Tags: Leaders | Wall | Street | Protesters

Corporate, Political Leaders Sympathize With Wall Street Protesters

Wednesday, 19 Oct 2011 09:43 AM

Corporate and political leaders, many of whom have been the target of growing worldwide protests, are lining up to say how much they understand public anger over economic inequality and the financial system, The Financial Times reports.

However, given their previous positions and actions, the public is likely to be skeptical of this wave of empathy.

“I understand some of the angst and the anger. This downturn has been too long, unemployment is too high, and people are hurting. We get that,” the Financial Times quoted John Stumpf, Wells Fargo chief executive, as saying.
__________________________________________________________

Unthinkable ‘Death Cross’ Signal Haunts Investors

MarketWatch reports that “all three major U.S. indexes now are in Death Cross mode,” signaling a possible crash. Watch the Aftershock Video, Be prepared!

__________________________________________________________

This statement was made during a conference call announcing the bank's $4.1 billion quarterly profit. It also follows Wells Fargo slashing its mortgage staff by 1,900 earlier this year, though Market Watch says CFO Timothy Sloan reported that 1,500 bankers have been added on the East Coast.

The Financial Times said Jeff Immelt, chief executive of General Electric (GE), claimed he understood the anger driving the Occupy Wall Street Movement and urged U.S. politicians and business leaders to “try harder” in their efforts to boost exports and create jobs.

Yet, it was only a couple weeks ago that the Guardian reported that GE was one of the corporations pushing for a tax holiday like that seen in 2004 to encourage repatriation of overseas profits.
wallstreetprotest200getty.jpg
(Getty Images photo)


However, the paper noted that a study found that the firm brought back $1.2 billion in 2004 under the low tax rate. But between 2004 and 2010 it ended up actually cutting its American work force by 32,000. It immediately reverted to stashing profits off shore, and GE now has $94 billion stored overseas, says the paper.

Obama has been accused of sympathizing with protestors for political gain. However, the flip-flopping position of Eric Cantor suggests that Republicans are jumping on the bandwagon of understanding too.

Earlier this month, the Huffington Post quoted Cantor as saying, “If you read the newspapers today, I, for one, am increasingly concerned about the growing mobs occupying Wall Street and the other cities across the country.”

The Financial Times says Eric Cantor, the second-highest ranking Republican in the House of Representatives, backtracked from his earlier description of protesters as “angry mobs” and said his party recognized the problem of income inequality.

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
StreetTalk
Corporate and political leaders, many of whom have been the target of growing worldwide protests, are lining up to say how much they understand public anger over economic inequality and the financial system, The Financial Times reports. However, given their previous...
Leaders,Wall,Street,Protesters
410
2011-43-19
Wednesday, 19 Oct 2011 09:43 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved