By Tim McLaughlin
BOSTON May 16 Shouting protesters calling
themselves the "99 percent" disrupted State Street Corp's
annual meeting on Wednesday, using a coordinated plan to
interrupt Chairman and Chief Executive Jay Hooley five different
The group of labor and community leaders accused the custody
bank of dodging taxes, outsourcing jobs, investing in a private
prison and defrauding pension fund clients. Their complaints,
which Hooley denied, echoed the "Occupy Wall Street" movement,
which has portrayed U.S. banks as the elite "one percent" who
triggered the financial crisis that began in 2008.
On the 36th floor of State Street's headquarters in Boston,
protesters stood up while Hooley was talking and shouted a
number of things, including: "You should be ashamed of
After State Street security staff escorted the first group
of protesters out of the meeting, Hooley resumed his
presentation only to be interrupted four more times at varying
"We wanted to make sure we got our points heard," said
Gillian Mason, a spokeswoman for the protest group. "We wanted
to disrupt the meeting as much as possible."
During this season of corporate annual meetings, protest
groups also have shouted at General Electric Co CEO Jeff
Immelt and Morgan Stanley CEO James Gorman, for example.
Hooley appeared to take the shouting protesters in stride.
After being interrupted a fourth time, He deadpanned: "Are there
any more questions on item two."
He later addressed each pointed raised by the protesters,
saying their allegations were untrue. He said, for example, that
State Street's employment in Massachusetts has increased 26
percent since 2005. The company's asset management arm invests
on behalf of clients across a broad index of stocks, including a
company that runs prisons, he added.
The protest group is part of a coalition called MassUniting,
whose partners include Massachusetts Jobs with Justice, Service
Employees International Union and the Massachusetts Communities