Bank of America has a new excuse for why they haven't found someone to replace ousted CEO Ken Lewis. Nobody will take the job because it doesn't pay enough! They are, presumably with a straight face, claiming that they can't find talented candidates because of the pay restrictions put into place by Kenneth Feinberg, whom President Obama recently appointed to review compensation packages for bailed out banks.

And what, exactly, are the limits that Feinberg imposed on exec compensation for BofA? Well, so long as the bank continues to use our tax dollars to finance itself, the top 13 executives at the bank will have to fight over a pot of just - wait for it - $78.6 million. That works out to an average pay of $6 million per executive. If you are wondering, that's $16,438 per day - or a little more than 145 times what the average worker in this country makes. (For comparison, brain surgeons average about $450,000 per year and the President of the United States makes $400,000.)

Are we really expected to believe that Bank of America can't find a single competent individual ready to take on the challenge of reversing the failed course BofA has taken - for $6 million per year? Of course, that's not what's happening. What's happening is more business as usual for the big bank. According to news reports, the candidates they're trying to court include some of the top executives at other giant financial firms - the very same people who helped BofA drive us into economic crisis.

What Bank of America needs to do is expand its search to find a CEO who will care more about the families that bank with them than the number of zeroes on their paycheck. Someone who, as Andy Stern put it yesterday, can put country over company, while our economy struggles. It seems to me that the very modest pay restrictions in place on bailed out banks should be helping them do just that.

We need to tell Bank of America to stop with the tired excuses and choose a CEO that will use the tax dollars we're giving them to get our country back on track. Tell them to start lending to small businesses again. Tell them to stop foreclosing on the homes of struggling families. And tell them to never, ever hire another CEO like Ken Lewis that puts Wall Street profits ahead of Main Street families. Click here to take action: http://action.seiu.org/newceo

The Ken Lewis horror story may be in its final chapter, but it isn't over yet.

Today, newspapers are reporting that the scene inside Bank of America HQ is chaotic. Lewis' sudden ousting caught them off guard - and the man responsible for finding a new CEO cannot be reached because he's "on vacation on a ship" until the end of the month.

Since it's our tax dollars being pumped into BofA, we decided to help with the hiring process. Click here to see the 'help wanted' ad we've placed today: http://action.seiu.org/newceo

The frenzy inside BofA right now isn't new. It's part of the same failed leadership and poor decision making that drove our country into economic turmoil. And it's the exact opposite of what we need in Bank of America's next CEO.

Let's send a clear message to BofA. Stop foreclosing homes. Start lending money again. And no more Ken Lewises: http://action.seiu.org/newceo

In an effort to protect consumers from what the Federal Reserve called "unfair or deceptive" practices by banks issuing credit cards, Congress passed the Credit Card Accountability Responsibility and Disclosure Act in May 2009. You'd think that since passing this law, unfair, deceptive practices by credit card issuers would have abated, right? Survey says....Not even close.

According to recent report by the Pew Health Group, anti-consumer practices haven't abated in the slightest since the law was passed -- they're actually on the rise.

Credit-card lenders have been increasing fees and interest rates, raising minimum payments and lowering credit limits. Some Citi card holders, for example, have seen their credit limits cut, their interest rates skyrocket as high as 29.99%, or their cards canceled altogether. And just last month, Bank of America announced it was testing annual fees (ranging from $29 to $99) on a select number of card holders.

Pew's report found that a shocking 100 percent of the credit cards offered online by the 12 leading bank card issuers continue to include practices that will be soon be outlawed, once the Credit CARD Act takes effect. Banks surveyed include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, American Express, USAA and Capitol One.

Want a better credit card? Check out a credit union: Pew's study didn't just look at big card issuers--they took a look at credit unions as well. Their findings: although the largest 12 credit unions control only 1 percent of overall credit card lending, many of their prices are significantly lower compared to those of the largest banks. In addition, credit union penalty charges were both less frequent and less severe than those of banks. Let's take a look at some of those numbers:

Avg. interest rates on missed payment deadlines on unpaid balances:

Credit Unions: 17.9% vs. Banks: 28.8%

Average overdraft fees:

Credit unions: $20 vs. Banks: $39

According to the the Center for Responsible Lending, overdraft fees collected in 2008 have increased by 35% since 2006.

