“We need YOU to participate in the Occupy change movement” –Activist filmmaker

“All that is required is the willingness to see the world as it is and decide that you were going to be part of the solution.”

No 571 Posted by fw September 19, 2012

“You know, in the past year we can now talk about capitalism as not, you know, something that’s the be-all and the end-all. We can question it without being painted red and painted into a corner. So in the infancy of the movement, we’ve accomplished that, opened up the door for people to think about a new way, a new system that should govern the way they go about their lives.”Dennis Trainor Jr.

Filmmaker Dennis Trainor Jr. talks about his new film and his hopes for the future of the Occupy Movement in an interview on The Real News Network (TRNN). Trainer acknowledges up front that he’s not a policy wonk; he’s just an ordinary guy making films that he hopes will motivate other ordinary folks to participate in change. The 10-minute video is embedded below followed by TRNN’s transcript with my added subheadings and text highlighting. At the very end of the post DON’T MISS a full-length video of Dennis’ documentary. Enjoy.

American Autumn: An Occudoc, Dennis Trainor Jr. interviewed by Paul Jay, Senior Editor, TRNN, September 18, 2012

TRANSCRIPT

Paul Jay — Welcome to The Real News Network. I’m Paul Jay in Baltimore. A new documentary called American Autumn: An Occudoc essentially invites people to join the Occupy movement. Here’s a little clip from the film.

Unidentified — There is something more important than the richest people becoming richer when we have the highest rate of child poverty in the industrialized world. When is enough enough?

Unidentified (Voiceover) — You know that scene from the Oliver Stone film Wall Street when Gordon Gekko, played by Michael Douglas in a role that would win him an Oscar, appears at a shareholders meeting of a company, Teldar Paper, to defend his actions and his grotesque worldview and delivers the now famous speech where he says:

Gordon Gekko (Michael Douglas) — “Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.”

Jay – Now joining us to talk about his film, from Groton, Massachusetts, is Dennis Trainor Jr. He’s currently the host of a web series, Acronym TV. He’s been writing and producing editorial video commentaries since 2007, published over 800 of these short videos, many of which have gone viral on YouTube. He was an adviser, a media adviser for the Kucinich campaign. And he’s the writer, producer, and director of this newly released documentary, American Autumn: An Occudoc. So, Dennis, just give us a little outline of the film, what you hope to accomplish with it.

“Occupy is still the best chance of getting our country back”

Trainor – Well, I hope to entertain people and answer the question, why Occupy? I’m looking at the Occupy movement not as a series of single issues but, say, people interested in single-payer, people interested in the antiwar movement or just people interested in anti-austerity measures can choose to fight alone, or they can choose to get under the big banner of Occupy and push that fight up the hill together, so that the single issues—working alone, standing alone, people on the far left have been working and mostly failing to demonstrate any successful victories for the past several generations. So in my opinion, Occupy—and I think Occupy’s still a baby and the future of it has yet to be written—is the best chance that we have of getting our country back and moving the center back left.

Jay – One of the ideas in the film, I think, that comes out very strongly is there needs to be a counternarrative to the presidential elections in this next coming period. And while I understand that the idea that whether one section or the other of the elite gets to rule can’t be the only choice for people, do you not think there needs to be some kind of engagement, some form of electoral strategy for this movement? And I say some form of electoral strategy, ’cause at the end if you don’t have one, at best you are trying to just ask for and influence the current parties, whichever one’s in power, to do something, which one of the voices in your film says people should stop doing.

“There’s no Messiah going to get elected by this system and deliver hope and change we could believe in.”

Trainor – There’s a big strain within the movement, a big thread within the movement of people saying, we should not be asking this system for anything—we shouldn’t be asking them for permission, we shouldn’t be asking them to improve our lives. We should instead create our own world. Now, that’s a big dream, and I don’t see that happening in the short term. But Bill Moyer of the Backbone Campaign speaks very eloquently about this.

~~~

Bill Moyer, Activist, Exec. Dir. Backbone Society — Some of us knew better, that you can’t—there’s no Messiah going to get elected by this system and deliver hope and change we could believe in.

Unidentified (Voiceover) — So how will the Occupy movement that has wisely stayed away from promoting political parties or individual politicians navigate the minefield of the potentially co-opting force that is the presidential election cycle?

