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Barbers call on banks to 'take a haircut' at Occupy Wall Street

Kathy Willens / AP

Jorge Santiago, left, and Joe Morales of the New England Barbers Association give free haircuts to volunteers Richard Hirsh, left, and C.J. Holm, who wear capes bearing the names of large financial institutions, in front of Occupy Wall Street headquarters at Zuccotti Park in New York, Monday, Oct. 24, 2011. The stunt involving a half-dozen barbers was designed to call attention to the banking term.

Kathy Willens / AP

Sporting a "99%" haircut himself, barber Steve Vilot, of Sims Barbers in Pittsfield, Mass., gives a haircut to Joe Arbini at Occupy Wall Street headquarters in front of Zuccotti Park on Monday in New York City.

Justin Lane / EPA

Steve Vilot and Matthew Ketchum give haircuts to two men wearing aprons with the names of banks on the front as part of an action called 'The Banks Need a Haircut' at the Occupy Wall Street encampment in New York City on Monday.

 

AP reports:

NEW YORK — Some barbers descended on New York's Occupy Wall Street protest — cutting hair while suggesting bankers "take a haircut."

That's a banking term meaning adjusting a loan.

On Monday afternoon, the half dozen barbers set up chairs on Broadway. Each wore a top with the name of a big financial institution.

Barber Steve Vilot (vee-LOH') says he hopes the free haircuts inspire banks to ease the debts of families in danger of losing their homes.

Michael Kink heads the Stronger Economy for All Coalition.

He says banks are happy to "take a haircut" when it comes to the privileged 1 percent. But he says Wall Street could jump-start the economy with cuts for the other 99 percent.