M&I Bank’s Golden Parachutes for Executives a “Breach of Trust” with Wisconsin’s Working Families

[Donnachaidh]

http://www.commondreams.org/newswire/2011/05/06

MILWAUKEE, WI - May 6 - Wisconsin State AFL-CIO is the latest in a wave of businesses, organizations, and individuals who are closing their accounts with – and sending a strong message to – M&I Bank.

Taxpayers bailed out M&I Bank with $1.7 billion dollars of their hard-earned money. Instead of repaying their debt to taxpayers M&I executives spent hundreds of thousands of dollar on political contributions to Governor Scott Walker and politicians who are now attacking the middle class.

In a letter delivered to M&I Bank CEO Mark Furlong today, Stephanie Bloomingdale, Secretary-Treasurer of the Wisconsin State AFL-CIO announced that the organization will close its account with M&I Bank by withdrawing more than $105,000 in funds.

The letter accuses Furlong and other M&I executives of betraying Wisconsin’s working families by failing to pay back $1.7 billion in bailout funds, focusing on their personal bottom lines, and reaping $71 million in golden parachutes in the sale of M&I to the Bank of Montreal.

More at the link --

[Scuba]

1. Thanks. Shamelessly reposted. n/t