Forum Post: Want to know why OWS targeting CHASE?

“Move your money, Chase's money is our money!” That's the rallying cry for the Occupy Wall Street labor activists marching on a Chase Bank branch this Saturday. The protesters plan to enter Chase en mass to close their accounts and then transfer the money to worker-owned banks and credit unions around the city. The march advocates moving money to “a financial institution that supports the 99%.” The protesters are making this transfer of capital from corporate banks to member-based financial institutions out of a concern for the financial sector's lack of public accountability in light of the billions of dollars it received in public bailout money. The flier promoting the event calls out Chase in particular, saying that “Chase destroys what matters.”The protesters have identified what they see as trend in irresponsible behavior on the part of the bank. Chase has laid off 14,000 employees since receiving a bailout of $94.7 billion. The bank ranks number one in American home foreclosures and is currently under investigation for fraudulent foreclosures on families in New York City. Amid all of this, last year, Chase CEO Jamie Dimon gave himself a record-setting bonus. The march is being coordinated in conjunction with other large-scale public movements. The Chase action is one event in a larger “Day of Action Against Banks” organized by groups within Occupy Wall Street. The October 15th date was set by a larger international mobilization called “Take the Square” that has its roots in the M15 demonstrations in Madrid. As of this date, October 15th protest events have been scheduled in 869 cities in 71 countries. The Chase march is coordinated by the Labor Outreach Working Group, a working group of the Occupy Wall Street movement, in a continuation of the outpouring of union support demonstrated by the estimated 30,000 persons in attendance at the labor/community march on October 5, 2011.