Highest interest rates (in July 2009):

Credit Unions: 13.75% vs. Banks: 21.24%

Interest rates on cards issued by Bank of America, Discover Financial Services and Capital One Financial have actually increased their interest rates by 20% in the last six months.

Making money on the backs of consumers: Though banks aren't compelled to disclose how much of their profit comes from fees, our research shows how JPMorgan Chase's bank fees comprised $3.45 billion, or 71 percent of its profit for the first half of 2009. Citigroup earned $326 million, or 95 percent of its profit, for the same period. Bank of America made 70 percent of its profit, or $5.26 billion, in bank account fees.

Although it was originally slated to take effect in staged phases--upcoming implementation dates were to be February 2010 and August 2010--U.S. lawmakers recently voted to speed up the implementation of new rules to guard against such abusive practices like those documented in Pew's study. The sooner we can hold credit card companies accountable for intentionally trapping consumers into debt from which they cannot recover, the closer we'll be towards fostering a financial system that puts long-term economic growth over short-term, expedient profits.

View Pew's full report: Still Waiting: 'Unfair or Deceptive' Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect.

The working people taking to the streets this week in the Showdown of Chicago think the amount of money the ABA is spending to lobby against the Consumer Financial Protection Agency is downright scary. To drive their point home, some protesters donned their "Scary Movie"-like costumes a week before Halloween:

At the grand finale of Day 3 of the Showdown in Chicago, a group of protesters dressed like the Grim Reaper held plastic knives that read "making a killing" and "death bonds" at today's protest in front of the American Banking Association's meeting place the Sheraton Hotel, following the protests in front of Goldman Sachs and Wells Fargo.

As the lobbying arm of the American banking industry, the ABA's members include the big banks that helped cause the crisis that has resulted in widespread economic devastation and led to $17.8 trillion in taxpayer funded bailouts and backstops for the banks. These banks include Bank of America, JPMorgan Chase, Wells Fargo, and Citibank, which together account for 60% of all bank industry assets and mortgages in the U.S---and all received TARP money.

Now the ABA is spending millions of dollars to obstruct meaningful financial reform. Taking on the banksters has never been so imperative---and tomorrow's Showdown in Chicago will be the biggest event so far this week, where roughly 5,000 union members, farmers, small business owners and activists will descend upon the ABA's annual meeting to demand an end to bank's greed.

The march begins at the corner of Stetson and Wacker Drive at 10:30, followed by a march to the Sheraton, and will also feature speeches by Andy Stern, Anna Burger and Tom Balanoff. Will you join us in making our voices heard?

Another amazing day in Chicago. Americans are fired up to put an end to Wall Street greed. Everybody is excited for tomorrow; it's going to be the largest protest against bank greed since the financial crisis began - over 5,000 people.

Here's a wrap up of today with a few faces of the Showdown in Chicago:

Imagine, if you would for a minute, living in a world where the average worker's salary was higher than the average financial industry employee's annual bonus.

Now you may scoff at such an absurd-sounding statement in today's economic climate, but it's no joke. In 1985, the average annual salary for all workers across the country was, if you can believe this, actually several thousand dollars higher than the average bonus: $19,000 to $13,970. [Disclaimer: I am not making this fact up, it just seems that way].

Over twenty-five years later, the average Wall Street bonus has soared almost 14 times higher. The ratio between average CEO pay and average U.S. worker pay is 319 to 14--meaning that the average worker's salary has essentially been stagnant since the mid-1980s.

It's gotten so bad that bonuses at many bailed out banks greatly outpace the amount of profit generated by the banks. For example, while Goldman Sachs earned $2.3 billion last year and received $10 billion in TARP funds, they paid out $4.8 billion in bonuses--an amount that is more than double their net income. Goldman Sachs has set aside more than $16 billion for bonuses, and big banks that were bailed out by taxpayers have set aside a record $140 million for 2009 salary and bonuses.

