Action to hold the big banks accountable on outrageous executive pay is right on, but this is only the tip of the iceberg of how they're undercutting our economy.

"As we've seen with firms like Bank of America/Merrill Lynch, not only do they take billions in taxpayer bailouts and still allow bonuses, they're also taking taxpayer money and working against measures like the Employee Free Choice Act that would help hard-working taxpayers gain a voice to help restore the middle class.

"Bank of America also takes as much as $50 million from taxpayers year in and year out because their workers lack affordable employer health care and must rely on publicly-funded programs instead.

"Excessive executive compensation goes hand in hand with the low wages and lack of affordable healthcare that are an impossible drain on the finances of working Americans and a huge drain on our economy.

"Building an economy with strength that can last means the big banks not only have to bring down massive CEO salaries, they must also do their fair share on health care, ending consumer exploitation, and ensuring working people have the freedom to better share in the prosperity they help create."

A recent Huffington Post article reported on a conference call that Bank of America hosted just three days after receiving $25 billion in federal bailout funds to organize opposition to the Employee Free Choice Act.

For a copy of SEIU's recent report "Bank of America: A Billionaire's Boondoggle," please contact Kawana Lloyd at 202-730-7087. Here are other highlights:

• Since 2004, Bank of America has laid off more than 34,000 workers. Bank of America recently announced up to another 30-35,000 job cuts in the next three years.


• In 2006, Bank of America CEO Ken Lewis brought home $99.8 million in compensation. The median salary of a Bank of America teller is $23,597. Ken Lewis made more than 4,000 times as much as a Bank of America teller in 2006.


• In the first nine months of 2008, BofA and Merrill Lynch spent a combined $10 million on lobbying.

With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers--not just corporations and CEOs--benefit from today's global economy.

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