Bank of Montreal President Admits Payouts to M&I Executives are “Large and Unreasonable”

Wisconsinites traveled to Montreal, Canada, yesterday to question the nearly $71 million in pay-outs to M&I executives. The sale of M&I to Bank of Montreal will result in the loss of hundreds of Wisconsin jobs and comes with M&I executives failing to pay back $1.7 billion in taxpayer TARP money.

“There is no question the payments were large,” Downe confessed. “And could we have negotiated something that was more reasonable, we would have tried to do so.”

“That these $71 million in executive bailouts are coming at the expense of Wisconsin jobs and with M&I giving up their responsibility to pay back $1.7 billion in TARP money is outrageous,” Peter Rickman, member of AFT-Wisconsin, Teaching Assistants Association. “As a state and a nation we have got to stop rewarding failure. Regardless of what Governor Walker may believe, paying out $71 million to a bunch of failed bank executives is not how you bring success to our economy.”

 

For video of Wisconsin Education Association Council’s Betsy Kippers questioning Downe here.

See Milwaukee Journal Sentinel article, CEO sets 'bold objective' for bank, here.

See Milwaukee Business Journal article, Group challenges M&I golden parachutes, here.

See DailyKos, Wisconsin Workers Crash Bank of Montreal Shareholders Meeting Re: M&I, here.

See Dane 101 coverage, M&I fight moves from Wisconsin to Bank of Montreal shareholder meeting, here. 

Yesterday concerned citiznes rallied outside of M&I Bank locations in Milwaukee and Madison to encourage M&I to be a better corporate citizen.  Today, Wisconsinites are rallying outside M&I Banks in La Crosse, Racine, Wisconsin Dells and Whitefish Bay to ask corporations to partake in the same shared sacrifice working families have to fix our economy.

Comments

[Ross Peterson]

When you travel to Montreal, you are hopefully making contact with the CSN. They and many others (even media people) support the Wisconsin struggle against anti-labor legislation.

If ever there is need of bilingual text or simultaneous translation, twitter me at @nightstreamedit.

By the way, I used to live in Madison, before relocating to Montreal.
Ross

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It was a contractual agreement, you know, not like those collectively bargained ones.....

[TaterSalad]

Even the Communists are/were surprised by the radicalization of Wisconsin demorcrats and liberal minded workers towards communism! Now they should know why the American people are against them!

http://www.theblaze.com/stories/scary-even-communists-surprised-at-radicalization-of-wis-dems/

[TaterSalad]

In 30 seconds, this video sums up what is totally wrong with Public Sector Unions and why the taxpayers are wanting change as Barack Obama wants promised everyone. Thank you Mr. President!

http://biggovernment.com/mikeflynn/2011/03/07/everything-that-is-wrong-with-public-sector-unions-in-thirty-seconds/

http://floydreports.com/cartoon-of-the-day-the-true-meaning-of-union-busters/

[TaterSalad]

Here is yet another example of why Public Unions are a "drain" on the taxpayers and their wallets. Why do you think your taxes are to high? Take a good look at this picture and the answer is right in front of your eyes!

http://therealrevo.com/blog/?p=43980

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