The reality is that skyrocketing CEO pay and bonuses have not slowed since our economic crisis hit.

Other facts and figures on wage inequality for Main Street vs. Wall Street that may make your eyes bug out like the crazy but lovable red-headed germ-a-phobic teacher Emma on hit TV show Glee:

• As of 2007, the top ten percent of American earners brought in 49.7 percent of total wages. This is the highest share of total U.S. income made up by the top 10 percent of earners in almost a hundred years, including during the Great Depression.
• During the economic expansion of 2002-2007, the top 1 percent captured two-thirds of income growth.
• Today, the average CEO today makes in one day what the average worker is paid in a year.
• The amount the top five executives at each of the 20 banks that accepted the most federal bailout money received in personal compensation from 2006 to 2008: $32 billion.
• A quarter-billion dollars: The total amount of compensation the 20 CEOs at these bailed-out companies made. When you break it down, the payout "rewarded" to each exec averages $13.8 million.

And last, but certainly not least, there are banksters who claim that big banks using taxpayer funds to pay out massive bonuses and create massive inequality is actually a good thing for the economy.

Don't believe me? Watch this, starting at around 2:50:

Goldman Sachs's Griffiths Says Pay 'Inequality' Helps Everyone

Yesterday the Federal Reserve announced a plan to cut executive pay by as much as 90 percent for CEOs at the seven biggest TARP recipients--companies like Bank of America, Citibank and AIG who have received hundreds of billions of dollars in taxpayer bailouts since their risky deals brought the economy to its knees last year. It's a good start, but it still leaves dozens of other banks that are still taking billions in tax dollars and paying out huge bonuses to their top execs.The sweeping move by the Fed comes right before the bankers' association meeting in Chicago from the 25th through the 27th, where thousands are going to gather in the largest demonstration against bank greed since the financial meltdown began.

Last Friday, we delivered a letter to the Obama administration's pay czar, Kenneth Feinberg, telling him to stop payment on Ken Lewis' outrageous compensation package until Bank of America cleaned up its act. The letter was signed by more than 11,000 of you, demanding a halt to CEO bonuses until banks stopped using our tax dollars to lobby against financial reform.

Today, the pay czar announced that he is taking action on Ken Lewis' outrageous compensation, asking for a stop to any salary or bonuses for 2009:

In fact, Mr. Lewis will have to repay the North Carolina-based bank more than $1 million in salary he has already earned.

The move was demanded by Kenneth Feinberg, the U.S. Treasury Department's special master for compensation, and was agreed to by Mr. Lewis and the bank. Mr. Feinberg's rationale is based largely on the fact that Mr. Lewis will leave the firm with a package of retirement benefits and other stock awards worth between $69.3 million and $120 million, these people said.

Clearly, Ken Lewis is not going to walk away a poor man. He's still going to take home more than you or I will ever make in a lifetime. But, after thousands of us demanded action, the pay czar is using his power to clamp down on Bank of America's out of control payouts.

It's a start. The problem is, every other headline in today's Wall Street Journal is about soaring profits and record bonuses for America's big banks. For them, the party's just getting started.

For us, the picture is much more bleak. You don't need a newspaper to figure that out. In every community, foreclosures continue to rise, families are declaring bankruptcy, and banks are blocking any attempts to fix the problem.

Today's announcement makes me feel good about our power to make a difference. Let's take the next step and tell banks we're not going to let them get away with this.

Click here to demand a meeting with the banks next weekend in Chicago.

It's been a little over a day since we invited people to sign on to Anna Burger's letter to the Obama pay czar, asking him to stop payment on Ken Lewis' bailout until Bank of America agrees to clean up its act. Already, more than 10,000 taxpayers have signed the letter, demanding accountability from America's bailed out banks.

