StopEconomicCrime.org, new video shine a light on State Street’s “economic crimes against the 99%” on eve of annual shareholder meeting
BOSTON – MASSUNITING today launched the Economic Crime Unit (ECU) [homepage screenshot attached], a new initiative that will shine a light on the abuses of major corporations and Wall Street banks. ECU investigations will employ a creative mix of video, online ads, new media tools and in-the-streets action to expose what it calls “economic crimes against the 99%” – a set of offenses which may be legally undefined, but are no less harmful to our communities. ECU’s inaugural investigation, targeting Massachusetts-based State Street Bank (NYSE: STT), comes on the eve of the company’s annual shareholder meeting in Boston.
Though it has managed to avoid the intense scrutiny applied to other big-name corporate offenders, State Street Bank has engaged in many of the same “economic crimes” as General Electric, Bank of America and Wells Fargo – exploiting loopholes to avoid taxation, killing thousands of jobs through outsourcing and offshoring, and investing tens of millions of dollars in private, for-profit prisons and detention centers. In addition, State Street Bank has been investigated, sued or fined by the Securities & Exchange Commission (SEC) and other regulators for allegedly misleading investors and defrauding pensions – including a recent $5 million fine from Massachusetts Secretary of the Commonwealth, William Galvin.
A group of State Street shareholders has attempted to raise and demand action on these issues with company executives and board members in advance of the annual shareholder meeting scheduled for Wednesday, May 16. After weeks of no response, a delegation was invited to meet with State Street staff, who offered neither apologies nor redress for the serious concerns raised by shareholders. Left with few other options, the delegation will take their demands directly to fellow shareholders at Wednesday’s meeting – in addition to the public investigation launched by the Economic Crimes Unit.
“State Street’s business practices have harmed our community and our entire economy for far too long – and it’s time they were held accountable,” said Chandra Richardson, a State Street shareholder from South Boston. “From job killing to tax dodging to prison profiteering, State Street Bank has committed serious economic crimes against the 99%, and we won’t be silent anymore.”