~~~

Occupy should not look to the electoral process for solutions

Trainor – So voting, yes, people should go and vote their conscience or they should vote tactically, they should do what they will. I don’t think that this movement should be wasting too much time or energy on the electoral process. We saw big fights within the movement happening about—in the wake of the Madison, Wisconsin, failed recall effort of Scott Walker and people splitting hairs over strategy and should we back Democrats who are only slightly better than Scott Walker—the Democrat that was put up against Scott Walker there was almost as anti-union as Walker himself.

So should we be—is it true to say Obama is a more attractive presidential candidate, a little more—yes—than Mitt Romney? Of course. Am I going to personally waste much time working or campaigning for the Obama administration? No, of course not.

Jay – And what about some of the alternative parties that espouse many of the ideas that you see in the Occupy movement, whether it’s the Rocky Anderson candidacy with the Justice Party or Jill Stein with the Green Party? What’s your attitude towards that?

Trainor – I think that the Green Party has been working towards a lot of the things that most people within the Occupy movement who are very young and newly awakened to the movement—the Green parties were working towards those for decades unsuccessfully. Part of that could be some organizational problems within the Green Party, but a bigger part of it, as Ralph Nader has pointed out on Real News over and time and time again, is the exclusion from—any other candidates from the conversation.

So I think that, you know, for people who live in states that Obama’s going to carry, if you’re really worried about that, if you can’t find it within you to vote your conscience and find a candidate that you are attracted to, then you can vote tactically and give your vote to Jill Stein. Now, maybe the Green Party and Jill Stein and Cheri Honkala can get a little bit more of a slice of the conversation if they get 2 or 3 or 4 percent. This is a tactical vote. And for me, that’s how I approach the election. But I don’t think people should take electoral advice from me. I’ve never voted for a winner.

Jay – Now, in a longer-term way—this isn’t going to happen this round, and it’s hard to say how many years it would take, but there seems to be, in my view, a kind of false dichotomy. There’s either movement or there’s electoral process. And one would think—I would think if you look at places even like Egypt where you had a massive movement but very little for—parties ready to take—participate in the electoral process, except Muslim Brotherhood, and so you wound up having this mass—it’s hard to imagine a bigger mass movement than what happened in Cairo and across Egypt, but completely unable to take advantage of the electoral process. I mean, what I’m asking is: doesn’t there need to be both, not one or the other?

Trainor – You know, I think that’s very possible. And one of the things that I try to present in the movie is I don’t try to present myself as a policy wonk or a talking head that would normally be on a show like yours. I’m a regular guy who lives on a main street in a small New England town, who looks at the world kind of honestly and thinks that it’s completely screwed up

~~~

“This movie is an invitation for you to join the Occupy movement”

Trainor – I mentioned at the beginning that this movie is an invitation for you to join the Occupy movement, but there are no membership dues, no papers to sign. All that is required is the willingness to see the world as it is and decide that you were going to be part of the solution. Occupy is less of an organization and more of an organism, a living, breathing, multi-tentacled force that refuses to find a niche or be pushed into a corner. This organism is still a baby, and the narrative it will be telling in the years to come is yours to write.

~~~

“Greed is a homicidal force in our culture and we need a cultural shift”

Trainor – [snip] greed is a homicidal force in our culture and that we need a cultural shift. And some day, if we can shift the culture, then perhaps we can shift the body of government that governs for, of, and by that culture. Right now, to say that we have a government of, for, and by the people is a cruel joke. You know, Citizens United may have been the last nail in the coffin, but the giveaway and the corporate takeover of our government’s been a process that’s been going on for a long time.

