12/3/11, "If you can’t beat ‘em, join ‘em: Occupy SF launches its own bank," Zombie, PJM
"The inevitable culmination of the Occupy movement has finally arrived: The protesters at Occupy San Francisco just announced that they are becoming bankers, by filing papers to form a credit union (for real — not satire):
Members of Occupy SF announced their ambitious plans to turn protesters into bankers by creating the People’s Reserve Credit Union. According to Occupy SF’s Facebook page:
The goal of this project is to encourage San Francisco residents, businesses, as well as nonprofit and city agencies to keep their money out of the big banks and to redistribute that money locally. Initial services will include micro-loans for the working poor and homeless, and subsidized student loans at low interest rates.
The credit union is being created with the help of San Francisco’s Glide Community Church and Supervisors John Avalos and Eric Mar. The group filed its paperwork and has already crafted a thoughtful mission statement: The credit union will serve as a replicable model for other financial institutions to reinvest wealth in their local communities. They will support microenterprise, provide educational loans, and foster community improvement projects. ...
Welcome to the real world, Occupiers. The world of regulations and accounting and laws and audits and trying to meet payroll. This should be entertaining."...
via Hot Air
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