Tag Archives: Goldman Sachs

Fired for her credit score … Tim Newman, Change.org


Fired for having student loans? Latoya Horton says she was fired from her job as an accountant, not because she did anything wrong, but because her employer checked her credit report and decided her debt-to-credit ratio was too high. Latoya was outraged: “How are you supposed to pay off your student loans if you can’t get — or keep — a job because of your loans?”

It happens more than you think: Latoya found out that 60% of employers now check employees’ credit reports. They often buy them from TransUnion, one of the largest credit reporting companies. TransUnion’s chair, Penny Pritzker, even sits on President Obama’s jobs panel. She’s responsible for spurring job creation, but her company is profiting from a practice that makes it harder for people with debt to find work.

You can help: Latoya started a petition on Change.org demanding that TransUnion stop selling credit reports to employers immediately. If thousands of people sign Latoya’s petition, it will shine a national spotlight on what Latoya thinks is an ethically dubious practice, and TransUnion’s executives will be forced to respond.

Click here to sign Latoya’s petition.

Thanks,

– Tim

——

Here’s a lot more information about Latoya’s campaign in her own words:

Years ago I went to college to study accounting, and like millions of other Americans I took out loans to pay for it. A few years later I got a temporary job in the accounting department at Bain & Co., and after 6 months of reliable work I was thrilled to be offered a full-time position.

However, just a few weeks after starting in my new position the company fired me because my debt-to-credit ratio was too high. I later learned that 60% of employers now check credit reports, which typically include student debts. How are you supposed to pay off your student debts if you can’t get (or keep) a job BECAUSE of your debts? And what do my student debts have to do with my ability to do a job well anyway?

25 states have debated bills in the last year to restrict this practice, and in a number of these states one company has fought hardest against these efforts: credit reporting company TransUnion.

What’s ironic is that Penny Pritzker, TransUnion’s Chair and part owner, sits on President Obama’s Jobs and Competitiveness Council, which advises the President on putting Americans back to work. How can someone advise on national job creation when her company sells products that may keep qualified people out of work?

Please join me and 25 national civil rights organizations in calling on TransUnion to stop its sale of credit reports to employers. As the only one of the “Big 3” credit reporting companies that’s privately held, TransUnion has the ability to stop this practice overnight.

It was recently announced that in the coming weeks TransUnion will be sold to two private equity companies, including Goldman Sachs. If Penny Pritzker is serious about job creation, she should do what she can to ensure that her company stops this abusive practice before the company is sold.

AFL-CIO America’s Union Movement … a repost from 1/2011


Here in Washington, we live in an Alice-in-Wonderland political climate. Politicians of both parties tell us we can—and should—do nothing to address our jobs crisis. The new Republican leaders in the House—who campaigned on the promise of jobs—are squandering their first days of legislative business on a vote to take away health care gains from 30 million Americans.

Yet the attacks on working families are even worse in many states. Too many governors are launching attacks on workers—fueled by the enthusiasm and the financial support of people like Lloyd Blankfein, the CEO of Goldman Sachs, and Rupert Murdoch, the billionaire publisher behind Fox News.

When I say an attack on workers’ rights, I am not talking about demands for concessions in tough times by employers. I am talking about the campaigns in state after state, funded by shadowy front groups, aimed at depriving all workers—public and private sector—of the basic human right to form strong unions and bargain collectively to lift their lives. These attacks on workers ultimately are attacks on our children—and their ability to have the kind of life we wish for them. Make no mistake: attacking workers is a choice—a choice to tear down our whole country, rather than building us up.

It’s inexcusable that many of our leaders still don’t realize our country rises and falls as one nation, and that a good-wage growth path is essential to our survival. That’s why I gave a speech this morning at the National Press Club that laid out our vision for moving forward.

Many governors and state legislatures across the country are using the politics of misery and anger to lay the burden of budget problems on working families. Their proposals would destroy our public institutions, deprive our children of quality schooling and care, and crush working people’s rights and living standards, while failing to invest in building a stronger nation and middle class.

>> Then, please sign our petition to federal and state leaders. It says: “I reject the politics of misery and anger. We need to build a future that lives up to our children’s expectations.”   at … http://www.aflcio.org/

After three years, our jobs crisis still is raging. Families are more squeezed than ever. Our poorest communities are totally devastated. And young adults are struggling to find their footing more than at any time in our history since the Great Depression.

Yet many of our newest governors are willing to make things worse. Last Friday in Cincinnati, Ella Hopkins and a group of her co-workers went out on a frigid night to stand in front of City Hall. Ella is a child care worker. She cares for children when parents are at work. At the end of her week, the state of Ohio pays her about $350 after taxes. She stood out in the cold to ask her new governor, John Kasich, to respect her freedom to form a union to improve her life and those of her co-workers. Kasich had said state workers like her are “toast.”

In the same week Gov. Kasich made cracking down on home care and child care workers his first priority, he increased the salaries of his senior staff by more than 30 percent. Outrageous.

In some state capitals, things have gotten so bad we see not just an attack on the middle class, but an attack on economic rationality itself. Govs. Mitch Daniels of Indiana and Scott Walker of Wisconsin both rejected high-speed rail through in their states. They turned their backs on jobs and their own state’s future. They’re betting on misery and anger, rather than hope and progress and common sense.

