Demonstrators March on JP Morgan and Bear Stearns HQ

Thomas Marczewski
New York City Independent Media Center
March 28, 2008

An unannounced protest brought the realities of the average home-owner to the very heart of the banking industry.

Wearing yellow shirts that declare, “Stop Loan Sharks,” hundreds of protestors from across the US marched on JP Morgan Case headquarters and then into the lobby of Bear Stearns across the street. Having suffered through the mortgage crisis, and finding themselves unable or struggling to pay off higher interest rates, the participants on Wednesday expressed their outrage at a government backed $20 billion dollar bail-out of Bear Stearns, one of the key investment banks behind the melt-down.

The mood in the lobby was strangely relaxed. We had just entered en masse in what was a powerful show of strength and solidarity. Now as the protestors, employees, and security took it all in, an air of, “let’s get down to business,” settled on the crowd. Bruce Marks, head of the NACA or the Neighborhood Assistance Corporation of America, and organizers began marching up and down the L shaped lobby, right passed the security desk and employee entrance. Chanting, “Main street not Wall street,” and demanding to see Jamie Dimon, CEO of JP Morgan, the demonstrators held the lobby for an hour, as employees either quickly rushed by or stood around long enough to take a picture with their cellphone.

The peaceful demonstration inside the lobby at an end, we walked out and onto the street were the chanting and marching continued. As Bruce Marks announced, “Today we marched into their house, we violated their space.” Indeed, this unannounced protest brought the realities of the average home-owners to the very heart of the banking industry, and though stricter regulation or a fine instead of a bail-out would please those hurt more, Wednesday’s show of strength proved a small victory in the larger struggle.

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