Thanks to the overwhelming response from all of you, pay czar Kenneth Feinberg is going to get the message loud and clear - even before we deliver the letter. News outlets from Reuters, to the Consumerist, to the Huffington Post are reporting on our action; and Feinberg is expected to make an official ruling on Ken Lewis' compensation before the end of this month.

Ken Lewis may be the poster boy for big bank greed, but he's not alone. We've got to make sure every CEO and every financial institution that takes our tax dollars is held accountable for their actions. It's as simple as that.

The Onion, America's Finest News Source, has nicely summed up the various mistakes that caused Ken Lewis to step down as CEO of Bank of America. Some of the highlights include:

• Mailed out millions of checks that incorrectly read "Bank of Armenia"
• Bank of America cash registers consistently $10 short on his shift
• Worldwide economic collapse

It's pretty funny. But it would be easier to laugh if 1. Lewis' actions hadn't hurt so many Americans and 2. Ken Lewis wasn't collecting a $126 million payout on the way out the door - despite his horrible performance as CEO.

If you haven't already, you can sign Anna Burger's letter to the Obama administration's pay czar and tell him to stop payment on Ken Lewis' bailout until Bank of America cleans up its act: http://seiu.org/stoppayment.

Ken Lewis is on his way out at Bank of America. But not without one more parting gift from all of us.

Despite helping to drive us into one of the worst financial meltdowns in history, it's been revealed that Bank of America plans to send Ken Lewis out the door with a $53.3 million pension on top of the hundreds of millions he's already made during his failed tenure as CEO.

We're the ones paying billions in tax dollars to bail out Bank of America for the mistakes Ken Lewis made. We shouldn't let him take one more penny of our hard-earned money.

The Obama administration has appointed a 'pay czar,' Kenneth Feinberg, to make sure our tax dollars aren't being used to pay outrageous earnings to bank CEOs.

Will you tell the pay czar to stop payment on the Ken Lewis bailout? http://seiu.org/stoppayment

SEIU Secretary Treasurer Anna Burger will be delivering a letter to Mr. Feinberg, asking him to withhold Lewis' absurd compensation until Bank of America agrees to stop hurting our communities with reckless financial practices. But we want you, as a taxpayer, to sign on to the letter before we deliver it to Mr. Feinberg: http://seiu.org/stoppayment

The changes we're asking for are simple - and they're necessary to stop greedy banks from driving us toward another financial meltdown. Help make sure Ken Lewis doesn't get another dime of our money until Bank of America cleans up its act.

Sign on to Anna Burger's letter at http://seiu.org/stoppayment

P.S. It's not just Ken Lewis. CEOs at all the major banks are continuing to rake in millions, but they've done nothing to fix the problems that got us into this mess. Help us put them all on notice by signing the letter to pay czar Kenneth Feinberg.

Yesterday, Americans were given one more reason to look forward to ringing in the New Year: Bank of America CEO Ken Lewis announced he will be be stepping down from the bank, effective Jan. 1, 2010.

As a part of the Take Back the Economy coalition, SEIU and partners have been calling (loudly and persistently) for Lewis' ouster for several months. Throughout the economic crisis, Lewis has been a virtual poster boy for a financial industry fueled by reckless and self-serving lending practices, platinum bonuses, and a disregard for workers and our economy.

BofA received access for up to $195 billion in taxpayer bailout funds--and the workers, consumers and taxpayers footing the bill for Ken Lewis' failed gamble finally decided to stand up and demand change, with SEIU leading the charge. "Bank of America CEO Ken Lewis just doesn't get it," we wrote in an e-mailto supporters at the time. "The era of greed and irresponsibility is over...Enough is enough. Bank of America must fire CEO Ken Lewis."

