March IO, 2010
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Page
Wall Street Outrage Continues
Taxpayers
should have
a say
by
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G reg M athis
Am ericans are outraged at
Wall Street and the country’s
big banks for several reasons,
the least o f which is the latest
report that bonuses for financial
execs increased 25 percent in
2009.
Millions o f Americans are out
o f work, unemployment is at the
highest it’s been in a decade and
the country continues to suffer
economically. Yet, an industry
that had to be bailed out by tax
payers can afford to reward its
top officials. Americans have a
right to be outraged.
It w asn’t that long ago - just
over a year - that the U. S.
government offered up $700 bil
lion o f taxpayer money to pre
vent the financial industry from
collapsing. Y ears o f unregulated
financial dealings and the pur
chase o f faulty credit assets by
the banks led to that moment
and, w ithout the bailout, our
economy would have suffered
tremendously.
Now, it seems the financial
industry has not only “recov
ered,” it is benefiting from the
loan. The dollars use to save the
industry were utilized to gener
ate historic profits for the big
banks.. .they in turn gave them
selves both cash and non-cash
bonuses.
To be fair, when a com pany
does well it should rew ard its
staff. But w hen a com pany is
ju st com ing o ff o f one o f the
biggest financial disasters in
L aughing
A IL THE WAY
TO THE
BAILED OUT
BANK
The dollars use to save
the industry were utilized to
generate historic profits for
the big banks... they in turn
gave themselves both cash
and non-cash bonuses.
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Stop Transit Attacks
Appearing before the Portland
City Council lastmonth, activists from
the Transit Riders Union protested
TriMet’s proposed service cuts and
a fare hike, comparing them to police
attacks on citizens: unacceptable.
Last year, transit activists col-
lected 1,400 petition signatures op-
posing cuts to Fareless Square. But
tbe unelected TriMet board voted
6_to' 1 10 ignore those concerns and
began charg’ng for buses in the
formerly fareless zone, ending a
com m unity resource that served
residents for 35 years.
The Transit Riders Union is now
WOfking to stop a proposed third
round ° I service cuts and a five
cents a ride fare increase. These
cuts are set to eliminate four routes
and cut back on 60 other bus lines.
TriMet has been cutting back on
MAX frequency, even while build
ing more light rail lines.
As the treasurer o f Transit Rid
ers Union, I have also asked the City
Council to reform racist practices by
the Portland Police Bureau, specifi
cally protesting the unjustified
shooting o f an unarmed black man,
Aaron Campbell, and affirming Jesse
Jackson's characterization o f the
history, profits should be rein
vested to ensure future finan
cial stability.
Reinvesting in the business
and industry includes hiring more
staff. Most economists think the
huge profits are a result o f the
banks laying o ff staff or termi
nating jobs and giving more work
to the employees that remained.
Less staff and overhead equal
bigger profits.
We should all write legislators
and advocate that the govern
ment tie financial sector pay to
long-term financial success.
shooting as an "execution."
The U.S. Justice Department civil
rights investigation is a step in the
right direction, but it may require the
U.S. Justice Department 'taking over'
the Portland Police Bureau, under the
U.S. Attorney General, for real change
to occur.
In November, the Transit Riders
Union picketed the downtown of
fices o f the Portland Business Alli
ance, the primary group which
pushed both to gut Fareless Square,
and to keep the sit-lie ordinance
These short-term gains are great,
but are not indicative o f the over
all health o f the industry.
C ritics argue that govern
m ent should not intervene and
has no place m andating how
banks pay staff. I disagree.
W hen the taxpayers are re
sponsible for saving the sector
from collapse then the govern
m ent, as our representative,
does and should have a say.
Greg Mathis is a retired
Michigan District Court judge
and syndicated television show
judge.
against homeless people (the latter
was overturned by a court in 2009).
Currently, the TriMet board is
appointed by Oregon's governor,
not elected by the people. TriMet is
a $2.5 billion government agency.
Just as we need to fight killer cops,
we also need to fight for democracy
and to preserve "the commons" in
terms o f public transit.
Electing the TriMet board is a first
step toward taking our transit back!
Lew Church
Southwest Portland