Protester’s Millionaire March in NYC

Posted by admin | Posted in Investing, Stocks | Posted on 12-10-2011

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New York - Hundreds of protesters that are Anti-Wall Street flocked past homes of the wealthiest executives in America shouting in chorus “Tax the rich” and “Where’s my bailout?” Because they don't have march permit and they don't want to be charged with blocking traffic, Occupy Wall Street movement and other protesters walk two-by-two in the sidewalks.

They marched their way up to Manhattan’s East Side in the streets of Fifth Avenue where the richest 1% of population resides in luxury apartments and townhouses. Protesters stopped by outside the building where media mogul Rupert Murdoch, oil tycoon David Koch, and banker Jamie Dimon have homes and disparaged the looming 2% New York ‘millionaire’s tax’ in December.

One of the protesters who is Michael Pollack, a regular office worker in a law firm, told media that he has nothing against these people personally and just thought that they should pay their fair share of taxes.  He was carrying a sign with a saying derived from the department store founder Edward Filene “Why shouldn’t American people take half of my money from me? I took all of it from them.”
For the past weeks, protesters never stopped flooding the streets of lower Manhattan near Wall Street.

They are strongly condemning corporate greed and the gap between the rich and the poor. This is said to be the first time that Occupy Wall Street Movement marched these streets after identifying that 1% of specific people who are getting rich at the expense of America resides in here. As the march reached Park Avenue and East 93rd Street, demonstrators paused in front of the building where they believe Dimon, JPMorgan Chase’s chairman and CEO, owns an apartment. A strong shout of “Where’s our bailout?” and the words “How do we end the deficit? End the war, tax the rich!” were heard.
JPMorgan is among the banks that got a federal bailout that is why Dimon is one of the specific figures that protesters target. One picketer Bahra Admadi,a former taxi driver and art dealer but now unemployed, expressed his dismay about some people rich people who don’t give their fair share of taxes.

Though protesters have been recently visible on the streets of Manhattan, there are no reports of any arrests, yet. The marchers, Occupy Wall Street movement, started to scatter to other cities like Atlanta, Philadelphia, Seattle, Chicago, and Los Angeles. They have become a political issue with Republicans accusing them of surging c “class war” while President Obama declares he understands the protester’s disappointment.
On Tuesday, six demonstrators were arrested for picketing inside the Senate office building. In Boston, over 125 protesters were arrested overnight. The protest that happened in New York City transpired as the state comptroller issued a report that Wall Street is again losing jobs due to economic woes. This job loss is threatening the city’s revenue as it greatly depends on the financial industry.

According to comptroller Thomas DiNapoli, the industry has lost 4,100 jobs and this could even more intensify by nearly 10,000 at the end of 2012. This will mean a total industry loss of 32,000 positions since the financial breakdown of 2008.

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