NYC Credit Union Honors Occupy Wall Street At Its Fundraiser

Oct 24 2011 Published by under Uncategorized

It turns out that a small credit union believes in the demands of Occupy Wall Street. They believe in the protests so much that the credit union, named the Lower East Side People’s Federal Credit Union, wanted to honor them at their fundraiser. This wasn’t just an ordinary fundraiser, this fundraiser was for their 25th Anniversary.

One sponsor, Goldman Sachs, didn’t like the idea that the credit union was honoring the protesters, so they withdrew from the fundraiser and took their 5,000 dollar donation with them.

This prompted the credit union to make a statement which said, “Their money was welcome, but not at the price of giving up what we believe in,” said Pablo DeFilippi, one of the dinner hosts and associate director of member development at the National Federal of Community Development Credit Unions. “We lost their $5,000, but we have our principles.”

In an article by the Wall Street Journal:

Pete Dutro, 36, of Brooklyn, who says he’s on the Occupy Wall Street finance committee, said the protesters chose the credit union because “it’s a people’s bank. It’s not run by Wall Streeters.” Another protestor, who calls himself “Mercury John” called the credit union “an honest, good local bank.”

The same WSJ article quoted a Mr. Reed, who used to work on credit derivatives, saying:

“The protesters are wrong to label all bankers as “evil” since Goldman and others support many charitable causes and programs for the poor. At the same time, he added, bankers shouldn’t be so offended by the protesters, since “they’ve gone to great lengths to say they have no point.”

I believe the fact that a credit union was willing to forego a donation from the most powerful firm on Wall Street in order to stand with the Occupiers says a lot. The credit union did not bend their principles for money.

These occupiers are receiving massive backlash from the conservative media because of a few people who are doing things that nobody should accept. Things like defecating on police cars or stealing, etc.

The one thing that conservatives will not bring up is the demands of OWS. Demands like, reinstate Glass-Steagall, stop outsourcing American jobs, get the money out of politics and increase taxes on the wealthy ring positively with the majority of Americans. They won’t bring this up because it will win over the American people and the movement will triple in size and force.

By focusing on the negative people and not the demands, they are trying the squash this populist uprising to benefit the few. They want majority of Americans to remain complacent in the fact that Wall Street runs our government, like I reported about regarding Bernie Sanders and the Federal Reserve’s relationship with Wall Street.

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