Corporate leaders back protests

In: Uncategorized

19 Oct 2011

More support, or at least sympathy, for the Wall Street protests from the elite. According to an article (free registration required) in yesterday’s Financial Times the chief executive of Wells Fargo, John Stumpf, said “I understand some of the angst and the anger”. The bank chief also acknowledged “this downturn has been too long, unemployment is too high, and people are hurting”. Jeff Immelt, the chief executive of General Electric, said that: “It is natural to assume people are angry and I think we have to be empathetic”.

Even critics of the protests are evidently toning down their attacks. Eric Cantor, the second highest-ranking Republican in the House of Representatives, had previously described the protestors as “angry mobs”. But more recently he said his party recognises the problem of income inequality

Meanwhile, a vivid description of the Occupy Wall Street protests by Sean Collins on the American Situation website.