Unemployed Workers Call on Big Minnesota Banks to Create Jobs

Standing in front of US Bancorp’s headquarters, labor leaders and unemployed workers called on Minnesota’s biggest banks to help rebuild Minnesota’s economy by investing in job creation.

“Big banks received a combined $14 trillion dollar taxpayer bailout from a global economic crisis they helped to create,” said Steve Hunter, Secretary-Treasurer of the Minnesota AFL-CIO. “The financial crisis turned into a jobs crisis that Minnesota’s big banks have shown no interest in addressing.”

Independent research showed that despite receiving billions in federal bailout money, Minnesota’s biggest banks actually cut their small business lending. On average, Minnesota’s biggest banks (Wells Fargo, US Bank, & TCF) have cut their small business lending by nearly 70% since 2007.

Kirk Fadner of Minneapolis, unemployed from a career as an Architectural Design Professional, said his former employer has been unable to secure small business lending from the banks and cannot rehire him, even though they would like to.

"The design and building trades have been hit harder than most in Minnesota due to the housing boom and bust manufactured by the irresponsible lending practices of large banks,” said Fadner. “We are running out of options as long as these banks keep refusing to do the right thing and help Main Street get back on its feet.  By not lending to small businesses, the banks are refusing to accept their responsibility in this recovery.”

Leann Bosquez of Maple Grove, a 46-year old mother of one who has been unemployed for 6 months said the big banks should’ve seen this coming.

"I worked before the housing crisis helping home owners get out of those horrible mortgages that the banks were pushing them into, but unfortunately thousands of Minnesotans didn't get help in time and were foreclosed on, “ said Bosquez. “Where is their bailout!?"

Mike Adair of Eagan, who recently found work after being unemployed for 18 months, added that Minnesotans just don’t need jobs, but good jobs.

"My wife and I have both gone back to school for retraining, but the work I do have now is so poor paying that we need our student loans just to make ends meet,” said Adair.

Added Hunter, “As taxpayers, we helped ensure these big banks didn’t collapse; it’s time they stop sitting on cash and invest in our community”