Protesters Blame Bank of America for Crisis

Dozens of protestors from local environmental and political activist groups lined up in front of the Bank of America in Harvard Square yesterday to protest the company’s purportedly risky investment practices that threaten financial and environmental stability.

The public rally, during which participants chanted slogans such as “Money for jobs and education, not for wars and corporations,” attracted a gathering of students, musicians and other impassioned demonstrators.

The protest—spearheaded by Rising Tide Boston, a local climate activism group, and Rainforest Action Network, a national organization­—addressed a range of issues, from climate crisis to sub-prime mortgages, and the Wall Street bailout to the Iraq War.

Ananda L. Tan, a member of RAN and the spokesperson for the event, said the protestors’ goal was to “build awareness that large banks are endangering the public, predominantly poor communities and communities of color, with their reckless financial behavior.”

According to pamphlets distributed by RAN at the protest, Bank of America’s recent claims of new environmental initiatives are at odds with their track record. RAN reports that the company commits less that 0.2 percent of its assets per year to environmental sustainability, while spending nearly 100 times as much money on “dirty energy.”

“Bank of America is guilty of being one of the biggest funders of the coal industry,” said Alysha Suley, a representative from Rising Tide Boston. “In the Appalachian mountains, these coal companies are contaminating the water supplies in mountain communities, filling them with all kinds of carcinogens and toxic waste.”

While protesters decried Bank of America for funding the coal industry, the bank has publicly made environmental strides. Since 2006, Bank of America has provided funding for Harvard’s Center for the Environment, which is currently hosting the “Future of Energy” speaker series. Bank of America is also constructing a 54-story high rise in Bryant Park that is striving to be one of the world’s most environmentally responsible office buildings

In addition to financial and environmental concerns by the protesters, other activist groups, such as City Life/Vida Urbana, also accused Bank of America of contributing to the steady rise in homelessness in the Boston area by evicting families who fall behind on mortgage payments.

Soledad Lawrence, a tenant organizer for City Life/Vida Urbana, said that the evictions are particularly devastating to communities of color.

“It’s Katrina without the water,” said Lawrence, referring to this situation.

Approximately half an hour into the rally, protesters marched down Brattle Street to Citibank, where four college students from the University of Massachusetts, University of New Hampshire, and Berkelee School of Music locked themselves to its entrance and were subsequently arrested by officers from the Cambridge Police Department.

A spokesperson from Bank of American could not be reached for comment.