Post by mkink on Oct 18, 2011 15:41:45 GMT -5
“THE BANKS NEED TO TAKE A HAIRCUT”
OCTOBER 24 ACTION AT OCCUPY ALBANY
On Monday, October 24 barbers can visit Occupy Albany to dramatize the need for big banks to provide debt relief to homeowners and consumers as part of getting our economy going again.
We will create an Event through Steve Vilot’s 4000-barber Facebook group in coordination with Occupy Wall Street and Occupy Together.
Occupy Albany will need to set up at least six stools with barbers and capes printed or painted with the logos of the biggest six banks: JPMorganChase, Bank of America, Citibank, Wells Fargo, Morgan Stanley and Goldman Sachs.
Occupiers and/or supporters dressed as bankers will get haircuts as activists explain what it means for banks to “take a haircut” on bad loans and how it could provide immediate relief to American families from crushing debt on mortgage loans, student loans, credit card loans and other consumer debt.
Needs
Need Occupy Albany to agree to event * Need barbers to participate * Need explanatory materials * Need cool capes * Need Occupy art working group to make huge barber pole * Need PR summary and PR outreach
Haircuts Explained
In banking, when a lender has to accept that a loan will not be paid back in full, the lender must then write the loan value down for a loss. This is called taking a “haircut.” Bankers don’t like haircuts – but they treat the 99% and the 1% differently.
When faced with losses by homeowners or consumers, they play hardball. They threaten homeowners with foreclosure and report the borrower to the credit agencies, damaging their credit rating.
But with bigger, richer borrowers like corporations, bankers routinely agree to negotiate haircuts and other changes in loan contracts, since refusing to do so could cause the borrower to file for bankruptcy, causing even bigger losses and jeopardizing future business (and the lucrative fees) from corporate borrowers.
The big banks need to take a haircut: they should provide immediate relief to American homeowners, families and students by writing down the value of underwater mortgages and unbearable consumer and student-loan debt. This would reduce monthly loan payments for millions of Americans, providing immediate relief to household budgets and helping economic recovery.
OCTOBER 24 ACTION AT OCCUPY ALBANY
On Monday, October 24 barbers can visit Occupy Albany to dramatize the need for big banks to provide debt relief to homeowners and consumers as part of getting our economy going again.
We will create an Event through Steve Vilot’s 4000-barber Facebook group in coordination with Occupy Wall Street and Occupy Together.
Occupy Albany will need to set up at least six stools with barbers and capes printed or painted with the logos of the biggest six banks: JPMorganChase, Bank of America, Citibank, Wells Fargo, Morgan Stanley and Goldman Sachs.
Occupiers and/or supporters dressed as bankers will get haircuts as activists explain what it means for banks to “take a haircut” on bad loans and how it could provide immediate relief to American families from crushing debt on mortgage loans, student loans, credit card loans and other consumer debt.
Needs
Need Occupy Albany to agree to event * Need barbers to participate * Need explanatory materials * Need cool capes * Need Occupy art working group to make huge barber pole * Need PR summary and PR outreach
Haircuts Explained
In banking, when a lender has to accept that a loan will not be paid back in full, the lender must then write the loan value down for a loss. This is called taking a “haircut.” Bankers don’t like haircuts – but they treat the 99% and the 1% differently.
When faced with losses by homeowners or consumers, they play hardball. They threaten homeowners with foreclosure and report the borrower to the credit agencies, damaging their credit rating.
But with bigger, richer borrowers like corporations, bankers routinely agree to negotiate haircuts and other changes in loan contracts, since refusing to do so could cause the borrower to file for bankruptcy, causing even bigger losses and jeopardizing future business (and the lucrative fees) from corporate borrowers.
The big banks need to take a haircut: they should provide immediate relief to American homeowners, families and students by writing down the value of underwater mortgages and unbearable consumer and student-loan debt. This would reduce monthly loan payments for millions of Americans, providing immediate relief to household budgets and helping economic recovery.