Taxpayers were forced to give Comerica over $2 billions dollars in TARP money. The company stock increased thereafter. Meanwhile, Comerica management has been cashing out (see table below). Corporate executives don’t seem to publicize their lack of confidence in the stock. These huge stock sales are done quietly.
By: Varous activists
The bank that coined the phrase, “we listen, we understand, we make it work” seemed to forget that public relations slogan during the large CAW labor protest at 500 Woodward Avenue, in Detroit, MI. Numerous coalitions were there to demand justice for workers who just want to be paid what they are owed and Comerica controls the purse strings. They feel that workers being paid is more important that Comerica executive bonuses. Participants signed a letter to the company’s executives asking Comerica to live up to the so called “code of ethics” that is posted on Comerica’s website. The code of ethics seems like a great public relations spin tool but the workers with children to feed were more interested in Comerica showing action; not just empty public relations gimmicks. As one of the participants read from Comerica’s code of ethics, looks of disgust and frustration fell over participants faces. There appeared to be a huge disconnect between corporate marketing propaganda and the daily reality that the workers were facing.
At one point a protester challenged the CEO, Ralph Babb and the Michigan President Tom Ogden to respond to the workers concerns. Comerica executives were challenged to answer the following questions:
No Comerica executives were willing to address these questions. To the contrary, a goon from Comerica’s security staff came outside to harrass the protesters and interfere with the protest. A Comerica security goon constantly interfered with the groups right to free speech and free assembly. At the same time various Comerica employees watched the protesters from the lobby of the building. Many protesters commented on the arrogant smirks from the “Comerica suits” that watched the workers appeal for fairness. After letter to Comerica management had been signed by all the attendees the CAW made an attempt to deliver it to someone in the lobby. To our surprise, Comerica had locked the doors and therefore could not receive the signed letter. Even Comerica customers and employees were unable to get into the front door after Comerica locked them out at approximately 12:45 pm. Participants thought this as an act of wholesale cowardice and arrogance. The signed letter had to be left at Comerica’s front door while the various journalists continued to take notes. This is what $2.25 billion of your tax dollars now sits. What will Comerica plan as an encore at future protests?
By Brian Pfiefer
Supporters of 80 Canadian workers will picket outside Comerica bank,
500 Woodward Avenue in Detroit, Michigan on Tuesday, November 24 at
noon.
Canadian workers of Adraco and Aramco a division of Catalina
Precision, have been denied their severance, termination, and vacation
pay by the Catalina’s creditors Comerica Bank.
The two plants based in Windsor, Ontario employed 80 members of CAW
Local 195 and a number of non-union office and supervisors, all of
whom are left out in the cold.
“Ontario labor standards afford the right to severance and termination
pay in circumstance such as these, however the inaction of the Ontario
Government to enforce the provision of the legislation is a disgrace,”
said the President of CAW Local 195.
Workers are owed $2.4 million Canadian.
“We are targeting Comerica because they are the ones holding the purse
strings for Catalina. Comerica is the major creditor, looking to sell
off or auction off the assets in both of these facilities in order to
attempt to recoup any debt Catalina owes them. Yet the workers both
union and salary staff have not received a penny from this employer or
Comerica,” concluded the CAW president.
Comerica received $2.3 billion in bailout funds from the federal
government in 2008 through the TARP (Troubled Assets Relief Program).
According to reports in newspapers, The Windsor Star and LeMonde,
Catalina’s principle officers, Katherine Zickfeld and Gregory Willis,
were recently convicted and sentenced to five years in jail and 20
million Euro fine by a court in France for embezzlement and fraud,
leaving 300 French workers unemployed.
Tempe, Arizona
USA
Comerica Bank which was headquartered in Michigan and then relocated to Texas. As a previous resident from Michigan, my family relocated to Phoenix Arizona so we wanted to be a loyal customer of Comerica Bank so we therfore relied on their advice and professional expertise to inform us how to better apply our money.
Unfortunately we put all of our funds in their bank to show loyalty and to form a relationship and partnership so both parties would benefit. We started a small business in synthetic turf so we used a CD as collateral and they gave us an unsecured line of credit tied to a property we owned in Michigan. To my dismay the Vice President of small banking is a complete lier and a very poor manager as he has no clue how to be a manager or run a business. This Vice President of small business is so unprofessional that he had 4-6 loan officers come and go as soon as they saw he was a complete deceitful jerk. At that very moment we began to move our assets to Chase Bank and they were more than willing to take over our persoan and business accounts. When our last CD matured on a Saturday the Vice President of Comerica Bank took the CD and froze the account without any notice to us. He knew exactly what he was doing and lied to my wife and myself along with lying to Chase Bank during a conference call on the following Monday. This Vice President of small banking for Comerica Bank in downtown Phoenix, AZ actually lied to my face about my wife as he is chauvinistic slob that knew he was dead wrong in his actions. So now 10 months later we are out over $100,000 in interest and we never defaulted on the unsecured line of credit. I told this Vice President of small banking to undo what he did so Chase can finalize our new relationship and he said he would not doa that. This is what the banks and society has come to, screw the honest person to gain something for themselves. I am the customer and it is his responsibillity to visit his customers place of business to make sure they are happy but he was too damn lazy and above everyone else to even think of performing his job in an ethical fashion. This Vice President of small banking at Comerica Bank should be embarrassed and fired as a result of his actions. The Arizona Banking Commission and the FDIC will be notified and if justice is served they will be fined. The undo stress, emotions, financial crisis they have put our personal and business in will not go away until justice is served to Comerica Bank.
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Comerica Class Action Lawsuit Banking Whistle Blower Securities and Exchange Commision
