Monday, March 14, 2011
Bank of Montreal buying Scott Walker backing M&I bank
With $1 billion of pension funds invested in M&I bank, Wisconsin unions have initiated a "Move your Money" campaign against the bank, one of biggest financial supporters of union-busting governor Scott Walker. Not a good time to buy a union busting bank. And, if the Bank of Montreal completes its purchase of the bank, will the Canadian bank continue M&I's support of right-wing US politicians?
A senior union researcher estimates that unions have at least $1 billion invested in M&I Bank, mostly through pension funds. Discussions are going on at the highest levels of the labor movement about how exactly to leverage this financial clout in the political debate in Wisconsin. Since the Bank of Montreal is in process of purchasing M&I Bank, US unions have reached out to the Canadian Labour Congress to urge their involvement in a disinvestment campaign
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