Daily Dose: 11/8/2011

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Daily Dose

November 8, 2011

 


Bay Area

Moms and toddlers of Oakland teach big banks to share

Picture taken by Tiffany Eng

You would think that by the time people reach adulthood they would understand the basic art of sharing.

Oakland parents and young children took the liberty on themselves—Friday, November 4, 2011 to assemble against the nation’s largest banks in an event entitled, “Teach Banks to Share.”

The self-named “Colorful Mamas of the 99 percent” along with their toddlers and pre-schoolers chanted “Time out! You better share!” as they marched to the city’s banking district, where several mothers closed their bank accounts at Wells Fargo Bank, in support of the nationwide “Bank Transfer Day” campaign.

Kimi Lee of Oakland explained her decision to close her account after 35 years in support of the effort.

“Wells Fargo paid no taxes last year, or the year before,” said Lee “And it’s not just Wells Fargo. All these banks got a federal bailout and they are not paying their fare share of taxes.”

In response to the protestors, Wells Fargo spokesman, Ruben Pulido said in their defense that the San Francisco-based bank donates their money to charity and pays a great deal of taxes.

He stated that in 2010 the bank donated $210 million to nationwide charities and paid $30 billion in income taxes over the last 10 years.

But it was just last week that Wells Fargo reported their quarterly profits which showcased earnings of $4.06 billion (72 cents a share) for the three months, which ended September 30. This is up from the $3.34 billion (60 cents a share) the year prior.

Wells Fargo even made a record for themselves  from the past 12 months, showing a profit of $15.18 billion.

For more information, visit: http://oaklandlocal.com/article/parents-their-children-march-against-banks-some-close-accounts-video , http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/11/04/state/n145552D20.DTL and http://www.mercurynews.com/breaking-news/ci_19265553

 

 

Nation

Obama jumps on the Asian bandwagon

President Obama simply recognizes the growing wealth of Asia and according to Hillary Rodham Clinton, it is in America’s best interest as well as in Obama’s strategic plans to assist the country out of it’s financial state by teaming up with Asia.

Clinton, the U.S. Secretary of State, stated that the open markets in Asia will give the United States grand opportunities for investment, trade and use of the newest technology the world has to offer.

The United States economic recovery will only occur through exports and the ability of America’s firms to participate in the growing consumer base of Asia. 

Obama, who leaves on Friday, for a nine-day trip to Asia will begin his trip in Hawaii for the Asia Pacific Economic Corporation Summit then make way to Bali, Indonesia for the East Asia Summit.

Senior White House officials said that President Obama will utilize his time in Asia to stress the importance that increased U.S. exports is a crucial tool in creating middle-class manufacturing jobs, which is a theme that correlates with his domestic jobs tour.

For more information, visit: http://www.washingtonpost.com/politics/obama-to-attend-asian-economic-summits/2011/11/05/gIQAtUMErM_story.html

 

 

About the Author

Majoring in journalism (print and online) and minoring in international relations at San Francisco State University. A&E reporter for SF State's Golden Gate Xpress.