***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

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.

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!

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.

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

Yup. There is no TELLING what kind of financial shenanigans are gonna go on here.

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]