Newly elected governors and state legislatures need to stop doing the exact opposite of what works. They need to stop destroying our public institutions, stop depriving our children of quality schooling and care, and stop crushing working people’s rights and living standards. Instead, they need to invest in building a strong future and a solid middle class.

Tell our state leaders: “I reject the politics of misery and anger. We need to build a future that lives up to our children’s expectations.”

And watch the speech I gave at the National Press Club.

The fact is, we are a nation that still has choices—and we don’t need to settle for stagnation and ever-spiraling inequality. We don’t need to hunker down, dial back our expectations and surrender our children’s hope for a great education, our parents’ right to a comfortable retirement, or our own health and economic security. We don’t need to sacrifice our nation’s aspiration to make things again—or our human right to advance our situation by forming a union if we want one. All these things are within the reach of the great country in which we live. But building a better nation starts at the bottom up—with us and with our state leaders.

Tell our state leaders: “I reject the politics of misery and anger. We need to build a future that lives up to our children’s expectations.”

Then, watch my speech.

http://act.aflcio.org/salsa/track.jsp?v=2&c=bBJrrxY7XeEYNyyNx386e2qA2ystVlt3

Last week in Tucson, President Obama called upon us to build a future that “lives up to our children’s expectations.” We cannot build such a future as isolated individuals—either morally or economically. Working people know we can build that future, but only if we come together and agree to invest in it.

The labor movement hasn’t given up on America—and we don’t expect our leaders to, either.

In solidarity,

Richard L. Trumka

President, AFL-CIO

P.S. We can and should be building up the American middle class—not tearing it down. We need to educate our children, build a clean energy future and invest in 21st century American infrastructure that makes us competitive in the world. It’s time to act like the wealthy, compassionate, imaginative country we are—not turn ourselves into a third-rate, impoverished “has-been.”

Please also watch my speech, calling on our leaders to make choices that move America forward. http://act.aflcio.org/salsa/track.jsp?v=2&c=VjsMLiqmMCabMDEoI7%2Fs%2FGqA2ystVlt3

BUDGET: Continuing Mis-Appropriation


The Progress Report

The battle over the 2011 federal budget has degenerated into a game in which Republicans move the parameters of negotiations in order to slash ever deeper into programs which aid middle-class Americans and others in need, while also targeting measures that support the economic recovery. So far, a series of continuing resolutions have provided temporary stop-gap funding, thus warding off a shutdown, but that option appears spent. On Tuesday, House Majority Leader Eric Cantor (R-VA) said, “Time is up here,” and that he would not support “a short-term CR without a long-term commitment.” The question of budget riders is also coming to a head, with Sen. Chuck Schumer (D-NY) and House Minority Leader Nancy Pelosi (D-CA) flatly refusing to allow Republican provisions that would defund health care reform and Planned Parenthood, among other programs. Meanwhile, Democrats offer increasing capitulations on the budget number, chasing the tail of Republican demands. The outlines of a possible deal have emerged, but if that falls through, then the threat of a government shutdown is waiting in the wings. Perhaps summing up the sentiments best, House Speaker John Boehner (R-OH) reassured nervous Republicans by bluntly asserting that, if they hold the line, “We’re gonna kick their ass.”

UNPOPULIST REVOLT: The strange saga of the 2011 budget began with a February proposal by the House Republicans to cut $32 billion relative to current spending levels. This fell short of the cuts originally demanded by the incoming freshman Tea Partiers, but at the time, even the Republican leadership did not have the stomach for such extreme reductions. Tea Party congressmen, apparently unfazed by whatever concerns were holding back their leadership, forced the Republicans to pass a budget, H.R. 1, a budget with $57 billion in cuts. In fact, the Tea Party stance has become so unforgiving that a strange good-cop-bad-cop split has emerged in which Eric Cantor has begun parroting the Tea Party line while John Boehner has presented the face of negotiation, attempting to work around the extremists in his own party. As for the Democrats, they understandably balked at the $57 billion figure, and along with the White House, have floated a compromise offer of approximately $30 billion in further cuts. But this does not appear sufficient to satisfy the Republicans’ far right. Nor has the Democrats’ proposal to expand the cuts beyond non-defense discretionary spending made much headway. One top Republican aide went so far as to state, “This debate has always been about discretionary spending — not autopilot ‘mandatory’ spending or tax hikes.”

