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Evict BNY Mellon, not Occupy Pittsburgh
Evidence supporting the protesters' claim that major banks have engaged in illegal activities is mounting.
On Dec. 13, BNY Mellon filed a court action seeking to evict the Occupy Pittsburgh encampment from Mellon Green, where occupiers have been peacefully protesting without complaints from the public or the city. This action is an attempt to squelch the vital public dialogue that the Occupy Wall Street movement has been advocating.
Papers served to Occupy Pittsburgh, Dec. 12. (Darrell Sapp/Post-Gazette)Occupy Pittsburgh participants reciprocated. Not only did they vow to stay on Mellon Green (which they renamed "People's Park"), they served BNY Mellon with an eviction notice, as well. This was not aimed at BNY Mellon staff members, who, Occupy Pittsburgh said, are "almost entirely part of the 99 percent [since they are] not millionaires," but rather the corporation and its officials, which they call "a criminal enterprise masquerading as a respectable institution in the community."
Evidence supporting the protesters' claim that major banks have engaged in illegal activities is mounting.
BNY Mellon is being sued by three states for allegedly generating $2 billion in profit through fraudulent charges on public and private pension funds. In another case, the company is charged with causing $1 billion in losses to firefighters, police and other workers in Detroit's pension system by keeping investments in Lehman Brothers well after it was clear that Lehman Brothers was in trouble. BNY Mellon is even being sued by some of its former employees, who raise similar complaints about its management of its workers' 401(k) plans.
Occupy Pittsburgh also charges the company with failing to pay some of its workers a living wage -- while generating huge profits by violating both the law and the trust of clients from among the 99 percent.
Despite such behavior, BNY Mellon and other banks are seen as respectable institutions deserving favorable governmental treatment. Mellon's ability to remain solvent and generate profits may even be deemed a virtue. Its right to occupy several Downtown city blocks is unquestioned. This is because over the last three decades, the United States has led the world in building a globalized market where the goal of making profits supersedes all other aims and values.
Herein lies the crux of the Occupy Wall Street movement's claims. Policies favoring wealth generation over all else have reinforced the power of those with large amounts of capital over those with little. The wealth of most Americans has been transferred to the 1 percent in the form of corporate profits.
Much of this wealth transfer has occurred through technically legal means, such as by suppressing the wages of the 99 percent, most of whose incomes have remained stagnant since the 1970s.
But a good deal of it results from illegal and deceptive business practices.
These violations are often ignored or even made legal through corporate-friendly policies because corporate money has corrupted our political system and given corporations more voice than citizens. Corporate influence in politics has prevented politicians from recognizing and responding to the enormous risks imposed by corporate practices on our national economy and the entire world.
Protesters occupy physical public spaces to open more figurative space for the public to look critically at how and by whom our economy is being run. Until the Occupy movement came along, public dialogue narrowly centered on policies designed to favor the banks and corporate elite -- how much to cut government services, whether to increase taxes on the top several percent of taxpayers, whether to have a little more government regulation of industry and banks. Neither major political party has questioned the moral legitimacy of the economic structure.
The verb "to occupy" means "to engage." Occupy Wall Street has engaged the public and enlarged public debate beyond a narrow range of so-called "realistic" policy choices. Occupy camps are both symbolic and instrumental in their demands that we shift the emphasis of public policy and debate away from the single-minded pursuit of profit.
By evicting BNY Mellon, Occupy Pittsburgh employs a strategy used by marginalized groups throughout history struggling for a moral economy organized to serve human beings against the dictatorship of markets. A moral economy requires that people come together to determine what sort of economy and society we desire.
Occupy Wall Street's presence creates the kinds of spaces -- not only in downtown encampments but also in coffee shops, living rooms and public gatherings such as Occupy Pittsburgh's Human Rights Day rally -- needed for the democratic dialogue that has been denied by the increasing privatization of public spaces and corporate control over our mass media.
The public should support Occupy's right to stay in Mellon Green. People's Park is a space designated for public use but which BNY Mellon now wants to close to the public. More importantly, we must evict BNY Mellon and other corporations from their occupation of the public discourse. It is that occupation which really threatens both the public good and our democracy, not Occupy Pittsburgh's encampment in a tiny Downtown square.
