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Forum Post: Why does Magic Johnson get the OWS donations?

Posted 12 years ago on Nov. 2, 2011, 1:05 p.m. EST by velveeta (230)
This content is user submitted and not an official statement

seriously- how does taking OWS donations and handing them over to Noel Beasley, Magic Johnson, Wilbur Ross and Ron Burkle help the cause? So Magic Johnson can withdraw $500k cash to buy another vacation home or luxury yacht? how come nobody answers this? putting donations straight into the corrupt system that the movement is supposed to reform?



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[-] 1 points by monjon22 (508) 12 years ago

OWS funds are in a bank owned by billionaires who donated millions to Hillary Clinton’s presidential campaign. The billionaire owners are making money in the post sub-prime meltdown by buying up distress mortgages — taking advantage of the 99%. OWS supports the 1%.

Amalgamated Bank / Wilbur Ross / Yucaipa Co. Amalgamated Bank Announces Equity Investments Totaling about $100 Million from WL Ross & Co. LLC and The Yucaipa Companies (Posted on September 26, 2011 by amalgamatedbank) Amalgamated Bank, America’s Labor Bank since 1923, today announced that The Yucaipa Companies, LLC and WL Ross & Co. LLC each has agreed to invest approximately $50 million in Amalgamated Bank, America’s only union owned bank. Yucaipa and WL Ross will each own approximately 20 percent of Amalgamated.

The Yucaipa Companies, LLC / Ronald Burkle / Bill Clinton / Hillary Clinton The Yucaipa Companies, LLC is a holding company, focusing on private equity investments was was founded in 1986 by its billionaire chairman, Ronald Burkle. Yucaipa has a history of highly successful leveraged buyout investments in supermarket and grocery chains beginning with Jurgensen’s Markets in 1986. After several standalone investments in the late 1980s, Yucaipa went on to lead the consolidation of West Coast retail that occurred during the 1990s. Former US President Bill Clinton, a close friend of Burkle, was an advisor to the Yucaipa. From 2003 to 2006, Bill and Hillary Clintons’ tax returns show total Yucaipa partnership income of $12.5 million. The 2007 summary provided by Hillary Clinton’s Presidential campaign lists $2.75 million in partnership income.

Wilbur Ross Wilbur L. Ross, Jr. is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. In 2011, Forbes magazine listed Ross as one of the world’s billionaires with a net worth of $1.9 billion. According to a recent New York Times article (Investors Stalk the Wounded of Wall Street) he has been bottom-fishing in mortgages and mortgage companies. He apparently commands far greater sums than his net worth would suggest. Political activities of Wilbur Ross Ross has served under U.S. President Bill Clinton on the board of the U.S.-Russia Investment Fund, and later, under New York City Mayor Rudy Giuliani as the Mayor’s privatization advisor.

[-] 1 points by velveeta (230) 12 years ago

Edward Grebow, Amalgamated Bank's President and CEO. "The investments by Yucaipa and WL Ross will enable the Bank to comfortably exceed the increased required capital levels established in our agreements with the New York State Banking Department and the FDIC

In other words, when Pete Dutro deposits your donations at Amalgamated, the bank now has the blessing of the Feds to play with that OWS money, since they only have a small percentage of the money they claim to have (fractional reserve).

Why is OWS putting people's donations into the corrupt banking system?

[-] 1 points by monjon22 (508) 12 years ago

I have been on the NYC General Assembly web site asking just this question of the OWS Finance (Accounting) working group. They refuse to answer.

[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

oh man, did you hear about Basket Ball Man

He had a grand plan and a three point hand

He could swish any net from wherever he'd stand.


you bet he made contacts and got on a contract.

his credit was ever excessively high

up until that day that the inquisition came by

tested his blood and said he couldn't play

but he's still got bills to pay

and a shattered dream that makes him mean

[-] 1 points by unitedwe (78) 12 years ago

But I am considering Kurt Rambis Federal or Tiny Archibald Savings & Loan - depends on what the whole group wants.

[-] 1 points by unitedwe (78) 12 years ago

I bank with Kobe.

[-] 1 points by Dalton (194) 12 years ago

You what?

[-] 0 points by velveeta (230) 12 years ago

here's a link about the people who control the bank where Pete Dutro deposits your donations http://www.corporationwiki.com/Illinois/Chicago/amalgamated-investments-company/55150214.aspx

[-] 0 points by velveeta (230) 12 years ago

nice. shouldn't the donations be in a giant lucite lockbox in zuccotti square on permanent 24-7 webcam, guarded by the most diehard, unemployed protesters, armed with sharpened spears made from upcycled NYPD police barricades?

[-] 0 points by velveeta (230) 12 years ago

OWS donations go into Amalgamated Bank, a bank controlled by Noel Beasley, Magic Johnson, Wilbur Ross and Ron Burkle. As far as I know, once you put money in any bank, they can do whatever they want with it, if they lose it, the Feds cover you for $250k. Why is a guy named Pete Dutro doing news interviews telling them that $500k of OWS donations went to Amalgamated Bank?

[-] 1 points by monjon22 (508) 12 years ago

Pete Dutro is one of three people with access to the OWS donations. The other two are Bre Lembitz and Victoria Sobel. No one has seen so much as a bank statement or a receipt for money spent.