Through a grassroots and online-driven campaign, over 100 events were held across the nation against Bank of America and more than 90,000 taxpayer proxy cards were collected & delivered at BofA's annual shareholder meeting, calling for the firing of Lewis for his corporate greed, corruption and anti-worker company policies. In addition to the ouster, SEIU demanded that two new BofA board seats be created. We called for all bonuses for execs be eliminated until taxpayers were paid back the money the bank received under TARP and demanded stronger whistleblower protections for any workers who report abusive lending or banking practices. Finally, we called for Bank of America to provide healthcare coverage to all of its 247,000 workers-- which it currently does not.

As a result of the organized campaign from union members and thousands of supportive activists, Lewis was ousted as chairman following the April 2009 annual BofA shareholders meeting (re-live that celebratory moment here). Even though Lewis stayed on as BofA CEO until his announcement yesterday, his ousting as chairman sent a message calling for CEO accountability loud and clear.

Even as the end of Lewis's profit-driven rein as CEO of BofA is finally in sight, we're not planning on letting up on our efforts to bring change to the banking industry--not even close. As SEIU's Anna Burger points out, "The Ken Lewis banking model continues drive up big bank profits while causing millions of Americans to lose their jobs, their homes, and their retirement savings." We've had enough of an economy that works only for greedy CEOs like Ken Lewis--and on that note, we thought we'd celebrate Lewis's ousting by taking a detailed record of his failed leadership. Like the saying goes, those who cannot learn from history are doomed to repeat it.

Each fall, the U.S. Chamber of Commerce awards member organizations with its "Corporate Citizenship Award" as a way of recognizing contributions to communities.

Unfortunately for the U.S. Chamber, the award is blind to a multitude of misdeeds committed by honorees. Indeed, for two years running, the U.S. Chamber has selected companies rife with problems.

One of last year's "Corporate Citizenship" awards from the U.S. Chamber was given to Bank of America just days before the collapse of our economy, which led to the bank's $45 billion bailout and $199 billion in guarantees from taxpayers. As we've previously noted, nothing says "corporate citizenship" like milking taxpayers for unprecedented billions.

The U.S. Chamber continued its curious "corporate citizenship" designations this year with an award to Aramark, a firm notorious for refusing to recognize its employees' voices. From Aramark's press release about the award:

"ARAMARK Building Community connects the expertise and passion of our people with the pressing needs of our communities, allowing them to directly impact the places where we live and work," said Frank Mendicino, ARAMARK President of Strategic Assets. "We are very proud to be recognized by the U.S. Chamber of Commerce for the extraordinary efforts of our employees."

It's odd to hear Aramark recognize the efforts of its employees, because the company's behavior to date doesn't reflect any sense of respect.

Thousands of workers at 40 Aramark facilities are currently without the full benefits of being a union member. Aramark is currently refusing to recognize workers' union and denying them the voice on the job. The company is:

• holding workers' union dues money in a company controlled account. Workers have filed criminal complaints in several cities about this potentially unlawful escrow.
• denying access to Workers United union representatives. Workers at Aramark locations across the country are not able to have grievances fully processed about important issues such as health and safety, seniority and pay.
• and refusing to negotiate new contracts with Workers United members. Aramark is refusing to negotiate with the men and women who make the company successful

To top it off, Bay Area Aramark workers have filed living wage complaints claiming that the company is unlawfully underpaying them.

Maybe that's the idea of "corporate citizenship" of the U.S. Chamber of Commerce, but it's certainly not the kind of respect Aramark employees deserve.

You can help, though. Please take a minute to speak up for Aramark employees at Indiana University of Pennsylvania who want representation at work, but have yet to receive the respect they deserve. You can take action here.

No. (That answer came pretty easily to us!)

On Thursday, bailed out banks like Bank of America--which have not paid back their billions in taxpayer-funded bailouts--had to submit proposals for executive pay and bonuses to Obama's pay czar, Kenneth Feinberg. Feinberg said yesterday that he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid...."I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance," said Feinberg.

As Obama's pay czar is weighing how and whether to use that power, we're hoping he takes into account the laundry list of reasons why Bank of America CEO Ken Lewis and other top banking executives don't deserve bonuses this year. We've laid out our "Top Ten" here.