Is this really a moral problem (greed) or is this a problem inherent in the capitalist system?

Jay – Well, yeah, I do want to take up this concept of greed as the problem. You know, in your film you have—as we showed in the clip, you talk about Gordon Gekko’s piece about greed is good in the Oliver Stone film Wall Street. And there was a mass movement against greed, and it had great effect, and that’s called early Christianity, and it eventually got assimilated by the state. And part of the issue is, I think, that—is there’s too much emphasis on the idea of the morality rather than, you know, the fundamentals of the system, and the most fundamental thing about the system, how stuff is owned. I mean, I don’t know how many ordinary people, if they were given controlling shares, or even just a big stake of Goldman Sachs, you know, wouldn’t all of a sudden discover greed is good, in the sense that it’s sort of inherent in the fact that if you own the commanding heights of the economy and corporations are about making maximum profit, not modest profits, not reasonable profits—you know, that is the essence of a corporation, to make maximum profits. Then why is it about greed? Why isn’t it about who owns it? And then the issue of public ownership obviously emerges.

Trainor – Paul, I do think it is a moral issue that I hope that the Occupy movement can awaken something in a culture that sees a shift in that. And like you said, you know, in the past year we can now talk about capitalism as not, you know, something that’s the be-all and the end-all. We can question it without being painted red and painted into a corner. So in the infancy of the movement, we’ve accomplished that, opened up the door for people to think about a new way, a new system that should govern the way they go about their lives.

SEE ALSO

  • American Autumn: an Occudoc (full length)
Fair Use Notice: This blog, Citizen Action Monitor, may contain copyrighted material that may not have been specifically authorized by the copyright owner. Such material, published without profit, is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues. It is published in accordance with the provisions of the 2004 Supreme Court of Canada ruling and its six principle criteria for evaluating fair dealing

Former head of government financial regulatory agency gives her take on culture of collusion and greed among megabanks

Now a citizen activist, Sheila Bair explains how ordinary citizens can end up on the hook for bankers’ fraudulent trading practices

No 524 Posted by fw, July 17, 2012

“[To this day] the special interest lobbying is, in a calculated way, [still] trying to slow down reform, complicate reform, water reform down. And the public loses interest, they become cynical about if the regulators in Washington can fix any of this and they don’t exert counter political pressure to get meaningful reforms in place.”Sheila Bair

As the former chairperson of the Federal Deposit Insurance Corporation, Sheila Bair is well qualified to explain the roots of the egregious banking fraud that can end up costing the public big bucks. She recently appeared on Moyers and Company to talk about greedy bankers gaming the system for personal profit. And now this same banking industry, abetted by avaricious politicians, has the unmitigated gall to try to sabotage reform efforts.

Click on the title link below to watch the complete 27:40-minute video of Moyers’ interview and to access a full transcript of the show. Alternatively, watch the opening 9 minutes of Bair’s interview on the embedded video. Under the video is my abridged transcript of substantial segments of the interview. Subheadings are added to facilitate quick browsing of main ideas.

Sheila Bair on Keeping Banks Honest, Moyers and Company, July 13, 2012

ABRIDGED TRANSCRIPT

Bill Moyers’ introduction

Sheila Bair [is] a hero to many of us for her long fight for an honest and accountable banking system. After years working on Capitol Hill, at the Treasury Department, the New York Stock Exchange and the Commodity Futures Trading Commission she was appointed by President George W. Bush to head the Federal Deposit Insurance Corporation, the FDIC.

Now as Senior Advisor to the Pew Charitable Trusts, Sheila Bair has just organized a private group of financial experts called the Systemic Risk Council. Its mission: to prevent the banking industry from scuttling the reforms created by the Dodd-Frank Act and hopefully prevent another crash. [So I hope we can be a source of information too for people who are confused about what we believe are the appropriate reforms that need to get done, reforms that will help them. And I think the public education function of this group is going to be very important]. She has a book coming out in late September about the need for reform called Taking the Bull By the Horns.

