Very ambitious of them. Plus they plan to start giving out loans. Should be quite amusing considering everything else they touched has gone to sh-t.
When you think about it, who better to handle you money than a bunch of filthy homeless people with no banking experience?
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.
Jason Macarthur, a protester with Occupy SF, listed the goals that the organization plans to achieve within the first year. That includes starting with 500 members with plans to grow to 2,000 members before the end of next year.
Other plans include:
- Accumulate capital assets of $7 million or more, through investments by different organizations, members, et al.
- Open two credit union branches within the city of San Francisco. The first branch location in the mid-Market Street corridor , in the former Social Security Administration storefront (MOCD) , with the assistance of other local nonprofits. Each branch will have a cafe within it and a commercial kitchen available to rent.
- The credit union will employ students and homeless, creating 60 part-time jobs.
- Issue 300 to 500 micro-enterprise loans (max. $5,000).
- Add 1,000 people overall to the city employment payroll.
- Finance and start a food co-op large enough to support a neighborhood.
Who knows, pretty soon they might be able to feed themselves.
of course qualifying loan docs are raaaaacist and one percenty!!11!!
I suspect they’ll be in line for a Gubbamint bailout in 7 days
Loans! I can’t wait to see them scream like damned souls when they learn that their own people aren’t so good at repaying.
The credit union will employ students and homeless, creating 60 part-time jobs.
Nope. Can’t see any security risks here.
Who wants to be that this thing gets bailed out by the taxpayer ten times before it finally collapses?
The more I see this article the funnier it becomes. You can bet your sweet bippy that also before this is over, one or more of the #occucriminals will run off with most of the money.
The obtuse handing out money to the unemployable.
Sounds like a business model destined for failure.
As long as my tax dollars aren’t confiscated to float this lunacy, I say “Go for it, tools.”
Betcha Obummer already has an executive order drawn up and signed mandating the spending of lots of taxpayer’s money in a “bail-out” for that credit union.
“The credit union will employ students and homeless, creating 60 part-time jobs.”
Yes they can’t have full-time employees because the required benefits cost they would have to supply them in SF would kill them with it’s cost. Hypocrisy at its finest again. :-)
Bunch of damned capitalists I’d say:)
(sarcasm included)
So the group that hates capitalism and banks creates its own capitalist bank. I can only see two problems.
1) They have no money to put in it.
2) Any money that they loan out has a very low probability of being paid back.
We already have a group like that. It’s called a Government.
It will be interesting to see who dumps a lot of cash in there to get it going.
I was under the impression that credit unions, like banks, had to meet certain minumum requirements. Like this group cares.