Call on Bank to “Be a Sweetheart” and return millions of dollars in cancellation fees to School District

PHILADELPHIA, PA – Philadelphians from across the city will deliver Valentine’s Day-themed messages calling on the bank to pay back the millions they made on bad deals with the School District through interest rate swap agreements.  After canvassing at several neighborhood Wells Fargo branches, activists will gather at the Wells Fargo Building to deliver their hand-made cards.

The large financial institutions that helped cause the Great Recession continue to cause suffering in our neighborhoods through their reckless behavior. While taxpayers provided billions of dollars in bailouts to banks in the wake of the financial crisis, municipalities and school districts have been forced to cut services and lay off staff without receiving any financial consideration from the banks for the high cost of swap deals.

According to a recent report by the Pennsylvania Budget and Policy Center, the City and School District have lost over $332 million in net interest payments and cancellation fees relating to swaps negotiated with bailed out financial institutions including Wells Fargo.  The City could potentially lose over $240 million in additional net interest payments from still-active swaps between the City agencies and the same bailed-out financial institutions if interest rates continue to remain low.

WHAT: Philadelphians Deliver a Not-So-Sweet Valentine to Wells Fargo

WHO: Community members, including unemployed workers, teachers and students directly impacted by cuts to the School District

WHEN: Tuesday, February 14 at 2:30 pm

WHERE: Wells Fargo Building, 123 South Broad Street

VISUAL: Hand-made Valentine’s Day cards bearing messages such as “It’s not Us, It’s You,” “Have a Heart: Pay Back Our Schools,” and “We Deserve a Healthy Relationship”

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Philadelphia – Unemployed workers and community members will attend the Conservative Political Action Conference (CPAC) in Washington, DC on Friday, February 10.

Once in DC, they will join hundreds of people from the East Coast to protest the CPAC for engineering and maintaining tax loopholes for corporations and the richest 1% that have killed the American Dream for the 99%.

Protesters will be available for photos and interviews before they leave for DC. Remote phone interviews from Washington, DC can be arranged by calling 202-487-9409. Follow along on Twitter at @fightforphilly.

WHO: Unemployed workers and community members; Fight for Philly and the Philadelphia Unemployment Project

WHAT: Trip to Washington, DC to tell CPAC attendees to stop representing the richest 1% at the expense of everyday Americans

WHEN: Friday, February 10, 2012 at 6:30am

WHERE: Bus departs from 846 North Broad Street

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MEDIA ADVISORY FOR: Tuesday, February 7, 2012 at 12:00 pm
FOR MORE INFORMATION: Lynsey Kryzwick: 646.200.5311, lynsey@berlinrosen.com; Emma Stieglitz: 646.200.5307, emmas@berlinrosen.com

HARRISBURG, PA – Pennsylvanians from across the state will gather in the Capitol rotunda following the Governor’s budget address on Tuesday to call for an end of tax breaks for rich corporations and the 1%.  Without corporations paying their fair share, the new budget will force cuts on education, universities, healthcare, transportation and other services the majority of Pennsylvanians rely on to support their families.  The taxpayers will call on the Governor to address budget shortfalls by ending tax breaks for rich corporations and the 1%, including closing the Delaware and Amazon loopholes and enacting a Marcellus Shale gas extraction tax, which would add nearly $1 billion to the state’s income this year.

Wearing t-shirts reading, “Gov. Corbett, Whose side are you on?   Stand with the 99%,” the group of concerned taxpayers from Pittsburgh and Philadelphia will travel to Harrisburg to hear the Governor’s budget address and voice their concerns about proposed cuts that will further hurt their families and communities at a time when they can least afford it.

The group will highlight proposals for nearly $1 billion that would be generated by closing tax loopholes that keep rich corporations from paying their fair share to support public schools and universities, roads, infrastructure and public transportation, healthcare and other services.  The proposals include more than $500 million in revenue from closing the Delaware loophole, $247 million from a moderate Marcellus Shale extraction tax and $74 million from closing a sales tax loophole.

The protest is being organized by concerned taxpayers from across the state and community organizations, including One Pittsburgh, Fight for Philly, Occupy Temple, Philadelphia Economic Advancement Collective, Philadelphia Unemployment Project, Occupy Pittsburgh, Pittsburgh UNITED and ACTION United.

WHAT: Protest of the Governor’s Budget Proposal

WHO: Concerned taxpayers, including unemployed workers, teachers, students and healthcare workers
Community organizations

WHEN: Tuesday, February 7
12:00 pm (following the Governor’s budget address)
*Protestors will be available for media interviews beginning at 9 am

WHERE: Capitol Rotunda

VISUAL: More than one hundred Pennsylvanians wearing t-shirts reading, “Gov. Corbett, Whose side are you on? Stand with the 99%” and chanting, “Tax the 1%!”

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Philadelphia — Parents, students, community members, Occupy Philadelphia members and a host of community advocacy groups representing the 99% will rally at a Center City Wells Fargo branch, calling on the bank to pay back the millions they made on bad deals with the City and School District.

The large financial institutions that helped cause the Great Recession continue to cause suffering in our neighborhoods through their reckless behavior. Banks have dealt a significant cost to the city and School District through interest rate swap agreements.

According to a recent report by thePennsylvania Budget and Policy Center, the City and School District have lost over $332 million in net interest payments and cancellation fees relating to swaps negotiated with bailed out financial institutions including Wells Fargo.  The damage has no end in sight. The City could potentially lose over $240 million in additional net interest payments from still-active swaps between the City agencies and the same bailed-out financial institutions if interest rates continue to remain low.

Activists and community leaders will rally with a simple message to Wells Fargo: If this big bank wishes to be a good corporate citizen of Philadelphia, it is only fair that they pay back the lucrative cancellation fees they received for terminating bad deals and renegotiate those deals which are currently active.

WHAT: Wells Fargo: Pay Back Rally

WHEN: Thursday, January 26 at 5:00 p.m.

WHERE: Wells Fargo branch at 15^th and Market Streets

Fight for Philly is a coalition of community members and organizations committed to holding corporations accountable for fixing the economy and calling for investments in struggling communities to create good jobs.  For more information please go to fightforphilly.org.

Jess Burgan

Fight for Philly

215-232-3792