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PROTESTERS PICKET MORGAN STANLEY TO USE BONUSES FOR FORECLOSURE PREVENTION PROGRAM

Enough is enough is the messages members of New Jersey Citizen Action want bank executives to hear. After Morgan Stanley accepted billions of dollars in TARP money, New Jersey Citizen Action’s executive director Phyllis Salowe-Kaye says they should spend a significant part of the 14 billion bonus pool on helping people who have lost their homes.

“We think they need to set up a fund to help prevent foreclosures, to help people stay in their homes. We also think that they need to make the money go to providing jobs.”

A Morgan Stanley spokeswoman says they received 10 billion dollars from the federal government and paid it back last June. When it comes to using bonus money for a foreclosure program, she declined further comment.

LOCAL ASSOCIATED PRESS NEWS FROM NJ.COM

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