AFL-CIO Won’t Ask Major Banks for a Dime,
Despite Demands to ‘Make Wall Street Pay’

By Harry Kelber

Some 2,000 union and community activists braved the continuing rain in their march to Washington’s  K Street, to confront Wall Street lobbyists and major banks with a message that the AFL-CIO has been repeating for months in dozens of labor rallies across the country—“Decent Jobs Now!” and “Make Wall Street Pay!”

In advertising the rally, the AFL-CIO billed it as a “showdown” event, but no confrontation occurred. Labor speakers were content to review how Wall  Street was responsible for the economic crisis that caused millions of workers to lose their jobs, homes  and a part of their retirement income. Meanwhile, bank officials and employees were  going about their business, largely indifferent to the shouting and chanting outside their front door.

The featured speaker was Liz Shuler, AFL-CIO’s secretary-treasurer, who told the crowd: “Our presence here sent a clear message that Wall Street needs to pay for the jobs its reckless practices destroyed, and to stop the 1.4 million a day to kill Wall Street reform legislation.” Sister Shuler forcefully added: “”We’re not going to stand for that.  We need good jobs now. We need to invest in America now.  And Wall Street needs to pay.”

But neither Bother Trumka nor Sister Shuler have given us the slightest hint about how much they think Wall Street should pay. Or to whom? Or when payment should begin? Or who will control the money? Obviously, if AFL-CIO leaders were serious, they would be calling for negotiations with the bankers. But there is no indication that  they have even met Wall Street’smoguls face-to-face.

How Does Trumka Expect to Make Wall Street Pay?

It’s hard to understand how Brother Trumka and Sister Shuler plan to get the 11 million jobs that are “needed now.” The Obama administration and Congress are in a budget-cutting, mood,  with just the interest on the national debt reaching about $380 billion a year. What do they propose to do about creating jobs, except just talking about it?

If Brother Trumka were interested in getting  a fund for the victims of Wall Street greed, he could call for negotiations with the banks on the terms and amount of compensation. He could use, as leverage, the threat of  unions and their members withdrawing their bank deposits.

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One of the essential features of union democracy is the principle of accountability. Union leaders should keep their members informed of all developments that affect their livelihood and well-being. Union members should have the right to approve or oppose decisions of their leaders and recommend whatever actions  they feel are necessary in compliance with their constitution.

Let’s remember  that unions belong to the members and are not the property of their leaders. Brother Trumka, do you agree?—Harry Kelber