John Stumpf, CEO of Wells Fargo makes eighty-five hundred dollars an hour. With that amount of money here in Minneapolis we could feed a thousand people for a month, house eight families, and fund a safe-zone after school program,” said Vaughn Lodge, of the American Indian movement.