Last Wednesday, members of Boston’s State Street Corporation’s board (NYSE: STT) “got a taste of what pundits are calling the ‘Shareholder Spring,’” according to the Boston Business Journal’s Galen Moore.
A group of nearly 50 shareholders were forcibly removed from State Street Corporation’s (NYSE: STT) annual Shareholder Meeting May 16, after raising concerns over the company’s so-called “economic crimes against the 99%.”
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Shareholders confronted State Street CEO Jay Hooley over the corporation’s predatory business practices — including tax dodging, job killing, prison profiteering and harming pensions and investors.
The Boston Globe wrote:
“‘What are you going to do for poor people in our community?’ asked Gladys Vega, executive director of the Chelsea Collaborative, a community organizing group. Vega cited the $2 billion in federal bailout funds State Street received in 2008 and the large tax refund the firm received in 2010 after losses on bad investments.”
MassUniting members also alleged that State Street “has outsourced thousands of jobs, defrauded pension funds, invested in for-profit prison companies, and lobbied lawmakers on issues that hurt consumers.”
In the last year, the top five Big Oil companies raked in $137,000,000,000 in profit. And with skyrocketing gas prices, you can only imagine how much that $137 billion profit will grow by the end of 2012.