#1: Bank of America has received nearly $200 billion in taxpayer bailouts and backstops.
As long as Bank of America is reliant on billions of taxpayer bailout funds, they should not be allowed to pay out bonuses to top executives while millions of Americans continue to lose their homes, jobs, and retirement savings.

Read all ten (after the jump).

On Monday, the SEC slapped Bank of America with a $33 million fine for misleading investors on plans to award multi-billion dollar bonuses to Merrill Lynch executives during BofA's purchase of the failed bank. In case people are keeping track...this fine is less than one percent of the $3.6 billion in bonuses paid out. SEC officials say this is the largest penalty ever imposed for a failure to disclose relevant information in connection with shareholder votes.

Bank of America has agreed to settle, without admitting to the charges. The bank also has yet to pay back $45 billion in bailout funds of taxpayer money. "This is further proof that bank executives will do anything to pay themselves bonuses and stick it to taxpayers, shareholders and workers," said SEIU's Stephen Lerner in USA Today .

Wouldn't it be nice if all of us could solve our problems the BofA-way?

As part of their "Morris on Campus,™ Life According to an Upperclassman™" campaign to "educate and empower students to take control of their finances," Bank of America sponsored a survey last summer that found 38 percent of surveyed college-aged students reporting they could use help in managing their money. Four in ten (42 percent) students reported to overdrawing their checking account.

The irony here is almost too much to bear...Bank of America knows a thing or two about spending money they don't have. It's suffice to say that these students (like BofA's promotions poster child Morris) would probably be thrilled to be granted the same pardons as BofA. Imagine what that scenario would look like if we all lived under the same skewed logic BofA decision makers seem to be adhering to..."I owed thousands and thousands in student loans but walked away after earning my college diploma owing just 1 percent!" The same goes for the millions of people who owe money to their credit card companies. Or their health insurance companies.

Christmas come early? News reports today suggest that this latest failure by Bank of America could be setting the stage for CEO Ken Lewis's departure. In spite of all the hurt they've heaped onto our economy, there's really been no holding banks accountable for their shortsighted practices and failing to live up to their responsibilities to taxpayers who bailed them out in the first place. Kicking Ken Lewis to the curb would be a good start.

Congress took a step towards cracking down on corporate and big bank CEO pay today, as the House passed the Corporate and Financial Institution Compensation Fairness Act of 2009 by a 237-to-185 vote. Today's vote to restrict risky compensation and bonuses would apply to any company with more than $1 billion in assets. It follows mind-boggling report on Thursday that nine of the country's biggest banks--all receiving billions of dollars in bailout funds--had 'awarded' roughly 4,800 million-dollar-plus bonuses.

Today, the average CEO today makes in one day what the average worker is paid in one year. Employment compensation for workers in this country has grown over the past 12 months by the lowest amount on record--a stark reality that stands in direct contrast to the skyrocketing CEO pay and bonuses that have not slowed since our economic crisis hit. Here's a visual to help illustrate our point:

The Penthouse View vs. The Main Street Reality

Bonuses at big banks have even outpaced earnings. CBS News reports that while Goldman Sachs earned $2.3 billion last year and received $10 billion in TARP funds they paid out $4.8 billion in bonuses--more than double their income. "America is not living up to its promise when one of the architects of the economic crisis gets paid billions in bonuses for his failures while his employees take home wages barely above the poverty level," said SEIU President Andy Stern.

The House passage of the bill is an important step to correct the enormous disparity between those at the top and regular working Americans, but much more needs to be done to help Main Street recover. SEIU is calling on lawmakers to pass the Employee Free Choice Act as an essential way to rein in reckless CEOs and corporate greed and speed up economic recovery.

Paul Begala has an incredibly powerful and persuasive op-ed in Politico today making the case for the Employee Free Choice Act. After introducing nightmare hypothetical scenarios of workers getting fired for trying to organize, Begala pulls back the curtain and reveals the stories are about real workers who were fighting for better jobs.

