Downtown LA Streets Closed After Protesters Stage Sit-In At Bank Of America

LOS ANGELES (CBS) — Hundreds of demonstrators and political activists marched through downtown Los Angeles on Thursday as part of growing backlash against the nation’s banking and finance sectors.

An estimated 500 people from the “Occupy L.A.” movement and other groups joined the protest headed by the ReFund California campaign, a statewide effort that its leaders say is designed to force banks to keep families in homes, pay their fair share of taxes and help rebuild hard-hit neighborhoods.

128339733 10 Downtown LA Streets Closed After Protesters Stage Sit In At Bank Of America

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Protesters began staging at the general area of California Plaza at 350 S. Grand Ave. around noon, and then walked to Seventh and Figueroa streets, with many blocking the intersection while some went into a Bank of America and sat down in the lobby.

At about 1:30 p.m., 10 of the protesters were placed in handcuffs and escorted out of the building, as the crowd looked on. While police dispersed the group inside the bank, dozens of other officers circled the intersection to prevent any further disturbances.

“Occupy L.A.” protesters have been camped on the lawn of City Hall since Saturday as part of a nationwide series of demonstrations.

Seven of the 15 Los Angeles City Council members signed a resolution to support “peaceful and vibrant exercise in First Amendment Rights carried out by `Occupy Los Angeles.”‘

Hundreds of demonstrators have been camping on or near Wall Street in New York City since Sept. 17. As many as 700 people have been arrested since then.

The Los Angeles city resolution calls for a vote on a “responsible banking” measure by Oct. 28. It would require the city to divest from banks and financial institutions that have not cooperated with efforts to prevent foreclosures.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

Comments

One Comment

  1. George says:

    So the government forces banks to make home loans to low-income (i.e. risky) buyers, those buyers default, the only recourse for the banks (and per loan agreements) is to foreclose (and lose money). Now the government expects those banks to forgive the defaults and allow these people to continue to live in and own their homes, with no or little payment.

    These people have been living off the taxpayers for far too long; they aren’t thinking straight.

    1. Styker 21 says:

      Just break out the automatics and body bags.

  2. George says:

    Why on earth should banks be responsible for rebuilding neighborhoods. Let’s start with the people who live in those neighborhoods, and the government. Maybe elected officials should take a pay cut to help make that rebuilding happen.

    1. EDWARD says:

      GEORGE, YOUR COMMENTS ARE SO ASSININE AND RIDICULOUS. STUPID !!! BANKS ARE NOT FORCED TO LEND ANYONE ANY MONEY. THE BANK MAKES A BUSINESS DECISION BASED ON THE APPLICANTS CREDITWORTINESS. HOWEVER, WHEN THE BANKS GOT GREEDY AND STARTED TAKING SHORTCUTS IN ORDER TO APPROVE LOANS, THE BANKS GOT BURNT. HAD THEY BEEN MORE CONSERVATIVE IN THEIR LENDING PRACTICES, WE WOULD NOT HAVE BEEN BAILING THEM OUT. SEE THE GOVERNMENT TAKES CARE OF BIG BUSINESS , YET SCRFEWS THE LITTLE MAN. GET YOUR FACTS STRAIGHT !!!!!

    2. Terminator 2012 says:

      Georgee boy quit being such a KA to BOFA this bank is the first bank to impose ATM fees and now they want you to to pay them $5.00 fee to purchase something with your ATM.They kept the bail out money that we the tax payers pay out of our pay checks every month.What goes around comes around.Its time for BOFA to close its doors for good.This bank is run by a bunch of crooks.

  3. MTGBNKR says:

    The banks didnt lose money, look into something called PMI for LTV’s above 80%

  4. Jeff says:

    How do these people have time to camp out at City Hall and participate in sit-ins? Maybe if they focused a little more on trying to find jobs instead of engaging in this nonsense, they wouldn’t have to be so concerned about Wall Street, and the Banks, and all of the other institutions that they believe have “wronged” them.

    1. Astonished says:

      I’m sure they would IF there were jobs to be had. You see Jeff, that’s the problem, there are no jobs ever since our government bailed out the big banks and allowed the economy to go down the toilet.

  5. JT says:

    The Community Reinvestment Act (Jimmy Carter), strengthened by Clinton, forced banks to find ways to make loans to people who wouldn’t have gotten loans in the pas–especially in minority communities. That meant weakening the standards, which caused a flurry of lending where just about anyone could get a loan.. Of course, many (most?) of those lower standard loans eventually went bad. We are still suffering from the hangover.

    1. ridler says:

      JT, the banks weren’t forced to do anything. If anything they jumped at the chance to rip-off the consumer. If you had any sense, unless you are one of them, or just plain stupid, you could see what has been going on. They have made peasants of all of us. Oh, but you don’t have to understand because the people are going to take back our country from the top one-percent. We have the same problems as those people in Egypt and Libya and other nations run by a pack of evil low-life Oligarchs!!

  6. Wain says:

    To Edward. Banks are forced to lend to people they prefer to avoid, I don’t have to go into specifics, however do some research for yourself. same goes for employers. the feds require them to meet certain criteria or they are sanctioned. I do believe that banks got the short end of the stick. Wall street well that’s a different story.

  7. Gary says:

    The Jeff & George Show, two moron(s) with no definitive clue. They were raised on their daddy’s wallet and to this day have not stopped breast feeding.

    1. Jeff says:

      Sorry Gary but I wasn’t raised on anyone’s wallet. Came from a lower middle class family with little disposable income. Worked through college and law school and I have been a lawyer for 26 years now. I’m tired of people always blaming others for their misfortune and the “unfairness” of the world. In most cases, when you drill down, you’ll find that people who are in trouble are there because of multiple foolish decisions. For example, not getting an education or acquiring marketable skills. Having kids that they can’t afford to support. Buying homes that they can’t afford to pay for. Spending for thing that they believe they are “entitled” to but with no means to pay for it.

      1. ridler says:

        Jeff, if what you said were true, you would be to busy to be blogging here. I am here because I am retired and have time on my hands. Those without jobs and unable to find jobs are out (or should be) doing the next best thing to get people like you off their backs.

  8. John Ashton says:

    I can’t wait to join in on the protest this weekend. Power To The People!

  9. Kim says:

    While some of those who lost their homes were irrepsonsible in taking on loans they couldn’t afford, so were banks in offering loans they knew would default. Normally, we would let the banks and the homeowners take the hit and suffer for the consequences of their actions. But this time, there were so many going to foreclosure at the same time that it was causing an economic crisis for the rest of us. While I’m not supporting the bailouts, the bailouts were made in order to prevent this economic crisis that would have hurt all of us. But instead of applying that money to the homes being foreclosed on, the banks simply pocketed the bailouts. The rich got richer. The banks and the homeowners alike should have to deal with the consequences of their bad choices, but as it is, only the homeowners suffered. The banks made millions off their bad choices. This is socialism for the rich, and capitalism for everyone else.

  10. Kim says:

    And as far as people looking for jobs, it’s elementary math. If there are 100 jobs available and 400 people looking for a job, how many people will still be unemployed?

    Taxes have been at their lowest for 10 years, and Obama just extended the Bush tax cuts. If reduced taxes were supposed to stimulate the job creators to create jobs, where are the jobs?

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