BLEEDING THE MOST VULNERABLE: Republicans are singling out non-defense discretionary spending, which provides the most support to the middle-class. The cuts in the H.R. 1 slash funding for transportation infrastructure, workplace safety, regulation of commodity and energy speculation, and inspections for food, drugs, and consumer products. They also bite deeply into security for railroads, ports, subways and air travel, cut $1.3 billion from local law enforcement, reduce funds for drinking-water infrastructure, threaten to deny 9.4 million individuals Pell grants, and even cut the budget for programs to counter the international proliferation of nuclear weapons. As for the poor, a recent report by the poverty reduction campaign Half In Ten found within H.R. 1 a laundry list of assaults on our society’s most vulnerable members. They include: denying 10,000 low-income veterans housing vouchers and cutting off 218,000 low-income children from early learning opportunities provided by Head Start. Job training and other employment services for 8 million people are also eliminated, as are hundreds of millions of dollars for assistance to dislocated workers, career pathway grants for community colleges, low-income community development, FEMA’s emergency food and shelter funds, community health centers, prenatal and postnatal care for low-income women, and preventative health care for low-income families. And all this while corporate profits are near record highs, the richest fifth of Americans lay claim to half the nation’s income, and unemployment remains at 9 percent. In fact, Half In Ten’s report concluded the GOP‘s cuts could push the unemployment rate back up to 10 percent, Goldman Sachs economists predicted a 1.5 to 2 percentage point drop in economic growth, and Moody’s Mark Zandi predicted 400,000 fewer jobs by the end of 2011 if cuts were enacted.

THE AGONY AND THE IRONY: As of this writing, hints have emerged that negotiations between Republicans and Democrats may have reopened over the $30 billion figure, placing the budget right back where the Republicans had originally proposed. But even $30 billion in cuts would still deal a severe blow to the American economy, the middle-class and millions of the country’s least fortunate citizens — all while leaving intact enormously expensive tax cuts for the wealthy and tax expenditures which have allowed major American corporations to get away with paying to taxes at all. As such, even this “relatively” mild outcome would hurt too many Americans. A sound alternative put forward by Sen. Chuck Schumer (D-NY), which would have attempted to reset the budget debates for 2011, 2012 and beyond by opening up other spending cuts and revenue increases as options, has been left on the cutting room floor. And in a bitter irony, the Democrats’ willingness to bend over backwards has thoroughly put the lie to what has been one of the Republicans’ main talking points: that if a shutdown does occur, it will be due to the Democrats’ intransigence.

$13 billion


Tell the Treasury Department: Get our money back

Goldman Sachs has now admitted they took $13 billion in taxpayer money they didn’t need.

Click here to demand it back.

Goldman petition

Imagine if Donald Trump and Bill Gates made a random bet for $13 billion, Trump lost, and then told the taxpayers to pay Gates for him. Crazy, right?

But that’s exactly what happened when AIG used $13 billion in taxpayer bailout money to pay off a side bet Goldman Sachs made. Goldman recently boasted that they didn’t even need the money. So let’s demand it back!

Treasury Secretary Tim Geithner has the ability to get our money back. And this Wednesday, our friends at The Young Turks progressive talk show will lead a protest and deliver thousands of petition signatures to Geithner demanding just that.

Can you sign the petition demanding Geithner get our money back from Goldman Sachs? Click here.

The Young Turks have already done a great job getting thousands of signatures, and they’re informing the media about Wednesday’s petition delivery.

Every additional signature will increase the impact of Wednesday’s event — so please pass this email to others and share the petition on Facebook and Twitter after signing.

Lets send a message that as schools and government programs are facing budget cuts, it’s absurd for the Treasury Department to let Goldman Sachs casually take $13 billion of our money.

Click here to tell the Treasury Department you want your money back.

Thanks for being a bold progressive,

Aaron Swartz, PCCC co-founder

P.S. You can listen to The Young Turks here.

Move Your Money


Break up the Big Banks. Pledge to Move Your Money now!The big banks on Wall Street — JP Morgan/Chase, Citibank, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley — have had an incredible year, getting huge taxpayer bail-outs, making record profits and paying out multi-million dollar bonuses to their CEOs while many of them are still participating in all the highly leveraged activities that caused our housing and credit crisis in the first place.

I’d like to say the good news is that Congress is poised to pass major financial reforms later this month, so the President can sign the bill before the 4th of July. The problem is the bill they’re planning to pass isn’t good enough. Don’t take it from me. Here’s what the New York Times said about it last week:

The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.

Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact.

In other words, too big to fail banks will still be too big to fail. It’s time to take matters into our own hands. So today we’re joining the Move Your Money campaign started by the good people at The Huffington Post. Declare your independence from big banks and pledge to Move Your Money to a local community bank or credit union today.

PLEDGE TO MOVE YOUR MONEY TO A COMMUNITY BANK OR CREDIT UNION RIGHT NOW

Community banks and credit unions don’t act like the big banks. Typically, they’re more responsible in how they manage their money, they’re more closely connected to the people and businesses who live near them, and they’re more inclined to make loans they know will get paid back. And your local credit union isn’t going to ask Congress for a multi-billion dollar bail-out either. These are the qualities most people want banks to have.

The idea is simple.

To regular Americans this issue isn’t Left or Right — it just makes sense. If enough people move their money from a big bank to a smaller, more local, more traditional community bank, we can break up the big banks ourselves. By working together, we won’t have to wait for Congress make change happen.

TAKE THE PLEDGE AND FIND A CREDIT UNION OR COMMUNITY BANK NEAR YOU

We can send a message to Congress, the President and every candidate running for office that we don’t trust big banks with our money. But it’s up to us to do it.

Let’s get started right now. Thank you for everything you do.

-Charles

Charles Chamberlain, Political Director
Democracy for America