Skip to main content

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 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.

Originally posted to MassUniting on Tue May 15, 2012 at 10:38 AM PDT.

Also republished by Occupy Wall Street.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site