Group protests bank exec bonuses

By Nick Malawskey

STATE COLLEGE — Congressional leaders are not the only ones expressing anger over bonuses awarded to executives in the financial industry.

On Thursday evening, more than two dozen people protested outside the State College offices of Merrill Lynch, carrying signs decrying corporate excess.

Adam Warner, of Snow Shoe, said the protesters were trying to draw attention to the economic bailout of the banking industry and promote “an economy that works for everyone and not just a few.”

He said the group had targeted Merrill Lynch, now part of Bank of America, as it has been the recipient of more than $45 billion in federal assistance.

The State College protest was one of several organized across state and the nation by SEIU, the Service Employees International Union. Members of other local unions and Penn State student organizations joined SEIU in the protest.

For Ruth Walk, the bonuses paid to executives at companies like AIG have hit especially close to home.

The nurse said her husband, who worked in the construction industry, had been laid off as a result of the ongoing recession.

Walk said her husband was able to draw some Social Security that, along with her wages, was allowing them to get by.

But she said when she saw corporate executives being bailed out by the government and then awarding themselves bonuses, she could only describe it one way: “highway robbery.”

“What they are doing is criminal,” she said. “If we did that on any other level, we’d be answering to law enforcement.”