Over the last month, we’ve seen thousands of people across the country rise up to call out big companies like General Electric, Wells Fargo and Bank of America for their “economic crimes against the 99%” – whether inside shareholder meetings or out in the streets. Now it’s our turn to take on corporate greed right here in Massachusetts.
In boardrooms from Wall Street to the West Coast, major corporations are hatching new schemes to line their pockets at the expense of low and middle-income families, destroying communities across the country in the process. Here in Massachusetts, State Street Bank is one of the worst offenders – exploiting loopholes to take $1.88 billion from taxpayers, eliminating thousands of jobs through outsourcing and offshoring, and investing tens of millions in private, for-profit prisons and detention centers.
That’s not all. State Street has gotten into hot water in recent years over business practices that hurt investors and drained pensions. Investors lost $450 million when State Street lured them into a ‘CDO’ managed by Magnetar – a hedge fund investigated by the SEC for fueling the mortgage crisis (a practice for which they have since been fined). Additionally, more than a dozen states, US Attorneys, the SEC and other regulators that are suing, investigating or outright dumping State Street as a result of its pension pricing.
That’s why we’ve created an Economic ‘Crime’ Unit at MassUniting to educate people about corporate abusers like State Street. To learn more about State Street and how you can get involved visit StopEconomicCrime.org and check out our video below:
As it turns out, there’s no such thing as an official “economic crime against the 99%” in Massachusetts (or anywhere else, really.) But given the way many big banks and corporations exploit the 99%, there sure ought to be – and we are shining a spotlight on these companies to show that things need to change. So while we can't say State Street did anything illegal, we can see the very real, very negative impact their actions have on Bay State families. We hope you'll join the Economic Crime Unit in our effort to hold companies like State Street accountable for the harm they've done to our communities.