US workers protest against Wall Street

Hundreds of American workers have taken to the streets of Los Angeles to protest against Wall Street and the country’s financial institutions.

The protesters gathered in the financial district of downtown Los Angeles, where there are offices for major banks like Chase, BNY Mellon, and Wells Fargo.

The demonstrators, mostly city workers and activists from the Fix LA Coalition, said they are angry with drastic cuts to their wages and benefits, while the big banks on Wall Street continue to make record profits.

The rally was held after a new report showed Los Angeles spends more than $200 million each year in bank fees.

The fees are the result of a deal city officials made before the economy crashed and the banks have increased the fees above market value.

“The financial institutions of this country have sold the people out,” William Smart from the Fix LA Coalition told Press TV.

“All of these things are happening because of the lack of money and the banks have our money. The banks ripped us off and we need our money back, we need our fees back,” he added.

Workers believe that because the city is paying the banks, they have been forced to make cuts.

The protesters urged the city to take the money from Wall Street.
 
They also want to put pressure on city leaders to renegotiate the Wall Street deals. For their part, city finance officials say the deals are saving the city money and terminating the deals would cost more than just paying off the balance.

AGB/AGB

Source Article from http://www.presstv.ir/detail/2014/10/30/384139/us-workers-protest-against-wall-street/

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