Why Don't all major unions own banks?

[Mr Mannn]

theaocp  (475 posts)        Sat Mar-12-11 06:22 PM

Why don't all major unions own banks?

via firedoglake.com:

Seeing that large banks are the most powerful political entity in America and one of the only institutions members of Congress will practically trip over each other in their rush to save from their own mistakes, I’m left wondering why all the major labor unions don’t get in on the action by starting their own banks.

With control of big financial reserves and large numbers of members, the larger unions already have basically all the most important things they need to start successful banks.

Amalgamated Bank, one of the few union banks from the 1920s to survive the great depression, shows that a union-owned bank can be run successfully and not behave like a bastard to their customers.

Most of the big national banks have basically turned into vampires. They have handled the mortgage crisis in a manner that is often outright fraudulent, and a big part of their business model is to bleed their customers dry with fees. If all the new union banks did was run at cost, so as to give their members accounts free of predatory fees and practices, while reducing the size of the big national banks, it would be a sufficient improvement to make the task worth it.



It's a good read. Check it out. 

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=628081&mesg_id=628081

movonne  (1000+ posts)           

2. It is a great read....and hope this could happen...I really think
    that progressives should make up their own little communities.

The Doctor.  (1000+ posts)           


10. That's close to one of the five pieces of the 'great solution'.

stockholmer  (402 posts)        

11. elaborate on these 5 keys, please.. I love to hear potential solutions

The Doctor.  (1000+ posts)           
14. I'd love to!
    But here's the part that sucks;

I can't.

(and won't)

I know them. They are real and I know them. Here's the rub;

- I am delusionaly to think that thise things are reali. If ene1 knowz 2 thet I'em rihte, I getze end-of-life cheezeburger.

(that's code for something!)

I've distributed the models, but only a handful of people have a chance of making them work. Chances are, I'm mostly delusional. Obviously, no solution could address the issues we currently have, unless it was, well, brilliant.

So, we and I are resigned to just keep forging ahead under ever shittier circumstances.

Too bad too... I thought I might have had something there in a drunken haze.

[BlueStateSaint]

At least the shaman primitive has this part right:

I thought I might have had something there in a drunken haze.

The rest? . . . not so much.

[JohnnyReb]

Like unions are going to get into a business where their finances are subject to government scrutiny.

[Randy]

Like unions are going to get into a business where their finances are subject to government scrutiny.

Damn ya beat me to it. 
This is exactly why there are no union banks. Accountability. Unions live for slush funds they can embezzle from, it's why they exist.

[Ballygrl]

movonne  (1000+ posts)           

2. It is a great read....and hope this could happen...I really think
that progressives should make up their own little communities.

How would you support yourselves?

[Randy]

How would you support yourselves?

They'd own a bank of course.

[Ballygrl]

They'd own a bank of course.

[Freeper]

How would you support yourselves?

They would tax the rich, how else could a liberal support him or herself. Not like they would go work for it. They are too smart to get their hands dirty and do demeaning labor.
 

[GOBUCKS]

The Doctor.  (1000+ posts)           
14. I'd love to!
But here's the part that sucks;
I know them. They are real and I know them. Here's the rub;

- I am delusionaly to think that thise things are reali. If ene1 knowz 2 thet I'em rihte, I getze end-of-life cheezeburger.
(that's code for something!)

Another day, another suspected vesta clone.

[DumbAss Tanker]

Why bother when they own the politicians that make the banks jump?  And silly DU, big unions aren't 'Progressive' (Cough) at all, they are in it for what's good for THEM.

[Freeper]

Why bother when they own the politicians that make the banks jump?  And silly DU, big unions aren't 'Progressive' (Cough) at all, they are in it for what's good for THEM.

Actually that right there shows they are progressives.
Progressives claim to be for fairness and justice for all, but when it comes down to it all they care about is what goodies they can get from the taxpayer. A progressive would gladly have 1000 people laid off just so they don't have fork over a few dollars for their own health care.