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10 Comments so far
Show AllVery well written indeed! This is a true grassroots movement that might really change something.
BNY Mellon also gets a lot of US Government work without competing for it, so the corporation is obviously well connected.
A call has gone out from Firedoglake on behalf of the Occupy Supply Fund for help for Occupy Erie to send winter weather gear.
https://donate.firedoglake.com/weatherize/contribute?rc=erie_n&recip1=2297&amount1=10&recip2=1961&amount2=0
"BNY Mellon is being sued by three states for allegedly generating $2 billion in profit through fraudulent charges on public and private pension funds."
................Keep a close watch on this! As Jim Rickards said, "BNY Mellon will escape punishment because it is the largest clearing house for U.S. government bonds."
Smith and Lobel sez: "Policies favoring wealth generation over all else have reinforced the power of those with large amounts of capital over those with little."
***
A modest investment of those "large amounts of capital" into CONgress has ensured the policies are written by those with the capital. An economic positive feedback loop, if you will.
It would be nice to think something will come of these lawsuits against BNY Mellon, but the corporation likely holds shares in Eric Holder, as well.
Good article! However, there are some people that may not understand the nature of this article. For instance, most people are not aware that with trusts (as in family trusts, social security trusts, pension trusts), that fiduciary and custodial accounts at a trust company or bank do not become assets or liabilities of that bank. With this, is a bank fails, or is taken over by new owners, the trusts do not lose either way because they are not counted/included in the banks assets or liabilities. I think all states need to sue the different trust companies, as the pensions and social security trusts are claimed to have lost money, yet, the very rich, they use trusts as well, but, their trusts didn't lose a penny.
Thanks for this valuable education. It clearly shows that we live in a two class system. We and They, and the two are not equal under the Law..
Gee, corporate profits are more important that principles, stealing retirement Money from the working class is illegal? Well we better get someone into congress to make it legal, and we need a few billion dollars from the government to cover anything we might loose until we can get these damn regulations and laws changed, after all it's just the damn working class. They are probably democrats anyhow!
Today, I read this article and I saw, for the first time,
A national ad for BNY Mellon.
Something definitely seems rotten in Pittsburgh because now the smell is becoming broadcast nationally.
By being involved with other concerned people, by being together in public places, by exploring ideas and creative actions and by doing some of these the Occupy Movement is finding, creating, and being the new society. The new society that can and must transform our sick society and bring it new health and save our country's beautiful effort to create a democratic society with social justice and a shared human dignity.
While the powers that be tend to hold fast to as much power as they can, it is important to imagine what might be. I imagine the Occupy Movement being embraced by those in positions of authority. I imagine mayors, and city council members, working together with the Occupy Movements to let the small creative circles in the Occupy Movement grow to involve great numbers of the society so as to reach virtually everyone and thus transform for us all how we relate to each other and our government. I also imagine those in government feeling a change, a positive change of embracing communications and explorations of ideas from the Occupy people who want to help heal our country and species and bring balance to our relationship with Mother Earth.
Instead of this vision unfolding we have witnessed an attempt by the powers that be to crush the independent and creatively expressive energy and presence of the Occupy Movement. How very myopic and sad to see so many people miss the boat when their historic moment was at hand. Just as Colin Powell lost his moment in history to stop a horrendous, immoral, and illegal war when he subsumed his more conscious potential and spoke lies on behalf of the authorities he worked with. While we work with others we should always keep in mind that we are responsible for our own actions no matter what another has asked of us. We should affirm our independence when asked to act illegally or immorally. Colin Powell failed to perceive the historic position he was in. If he had refused to speak or had spoken just the truth when at the United Nations he might have altered the plan for war and would have retained an inner dignity. He failed to see his potential positive influence and lost his very unique chance to do good.
By being proactive in democratically creating a community of solutions and working together to help and inspire each other Occupy Movement is able to provide a living example of the kind of social interactions needed to solve our social, economic, legal, and ecological problems.