How traders colluded in gaming Libor’s interbank interest rates in order to line their own pockets

When you borrow money there’s something called an interest rate which is your cost of borrowing money and there are different mechanisms for setting what that interest rate should be. And one of them is something called Libor [London Interbank Offered Rate]. And we are discovering now that a lot of unscrupulous people were manipulating that interest rate apparently to line their own pockets. And that is something that should be severely punished.

Libor always troubled me. There’s always been judgment associated with what some people call a fudge factor, there’s always been judgment associated with Libor, the Libor survey. You were supposed to look at various factors, what your recent transactions were, what other transactions are, what the market conditions are. You can use judgment. You don’t have to tag it exactly to a transaction.

But using judgment, and have a potential bias in judgment is profoundly different from open collusion with other banks to lowball or highball the rates to profit. I mean, these emails quite acknowledge that they were trying to manipulate the rate to benefit their trading position. And what’s ironic is the trading desks of these banks were probably hurting the part of the bank that does the bread and butter lending.

Because if they were lowering their interest rate that would reduce the interest rate on loans, a lot of loans that the lending part of the bank conducts to benefit the trading desk. So they were even hurting themselves internally by doing this.

There are real world consequences to gaming Libor

There are absolutely real world consequences to this. There are counterparties through all these swap transactions which are what they were trying to manipulate, and those counterparties were being hurt by it, absolutely. [For example, in Baltimore, as unemployment climbed and tax revenue fell the city laid off employees and cut services in the midst of the financial crisis. Its leaders now say the city's troubles were aggravated by bankers' manipulation of this key interest rate linked to hundreds of millions of dollars the city had borrowed].

It’s shocking. It should be punished very severely. And I think there probably is going to be more information coming out about it so I think it’s just starting, I don’t think it’s over.

The problem with current punishment actions is that it’s the shareholders who end up paying the fines. But it’s the traders and top management who should be made to pay out of their own pockets

Another thing that troubles me about all the enforcement actions that are brought — and there haven’t been enough of them — but they generally, just, they tag the shareholders, right? So Barclays Bank, the shareholders ultimately pay this. There should be punishment of these traders and higher up in management depending on how high it went. There should be, not only clawbacks of compensation but severe civil monetary penalties against the individual traders. Make them pay out of their own pocket. It doesn’t — it’s not much of a deterrent for them if their bank’s paying for it — the consequences of their mistakes — not them personally. So I hope there is more of that. There should be certainly be more civil actions against the individuals and there may be criminal activity involved here too.

Emerging evidence reveals a culture of collusion and greed among banks too big to fail, of doing anything to make a buck

Well, I don’t think we know all the facts yet. But certainly we do know that from 2005 to 2008 there were documented instances of Barclays’, according to Barclays, traders colluding with other banks to influence the Libor rate. I think just that by itself shows a culture of greed, of people feeling they’re above the law, above ethical standards, basically justifying anything to make a buck. And I don’t think– I don’t want the government setting interest rates, I don’t want that at all.

Warning signs about Libor as early as 2008 would not have been ignored had there been more robust regulation

But I do want government regulation of how the market sets interest rates. And there were red flags about Libor back in 2008 and then the simple fix would have been to say that if you submit a rate to Libor it has to be based on an actual transaction that you actually borrowed money at that rate not your best guess, you know, today what I’m going to pay. ‘Cause the process itself opened itself up to abuse and then it completely spiraled out of control. So that, you know, that’s one of the main thing’s that’s frustrating about this crisis.

The fix wasn’t done because the political will and fortitude to make it happen weren’t there

So many of the problems, the fixes were so obvious and we just didn’t have the political will and fortitude to just tell the banks, “You’ve got to stop doing it this way. You’ve got to, you know, start basing this on an actual transaction.” The fix was not hard, it was just never done.

