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***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***

 
snark

User ID: 1050548
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08/13/2012 06:38 PM

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***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
[link to www.marketwatch.com]

The Democratic National Committee (DNC) announced today that it has recently moved its primary banking relationship to Amalgamated Bank, America's Labor Bank. The DNC will use Amalgamated Bank's cash management services to handle its day-to-day banking needs.

Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America so that workers, labor unions, and progressive organizations would be able to bank with an institution that represented their interests. Today, Amalgamated Bank's largest shareholder is Workers United, an SEIU affiliate.


This could get awkward considering BofA's support for Obama in the past...
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
snark (OP)

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08/13/2012 06:47 PM

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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
Obama will accept the Democratic presidential nomination at Bank of America Stadium in Charlotte, N.C., where the bank is headquartered. I guess maybe he'll just give BofA some more of our money from somewhere else, so it won't be so awkward.

Last Edited by snark on 08/13/2012 06:47 PM
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
snark (OP)

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08/13/2012 06:56 PM

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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
The DNC is just the latest in a slew of organizations and cities to pull its money from BofA, and the move could put pressure on the Obama campaign to do the same. The city of Brockton, Mass., divested its $170 million account from BofA earlier this month, and a Bay Area priest pulled his church’s money from BofA last year, in order to protest the bank's foreclosure policies, according to the Bay Citizen.

Even though others are doing it, it’s unlikely Obama’s campaign will take a public stand against a major Wall Street bank while the president is looking to haul in election cash. BofA is one of many big companies where employees are ditching Obama, and pulling his campaign money from their employer likely wouldn't increase BofA employee donations. In 2008, 44 percent of BofA workers' campaign contributions went to Republicans. In 2012, that share shot up to 72 percent, according to Bloomberg.

[link to www.huffingtonpost.com]
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
snark (OP)

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08/13/2012 07:31 PM

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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
Sounds like a big squeeze to me. This bank was flagged for liquidity problems by Federal Deposit Insurance Corporation and the New York State Banking Department. In Sept 2011, 2 private equity firms each bought 20% stakes in the bank. One of the firms is Yucaipa Companies, owned by billionaire Ronald W. Burkle. This guy raised over a million for Hillary Clinton when she was running. Bill Clinton works for Yucaipa as well- his job is to identify "investment opportunities" for the firm. Looks like he might be getting a big commission if he's the one that bagged the DNC for Amalgamated.

So, what we have here is a massive consolidation of wealth coming into Amalgamated, a bank controlled by the SEIU. I'd keep an eye on that bank.
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
Anonymous Coward
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08/13/2012 07:35 PM
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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
More like the DNC moved all of it's money out of Bank of America because they have insider info that it's getting ready to go under!
Anonymous Coward
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08/13/2012 07:37 PM
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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
SEIU-Owned Bank, run by former SEIU Exec VP Bruce Raynor

What better way to funnel millions to Democrats, by 'loaning' them money stolen from Union members via your own bank, then 'forgiving' the loans if they get elected.

This was the scam the Indiana Education Association (NEA) used from it's disability funds, until losing the 2006 elections in Indiana caused them to go bankrupt.
Anonymous Coward
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08/13/2012 07:40 PM
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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
Sounds like a big squeeze to me. This bank was flagged for liquidity problems by Federal Deposit Insurance Corporation and the New York State Banking Department. In Sept 2011, 2 private equity firms each bought 20% stakes in the bank. One of the firms is Yucaipa Companies, owned by billionaire Ronald W. Burkle. This guy raised over a million for Hillary Clinton when she was running. Bill Clinton works for Yucaipa as well- his job is to identify "investment opportunities" for the firm. Looks like he might be getting a big commission if he's the one that bagged the DNC for Amalgamated.

So, what we have here is a massive consolidation of wealth coming into Amalgamated, a bank controlled by the SEIU. I'd keep an eye on that bank.
 Quoting: snark


Using DNC money to keep an SEIU-Owned bank afloat.
IMAGINE THAT, eh???
snark (OP)

User ID: 1050548
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08/13/2012 08:02 PM

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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
Sounds like a big squeeze to me. This bank was flagged for liquidity problems by Federal Deposit Insurance Corporation and the New York State Banking Department. In Sept 2011, 2 private equity firms each bought 20% stakes in the bank. One of the firms is Yucaipa Companies, owned by billionaire Ronald W. Burkle. This guy raised over a million for Hillary Clinton when she was running. Bill Clinton works for Yucaipa as well- his job is to identify "investment opportunities" for the firm. Looks like he might be getting a big commission if he's the one that bagged the DNC for Amalgamated.

So, what we have here is a massive consolidation of wealth coming into Amalgamated, a bank controlled by the SEIU. I'd keep an eye on that bank.
 Quoting: snark


Using DNC money to keep an SEIU-Owned bank afloat.
IMAGINE THAT, eh???
 Quoting: Anonymous Coward 19228212


Yup. There is no TELLING what kind of financial shenanigans are gonna go on here.
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
snark (OP)

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08/13/2012 08:59 PM

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Re: ***DNC Moves All Of It's Money Out Of BofA To Only Labor-Owned Bank In The Country***
The DNC is the latest Democratic-based organization to sign up with Amalgamated Bank in the year since the Occupy Wall Street movement started the trend by refusing to open accounts with any bank other than Amalgamated.

Since then, several other Democratic and liberal groups have abandoned their traditional Wall Street banks. America Votes, a group that helps progressive candidates run for office, recently switched to Amalgamated from Bank of America.

"Amalgamated is worker-owned, operates according to progressive values [and] provides great service with much lower fees," said Greg Speed, the executive director of America Votes. "All of that added up to a pretty easy decision for us."

The Democratic Governors Association said it has opened several new accounts with Amalgamated as a sign of supportand fidelity, though its primary accounts remain with Bank of America.

In 2010, the Institute for America's Future—an arm of the liberal group Campaign for America's Future—began moving its money from Bank of America into Eagle Bank, which is based in the Washington, D.C., area.

Amalgamated Bank is the only labor-owned bank in the country. It has $4.5 billion in assets and serves 650 labor unions.
[link to online.wsj.com]
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis

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