All of these stories are absolutely true. The stories of Trish Miechur, the CNA, and Corey Kresse, the metalworker, are replicated in boardrooms and factories across America. The story of Ken Lewis, Bank of America's CEO? Well, that's a familiar one, too. So here's the question: Why are their experiences so different? Whom do we want our economic policies to benefit?

For eight years under the GOP, economic policy gave CEOs such as Ken Lewis the gold mine, while giving hardworking, middle-class Americans such as Trish and Corey the shaft. President Barack Obama and the Democratic Congress were elected to change that, and protecting employees from corporate abuses is part of the change we need. That's what the Employee Free Choice Act will do.

Corporate lobbyists say the phrase "Employee Free Choice Act" as though it were a curse. But for Trish and Corey, it's a blessing. The point of the Employee Free Choice Act is to say that we've had enough of an economy that works for Ken Lewis -- and Bernie Madoff, for that matter. We want an economy that works for Trish Miechur and Corey Kresse.

The Employee Free Choice Act gives workers an opportunity to bargain with their employers for better job security, wages and health care at a time of astounding corporate greed. The legislation has three main parts: 1) It says that when a majority of workers want to form a union, a real path is provided for them to do so -- a path chosen by workers, not corporate special interests; 2) it penalizes employers who try to fire or harass workers for attempting to form a union; and 3) it says that once workers have voted for a union, employers have to come to agreement with workers on a contract. Simple stuff, right?

So why are corporate interests squealing like a pig stuck under a gate? Maybe because they're the only ones who prospered under the Bush-Lewis-Madoff policies.

As of now, it's unclear when the Employee Free Choice Act will be given a vote in Congress. Recent press stories, based largely around anonymous comments from Democratic aides, has suggested that it is unlikely the bill will get a vote any time soon--and especially not prior to the completion of healthcare reform.

But legislative delays don't diminish the moral and economic imperative for sweeping labor reform and as a result, we must continue to call on Congress to pass the Employee Free Choice Act with majority sign-up. As Begala notes, this popular piece of legislation will get America's economy moving again, so we have no time to lose.

Can you sign our letter to CEO Ken Lewis demanding answers for bank employees? Click here to add your initials to our letter to CEO Ken Lewis.

It was widely reported this week that Bank of America is seriously considering the elimination of up to 10% of the bank's branches, with CEO Ken Lewis discussing the proposal with investors. If those reports are true, that means the jobs of up to 5,000 bank employees at hundreds of Bank of America branches are at risk.

If you are a Bank of America employee, we need you to add your initials to our letter to Ken Lewis.

"It is absurd that no matter what happens in the economy these guys figure out a way to award themselves with enormous bonuses and there seems to be no problem with laying off workers," said SEIU's Stephen Lerner. "On the one hand the government is trying to stimulate the economy by pumping money into banks. But everything these banks are doing exacerbates the problem that they are supposed to be solving."

Bank of America employees need answers to questions about these drastic closure plans--at the very least, information about how they could be affected by branch closings. "There has been no communication with workers, as far as we have talked to, about what is happening, what their rights will be, if they get severance pay, if there will be buyouts, if their health care will be continued...And most importantly, there has been no discussion if they will take the money they pay in bonuses and move it to help their workers survive unemployment," said Lerner.

So, we decided to do BofA a solid by writing a letter to CEO Ken Lewis with several questions he should answer for his employees. Here's part of the letter to Lewis:

A spokesperson described this proposal as part of the "long-term direction of the company." But with families facing continued financial uncertainty, we believe this is the wrong time to eliminate the jobs of 5,000 workers and leave millions of our customers without the financial advice they need to get through this crisis.

We deserve answers to the following questions on your closure plans and the "long-term direction of the company."

  1. How many current Bank of America employees' jobs will be eliminated?
  2. Will laid off bank employees receive any severance pay?
  3. Will you give bank employees a say in how you close branches?
  4. Will you and other bank executives continue to accept bonuses after laying off thousands of workers?

If you want answers to these questions, we need your support for our letter to CEO Ken Lewis--click here to add your initials to our letter.