We lost our way in the mid-2000s when we left the banks to themselves

Well, I think we lost our way in the mid-2000s between free markets and free-for-all markets. We forgot that you need some basic rules and standards to regulate financial markets. We deferred too much to bank judgment. Libor is one example where we left it to banks to themselves to set important benchmarks.

And we still don’t have the political will and fortitude to tell the banks to start doing business differently

So we need to rein that back in. And the things that worries me is that Washington, notwithstanding all of this we still, and this horrible crisis and the horrible economic devastation that it has wreaked on so many individuals, we still don’t have the political will and fortitude to get tough and say, “You can’t do it this way anymore. I’m sorry if you’re making money this way, but this is not a good, safe way to make money. You need to stop these types of activities.” All the reform is still just around the edges. We just don’t seem to have the fortitude to stand up to these banks and tell them they need to start doing business differently, profoundly differently.

Yet nothing’s changed — Special interest lobbying is still busy trying to obstruct banking reform as public cynicism deepens

Where’s the anger? That’s right, I know. I think I worry that the public is getting cynical. I think there’s been one of the reasons I started the Systemic Risk Council is I feel the special interest lobbying is in a calculated way trying to slow down reform, complicate reform, water reform down. And the public loses interest, they become cynical about if the regulators in Washington can fix any of this and they don’t exert counter political pressure to get meaningful reforms in place. [A Gallup survey done last year reported that Americans' trust in banks is down to an all-time low of 18 percent. And a recent Pew research survey reports only 22 percent of Americans have faith in the government in other words to do this, people don't trust the financial industry and they don't trust the government to do the right thing in regulating the industry].

Government regulatory oversight failed to prevent banks from gambling with government-backed funds

I think there’s a real problem at OCC [Office of the Comptroller of the Currency]. They are the main regulator for the largest banks. I think there’s a very difficult cultural issue at the Office of the Comptroller of the Currency in terms of whether they protect the public or whether they protect the banks. If they’re trying to protect the banks they’re going to miss things because their perspective is going to be wrong.

…these banks have huge government exposure with all their insured deposits. The OCC in particular has a fiduciary obligation to protect the government purse, to protect the government exposure from these insured deposits. And the JP Morgan Chase trading, that was being done with excess deposits. That they were playing around with insured deposit money.

And yes, they have enough shareholder capital to absorb the losses, so this is not going to be an event that costs the government money. But it’s problematic because these are clearly inappropriate risks that we’re taking with government-backed funds that should never have happened. Never should have happened in the bank and the OCC should not have let it happen.

When regulators do try to get aggressive, Congress bats them down or cuts their funding

I think the political money is corrupted. The Congress, I think in fairness to regulators, when regulators try to get too assertive they frequently get batted down by Congress. We’re seeing it now in the CFTC [Commodity Futures Trading Commission] again, the derivatives regulator, that is the one that unearthed this Libor scandal and is working very hard to tame the derivatives market which is a terrible source of systemic risk. And the House is trying to whack back their appropriations so they won’t have enough money to carry out their responsibilities.

The Orwellian factor – the logic of financial reform discussions is turned upside down: good is bad

I don’t understand it. I think, you know, when in Dodd-Frank one of the chapters in my book is called “The Orwellian Debate.” And it’s about the way financial reforms, the discussion about financial reforms were turned completely upside down. So things that would help stabilize the system were transformed into things that would hurt, you know, people when it was just the opposite.

You get this now trying to raise capital standards. Banks need to put more of their own money at risk. That would help tame risk taking if they stopped using so much borrowed money and used more of their own money in their operations. That’s what raising capital is all about.

But the banks say, “Oh, you raise capital it’ll hurt our ability to lend. It’s going to raise, you know, costs for your mortgage or whatever.” That’s nonsense. But you know, say it often enough it becomes true. So I think there’s been a calculated effort to confuse the dialogue, to confuse the public about what is in their interest to do. And people who know and understand these markets really need to stand up and speak the truth and let people know what needs to be done.

