Beyond this, we proposed a second -- and, in a way, a more significant -- set of questions designed to assist members of the audience in clarifying their personal judgments about the extent to which each institution best addressed social justice concerns. We asked: Does your institution invest any of the funds deposited in any of your accounts in: Any firms that have, as a significant part of their business, production or services for the armed forces? This would be a feature of the military-industrial complex about which Eisenhower warned us. Any firms that run prisons for profit? Any firms whose profits, as far as can be known, come in a significant part from sweatshops? Any firms that are actually hedge funds? Any payday lending institutions? Any firms whose workforce is prevented from being union-organized? Any firms whose activities have caused major environmental damage? As this is no doubt difficult to define, we asked them to note any criteria they may use for judging such practices of firms in which they invest.
For another question, we asked if their institution donated funds to any charitable organizations, and more specifically whether they offer grants or other financial support to community organizations that work, at least in part, to change systems and/or structures that may be contributing to social inequality, racial injustice, environmental degradation, and the diminishment of the well-being of the clear majority of our citizens.
BCP&J marketed the Bank Fair to the public as a unique opportunity to learn more about the distinctions between the different financial institutions that are eager to have their money -- the type of knowledge that we feel is essential when seeking to incorporate an ethical component and a maximum degree of social responsibility into personal banking practices. We also announced that there would be time set aside for an open discussion on how individuals and groups with strong concerns for social justice can be ever more effective, not only with their dollars but also with their time and talents.
Here is what we learned from our efforts:
Of the twelve banks invited, one bank no longer had an office in the county; we heard nothing from three banks; and we received a mysterious letter from eight banks. The letter contained no signatures, no contact information, and no return address. In their letter, the eight banks said in part: "We . . . believe that your event would not provide an appropriate venue for constructive dialogue. We are concerned that this event may only serve to confuse our local banks with Wall Street investment firms." We found that response bewildering. Answering the questions we put forward would certainly have been "constructive dialogue" from our point of view. Further, "Wall Street investment firms" seem all the more akin to our local banks given that these eight institutions declined to talk with an audience of individuals -- some of whom were potential customers -- asking highly-important-to-them questions of an ethical nature concerning these banks. Efforts were made to discover if two of the eight banks listed had actually intended to be included in the letter. However, we were unable to find out. This enigmatic letter was the subject of an editorial by a local weekly newspaper where the editor concluded that the "odd communal response" gave the Bank Fair "unusual political credibility for those of a like mind."
Of the five credit unions invited, only one participated. One was interested but so small they could not do so; one sent a letter describing the nature of their activities as a credit union but avoiding specific answers to the questions we posed; one seemed strangely unwilling to come after showing initial interest; and, the fifth one, farthest away, was never heard from.
The actual Bank Fair went very well. The one CEO who participated did a fine job of presenting the case for credit unions in general and answered all manner of questions of interest from the audience. However, only 30 people showed up, and though we had advertised extensively, it quickly became evident that many of those who were in attendance already understood the differences between banks and credit unions. We concluded that without competing institutions on hand, there was not such intense interest in the event when it finally materialized as we had hoped for. Still, on balance, the Bank Fair was a good experience for those who came and the questions were significant.
Concluding thoughts:
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