Forum Post: find a better bank for OWS donations
Posted 13 years ago on Nov. 3, 2011, 11:21 a.m. EST by velveeta
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Amalgamated? anybody reading this should do their homework on Amalgamated. It doesn't seem to me to be the kind of place to be putting everybody's donations...
Why use a bank? We should be using Bitcoin! Using a bank allows the 1% to develop a social map of the donations because bank transactions are traceable. If we use Bitcoin, they can't trace the donations and strike back. We also avoid all the associated shenanigans.
Is there any bank that is not going to have some issue?
Loved the article last week about the Amalgamated investing in Wall St! OOooo what a scandal! What hypocrisy!
Which bank is it that DOESN'T invest their funds, that isn't associated with at least one crooked rich guy....
OWS had to expand beyond the credit union they were using when the donations topped 250K.
There just aren't a whole lot of "pure" options out there. Keeping 500K in a lockbox in a tent just ain't feasible.
"Which bank is it that DOESN'T invest their funds, that isn't associated with at least one crooked rich guy...."
Your point is my point. The banking system is flawed, it's a fractional reserve system that takes money from individuals and groups (like OWS, because their money cannot function in society without a bank) and suddenly the biggest players in that bank have access to the money deposited by the individual or group --- where they can then "make investments" with it (which today means gamble it away or fork it over to union thugs) --- and when the bank goes into receivership, the Fed (meaning taxpayers like you and me) are stuck with the FDIC insurance bill. Every bank is a ponzi scheme in this sense, which is part of what I thought OWS was trying to fix. Instead you guys are putting people's donations directly into this system.
I had a better feeling about the Lower East Side People’s Credit Union, and I've read the stated reasons why the shadowy, leaderless folks who take half-a-million dollars in donations, say why they chose Amalgamated.
The real problem is that they take donations at all. But since they did, they should have re-distributed it in some fashion to every participant. Instead, the "leaderless" cabal who runs this operation is stashing the cash while complaining about "being bogged down with time consuming, uncoordinated funding requests."
I don't know what the people who give their money to OWS expect.
You mean you are not in favor of the fact that Billionaire Wilbur Ross owns such a huge stake in it?