Beginning in 2008, free market capitalism became “taxpayer-bailout crony capitalism”

Well, we did not have a free market in 2008. I am sorry, but we had crony capitalism in 2008 and 2009. We bailed out basically anybody over $100 billion. We said the taxpayers are going to make sure you don’t fail no matter how stupid you were. So that’s not free market. And I think as a Republican I view myself as a markets-oriented person. I don’t ever want to go back to that kind of situation again.

Here’s Orwellian logic: “I’m all for free markets but I don’t want the market to punish mismanaged corporations”

There are important new authorities in Dodd-Frank that will make sure we don’t do bailouts again, that mismanaged banks do go into a bankruptcy-like process where they and their shareholders and their creditors take the losses, where their boards lose their job, their managers lose their job, their salaries are clawed back. That is all in Dodd-Frank. And so for people to say, “I’m a market-oriented person,” but not want the market to punish mismanaged institutions, that — again that’s Orwellian. That’s just upside-down. That’s not a market. You have to suffer the consequences of your mistake if you have a market.

The organizational structure of megabanks is too complex to comprehend, therefore difficult to break up

One thing that regulators could do as part of the — one of the things Dodd-Frank required is for these large banks to submit what we call living wills, so they’re basically breakup plans. So if you get into trouble how can the government break you up and sell you off in an orderly way without broader systemic ramifications?

The problem is these banks have thousands of legal entities. The organizational structure itself is so complex, I’ve heard people call it a poison pill. How can you break them up? You can’t even figure out how they’re organized or structured. So simplifying those legal structures and dividing up the legal structures in accordance with business lines to facilitate a breakup I think would be very good market information to get out there.

Shareholders of megabanks are not getting a good return on their investment

Shareholders are getting frustrated. The megabanks do not deliver good returns at all and they may well be — I think they are worth a lot more if they were broken up into pieces. But again shareholders cannot be empowered to break them up if they can’t figure out what the organizational structure, how to do it. This is going to be a terrible consequence for Barclays’ shareholders, I can only assume. And again, you know, the risk management controls, the internal controls are so much more challenging when you’re dealing with an institution of this size and complexity. Break them up, you know, have a commercial bank, have an investment bank, have a broker dealer. It’s a lot easier to manage.

We need basic rules, enforcement when people break the rules, and consequences for those responsible, not the taxpayers, customers and shareholders

I view myself as a capitalist. I know that’s a bad word these days. But I do believe in capital markets if they’re appropriately regulated. You need some basic rules and the rules need to make sure that when people do stupid things they suffer the consequences, not the taxpayers, not their customer, they, they suffer the consequences. And that’s the kind of system I would like for us to have again. And I do care about that deeply. I care about our markets and I want them to function correctly again, but they’re not functioning correctly now.

To follow Sheila Bair in her new role with the Systemic Risk council…

Go to the PewTrust.org website and you can find a link to the SRC, the Systemic Risk Council. And we will be putting there our Call to Action. And our press release and our members and our Call to Action is all on the website. We’ll be making additional pronouncements over the coming weeks and those will all be publicly released and go on our website as well. So I hope we can be a source of information too for people who are confused about what we believe are the appropriate reforms that need to get done, reforms that will help them. And I think the public education function of this group is going to be very important.

Fair Use Notice: This blog, Citizen Action Monitor, may contain copyrighted material that may not have been specifically authorized by the copyright owner. Such material, published without profit, is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues. It is published in accordance with the provisions of the 2004 Supreme Court of Canada ruling and its six principle criteria for evaluating fair dealing

Verizon workers battle corporate greed. Signs of what’s to come.

No 251 Posted by fw, August 18, 2011

But ask yourself: Why would so many workers risk their livelihood in the midst of a stubborn recession, with more than 9 million unemployed?Juan Gonzalez

That’s the question Juan Gonzalez posed in his story, Verizon workers, management dig in for decisive labor battle ‘This is no ordinary strike’, which appeared in yesterday’s NYDailyNews.com. The battle lines are being drawn between labor and management.

