90,000+ 'Taxpayer Proxies' Delivered to Oust CEO Ken Lewis, Reform Predatory Banking Practices, Win Voice for Bank Workers

CHARLOTTE, NC-- Following actions in nearly 100 cities, taxpayers, bank workers, and community allies delivered the demands of nearly tens of thousands of nurses, security officers, child care providers, and other taxpayers at Bank of America's annual shareholder meeting in Charlotte today to restore balance to the economy and eliminate corporate excess.

After accepting $45 billion in bailout funds, taxpayers are one of the largest shareholders of Bank of America. And yesterday Americans learned that the bank could need an additional $70 billion in taxpayer bailouts to survive. Nearly 100,000 taxpayers have already filled out 'Taxpayer Proxies' to demand change at the failed bank and they are joined by a growing chorus of shareholders, state treasurers, pension fund managers, investment groups, and others demanding reform.

Bank of America is the poster child for an industry that crashed our economy, destroyed our savings and retirement, and put our children's future in jeopardy," said SEIU Secretary-Treasurer Anna Burger. "Yet even after billions in bailouts, Bank of America continues down the same failed path--paying out billions in bonuses, laying off tens of thousands of workers, and using taxpayer money to lobby against bills that would help turn our economy around."

The 'Taxpayer Proxy' demands Bank of America: (1) Fire CEO Ken Lewis; (2) Commit to real financial reform; (3) Stop consumer abuses and predatory lending practices that hurt communities; (4) Provide bank workers access to affordable healthcare; and (5) Stop lobbying against pro-worker legislation like the Employee Free Choice Act which would support working families, restore balance to our economy, and ensure bank workers have a voice on the job to protect consumers.

"Shareholders must act in the best interest of our economy and the country by taking immediate action on the demands made by taxpayers to make the economy work for everyone again," said Burger.

Bank of America's Practices Puts Profits Over Consumers and Workers:

* Over the last two years, Bank of America CEO Ken Lewis has received $34.8 million in compensation, while the median wage for a teller at Bank of America hovers around the federal poverty line for a family of four.
* Despite receiving $45 billion in federal taxpayer bailout funds since last fall, Bank of America has announced plans to lay off 30,000 to 35,000 workers and handed out $5.2 million in corporate bonuses. Bank of America could have used the money they paid out in bonuses to give each of its bank tellers an estimated $151,000 raise--nearly seven times their median salary.
* The bank also continues to make taxpayers pick up the tab for approximately $50 million a year in employee health care costs because many Bank of America workers cannot afford the company's health insurance and must rely on public healthcare programs.
* Last year, Bank of America collected $10.3 billion in bank fees, almost 30 percent higher than either of its two largest competitors. And even after taking bailout money Bank of America continues running up credit card interest rates on customers even if they have made every payment on time. The bank arbitrarily hiked interest rates on one million play-by-the-rules, pay-on-time customers in 2007 alone.
* In 2008, Bank of America spent more than $12 million on lobbying and opposed bills like the Employee Free Choice Act, the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act which would directly benefit the economy and consumers. Bank of America has been lobbying against a bill that would help homeowners facing foreclosure that is expected to be voted on this week.

For more information, please visit www.TakeBackTheEconomy.org.

Full list of sponsors include: SEIU, MoveOn.org, United Students Against Sweatshops, Catholics United, Center for Community Change, TrueMajority.org, Brave New Films, USAction, Women's Voices Women Vote Action Fund, American Rights at Work, Partnership for Working Families, Rainforest Action Network, Working Families Party, Jobs with Justice, and United for Peace and Justice

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