Posted on 07/25/2013 6:34:38 PM PDT by 2ndDivisionVet
In an ironic twist, the Occupy Wall Street movement, which, two years ago, galvanized resentment against Wall Street and gave birth to the phrase “the 99%,” has given birth to something new: a financial institution.
Or, as they call it — the Occupy Money Cooperative.
“We launched [the Occupy Money Cooperative] because we felt that the way the for-profit banking industry operates in the U.S., it intrinsically exposes the U.S. economy to risk and makes us vulnerable to the consequences but, above all, fails many millions of Americans who don’t have bank accounts and are denied banking services,” founder and director Carne Ross, of the non-profit advisory group Independent Diplomat, said.
He said the Occupy Money Cooperative, which was created by a small group of volunteers who met in Zucotti Park two years ago (see the board members here), will provide access to financial services, particularly to those who are denied them by the for-profit banks.
On the site, the cooperative pledges that it:
•“Will offer access to low cost, transparent, high quality financial services to everyone.
•“Will actively and directly encourage the development of innovative financial services that will foster financial inclusion, and lead the field in terms of openness and fairness.
•“Will lead by example to affect a positive change for our members and stakeholders, and provide an uplifted standard of conduct for the financial community.
•“Will actively work with business partners and organizations that demonstrate a commitment to the well-being of their communities.”
Like a credit union, the cooperative will be owned and controlled by its members....
(Excerpt) Read more at forbes.com ...
I wish them good luck.
However, I think that their future is more likely to be instructive instead of groundbreaking...
Gee,
Where have we heard THIS idea before? *cough* credit unions *cough*.
However, credit unions tend to have their ess aich eye tootie a bit more together.
I give this new idea about six months, tops, before it crashes under its own weight.
Right?
lol
Can’t wait until they’re thrown in Federal prison for some horrible corruption involving their bank.
“We had deposits of more than eleventy of dollars and some of coin, but then we ordered pizza and are now insolbented.”
What could possibly go wrong ?
Do they plan on burning down their own bank ?
Or just breaking a few windows and set tires on fire outside ?
Someone is going to get swindled.
Hmm...I think I’ll investigate a loan. I have a worthy cause. Ammo.
O.M.C.?
OMG...
free toaster for all the Toast
Great! They should make loans with no credit checks or requirements and see how well that works.
you know, one of the arguements i have always had with my family is, i’m not racist but i know that, for example, if someone who is an immigrant owns an all cash business, he is more likey to pocket some undeclared cash than a natural born american. or, if someone is jewish, they look at a mostly christian country and dont have a big problem with doing a little insider trading.
now i know i’m right, because when they open that bank, i’m going to try every non prison time method i can think of to screw them over.
They take your money for safe keeping, then spend it for the cause because that is for the betterment of society.
AKA - you expect interest, they spend it because it is in their best interest
Yeah, I would, like, really trust those freakazoids with my hard-eanred money.
Watch out ‘occupiers’...you may become what you hate.
FReepers should do that too - :p
“the cooperative will be owned and controlled by its members....”...COMMUNITY ORGANIZERS!!!
Watch Benghazi Barry flood it with taxpayer money because, eventually, it will be “too big to fail”.
The only question is how MANY times they will fail. Of course within FDIC guidelines. It is very profitable. The Bernank shells out $85 big ones per month. Might as well get in line for some of that.
Loaning money to deadbeats... right on, man!
It was my first experience with socialism. I was 17. I have been forever grateful for the ones who quite inadvertently showed me the true nature of collective behavior and what happens to uncritical idealists in the real world.
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