This post is dedicated to the courageous workers who are, as Gonzalez notes, putting their livelihoods on the line because greedy corporate bosses want yet more concessions from labor. There’s no end to it. It’s becoming increasingly clear that it’s going to take a massive collective movement across this continent, ultimately spanning the globe, to stand up to these corporate bullies, their political minions and media sycophants.

Here’s Juan Gonzalez’s report.

VERIZON WORKERS, MANAGEMENT DIG IN FOR DECISIVE LABOR BATTLE, August 17, 2011

On the 10th day of the most important labor fight in America, striking Verizon worker Alexandra Camacho stood on a streetcorner in downtown Brooklyn and vowed to stay out as long as necessary.

“They want to strip from us everything we’ve won in the past,” the slender Camacho said. “They even want to take away our Martin Luther King holiday. Well, that’s not gonna happen.”

Hundreds of Camacho’s fellow workers from Verizon’s Brooklyn call center walked the picket line behind her in red shirts. They chanted “No Contract, No Work” to the rhythmic beat of cowbells and drums.

Across the Eastern seaboard, 45,000 Verizon employees have hit the streets — at a time when labor strikes were supposed to be extinct.

Company officials say the unions must face reality. ”As consumers continue to cut the cord or choose competitors’ wireline services, the company must make meaningful changes to its wireline cost structure,” says one official Verizon response to the union.

But ask yourself: Why would so many workers risk their livelihood in the midst of a stubborn recession, with more than 9 million unemployed?

Because Verizon has left them no choice, the workers say.

This is a company, after all, that is swimming in cash. In the first quarter of this year, Verizon tripled its profits compared with the previous year. Since February, when it began its new deal with Apple to market the iPhone, the company has signed up an astounding 2.3 million new iPhone customers.

Yet despite Verizon’s enormous success, the company has demanded unprecedented givebacks from the small portion of its 197,000 employees who are still unionized – about 45,000 who belong to the Communications Workers of America or the International Brotherhood of Electrical WorkersThose union members are in the company’s legacy land-line phone division or its fast-growing FiOS video service.

For decades, becoming a telephone company worker was a path into the middle class, even if you didn’t have a big college education. But now, union leaders say, the company’s demands include:

    • A freeze in all pensions for existing workers and eliminating them completely for new workers
    • An increase in health insurance premiums
    • Elimination of all job security provisions and any restrictions on outsourcing
    • Reducing paid sick days
    • Eliminating four vacation days, including King Day and Veterans Day
    •  Eliminating supplemental disability benefits

Darrell Gladden, a customer service rep for 23 years in Brooklyn, is worried Verizon wants to ship many of those jobs serving FiOS customers to the Philippines and India. ”They should keep those jobs right here in America,” Gladden said.

Verizon spokesman John Bonomo declined to talk about specific demands. ”What we’re looking for is the kind of freedom our competitors have,” Bonomo said. “If there is a call center that is handling calls with long wait times, we want to be able to switch the customer to a center someplace else.”

With its huge profits, Verizon paid chairman Ivan Seidenberg $18 million last year. It paid $7.1million to Lowell McAdam, the former wireless division head who succeeded Seidenberg on Aug. 1 as CEO. Twice before, in 1989 and 2000, Seidenberg fought nasty strikes with the company’s unions and failed to break them. Verizon kept making huge profits nonetheless.

The new guy, McAdam, thinks he will do what Seidenberg couldn’t. He thinks he can outlast Camacho and all the other strikers.

“There’s tremendous anger in the country about all this corporate greed,” CWA spokesman Bob Master said. “This could be the private sector’s battle of Wisconsin.”

That’s why this is no ordinary strike.

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FAIR USE NOTICE: This blog, Citizen Action Monitor, may contain copyrighted material that may not have been specifically authorized by the copyright owner. Such material, published without profit, is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues. It is published in accordance with the provisions of the 2004 Supreme Court of Canada ruling and its six principle criteria for evaluating fair dealing