Some time ago it was primarily the G7 meetings that drew the Molotov cocktails and the anarchists crowds. Now it is the annual meetings of the big banks as increasingly more people realize that it is not the toothless developed countries but the banks backing them that actually pull the strings. The Washington Post reports that "at least one person was handcuffed after a group of about 400 protestors marched up Chase’s property and placed a sign on a raft floating in a pond in the bank’s premises. The sign read: “Foreclosed: Chase sinks our economy. Annual shareholder meetings of large banks routinely draw protesters. However, security this year has been especially tight after Wells Fargo & Co.’s annual meeting on May 4 in San Francisco became a rowdy scene after hundreds protested outside. Inside the meeting, a group of shareholders demanded that the bank immediately stop foreclosures and waive principal for troubled home owners. The shareholders were escorted out of the meeting by police. Eight people were arrested for blocking entrances to the building." Perhaps it is too late for Dimon to use the Blankfein "doing god's work" excuse at this point. Or not. However it is unlikely that any such proclamation will be met with any more success than its first iteration.
More on this event which is sure to become a pervasive phenomenon at every bank meeting everywhere:
At least one person was handcuffed after a group of about 400 protestors marched up Chase’s property and placed a sign on a raft floating in a pond in the bank’s premises. The sign read: “Foreclosed: Chase sinks our economy.”
Police had each entrance blocked ahead of the meeting, as protesters gathered in the rain and cold chanting slogans such as “Make Banks Pay” and carried signs that said: “Chase gets rich, we lose homes, jobs, services.” At least 20 police cruisers circled the building.
Inside, several shareholders spoke out against the bank’s handling of mortgage foreclosures.
“As a person of faith, my God believes you shouldn’t take advantage of people when they are down,” said Dawn Dannenbring of the community group Illinois People’s Action, addressing CEO Jamie Dimon. “Do you believe in the same God I believe in?”
Dimon answered: “That’s a hard one to answer.”
After another question on foreclosures, Dimon said: “We are doing everything we can to keep people in their homes that should stay in their homes.”
Sure he is: as reported previously the average duration of foreclosure in New York and Jersey has grown to a ridiculous 900 days, as banks do all they can to conduct REOs on their terms, which would mean not impairing the "MTM" value of impaired mortgages and thus have their books face a hit to its capitalization ratios. And while living mortgage free, all those "consumers" are urged to used their funds for such much more reponsible activities as buying up the latest Apple product and paying off their JPM credit cards.