As the backbone of Bank of America, frontline bank workers helped drive the growth of the company for low wages, while executives took home huge paychecks and bonuses. Take CEO Ken Lewis, for example: while the bank crashed, he made $6,019 an hour. In the last three months alone, Bank of America made more than $3 billion in profits. And according to a newly-released report by NY Attorney General Andrew Cuomo, BofA also issued $3.33 billion in cash and stock bonuses to executives last year. Merrill Lynch, which merged with BofA in January, issued $3.6 billion in bonuses despite having losses of more than $27 billion. This means that combined, the banks had 860 employees who were each given bonuses worth at least $1 million.

But that's not all....Bank of America has spent an additional $1.5 million in lobbying fees since January 2009. Does that sound right to you?

Even though taxpayers are backing Bank of America with $199.2 billion, it's the front-line bank workers who are going to hurt the most. But you can do something about it. Sign our letter to Lewis and demand answers about bank branch closures.

According to the Washington Post, the top six U.S. banks set aside $74 billion in 2009 for bonuses and other compensation--up $14 billion from last year alone.

In response, SEIU released its own "Top 5 Ways We'd Spend The $74 Billion." Included in the list were: covering the budget shortfalls of 16 states, including California; paying one year's worth of mortgage for over 6 million families, and giving over $5,000 to every single American that's currently unemployed.

Andy Stern, SEIU International President, has this to say about the report:

"As millions of families struggle just to hang onto their homes and get through the next month's bills, the architects of the economic crisis are using our tax dollar bailouts on the kind of bonus money that finances glitzy Upper East Side Penthouses and glamorous Riviera getaways. We can think of better ways to spend $74 billion--and we bet most working Americans can, too.

"We support legislation like the Employee Free Choice Act to create an economy that works for those of us who aren't caviar connoisseurs, but who work hard every day just to put food on the table."

TOP FIVE WAYS WE'D SPEND THAT $74 BILLION

1. We'd Cover the Budget Shortfall in California - and 15 Other States - COMBINED. Everyone has been focused on state budget shortfalls in recent months, with a major focus on California's $26 billion shortfall. Not only could the six banks' bonuses and compensation fill the California gap, but it could also fills shortfalls in Arkansas, Colorado, Indiana, Louisiana, Maine, Missouri, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Texas and Virginia (with a few dollars to spare) combined. [Center on Budget and Policy Priorities, 7/24/09; Wall Street Journal, 7/21/09]
2. We'd Give $5,034 to Every Unemployed American. In June 2009, 14.7 million Americans were unemployed. [Bureau of Labor Statistics, 7/2/09]
3. We'd Cover a Full Year of Health Care for 5.8 Million Families. The average cost of an employer-based family insurance policy in 2008 was $12,680. [Healthreform.gov, accessed 7/27/09].
4. We'd Pay the Mortgage and Maintenance Costs of 6.3 Million Homeowners for a Full Year. According to the U.S. Census Bureau, the median monthly housing cost for homeowners, including mortgages and maintenance, was $972. [American Housing Survey for the United States: 2007, issued September 2008]
5. We'd Pay a Year's College Tuition for 11.2 Million Students. For the 2008-09 school year, the average tuition cost at a public four-year college was $6,585. [CollegeBoard.com, accessed 7/27/09]

Big banks set aside $74 billion for bonuses and compensation in 2009. "So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year." [Washington Post, 7/23/09]

Investment banks paid 60% of all compensation in year-end bonuses in 2008. For investment banks, "the bonus figures are based on estimates that about 60 percent of the compensation and benefits expenses reported by the companies will be paid in year-end bonuses, as occurred in past years." [Bloomberg, 10/27/08]

Watch this live broadcast now of Bank of America workers and SEIU's Stephen Lerner on GRITtv discussing how the bank's practices hurt consumers, employees, and our economy. « More on how BofA "encourages" its employees to help consumers rack up debt, as well as BofA workers speaking out about the bank's anti-consumer practices.