Occupy Oakland members vote to deposit $20,000 with Wells Fargo

[UrbScotty]

Source: Mercury News

Occupy Oakland has voted to deposit $20,000 with Wells Fargo Bank -- just days after Occupy protesters shattered windows of one of the bank's downtown Oakland branches during the group's attempt to stage a general strike in the embattled East Bay city.

The decision was posted at Occupy Oakland's site for its general assembly. According to the link, the group made the decision to deposit the $20,000 with Wells at a meeting on Monday night.

Wells Fargo quickly trumpeted the decision.

"If this report is true, it demonstrates that even Occupy Oakland understands -- first-hand -- the value and service that Wells Fargo provides its customers," Wells spokesman Ruben Pulido said in an e-mail to this newspaper.

Read more: http://www.mercurynews.com/business/ci_19296946

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:wtf:

[Ian David]

1. I bet they take it back out tomorrow. n/t

[aquart]

2. Why?

[Luminous Animal]

23. Because they can't move the money into a CU until their corporate filing is approved by the state.

Wells Fargo is a temporary measure to allow access to funds.

[aquart]

39. Thank you.

[CoffeeCat]

3. This doesn't appear to make ANY sense...

...so I guess I'll just wait for a more-detailed explanation.

[brooklynite]

5. It helps seperate from Occupy movement from it's anarchist fringe...

[pennylane100]

7. I think that is a totally unnecessary gesture.

The bank as screwed too many people that the Occupy movement stands for.

[davidwparker]

11. +1

Pay for the damage, then deposit the rest in a credit union.

[sabrina 1]

16. OWS doesn't have an anarchist fringe.

So no need for any 'separation' which most people know.

[coalition_unwilling]

17. Your use of the slur 'anarchist fringe' might carry more credibility

if your punctuation and spelling were less reminiscent of Tea Party signage. "Its" is possessive; "It's" is the contraction of "it" and "is". "Separate."

Jeesh.

[graywarrior]

4. I thought WF was listed as one of the 5 worst banks!

[TK421]

27. they are...they're fucking sleazy bastards n/t

[russspeakeasy]

6. WTF ?

[Luminous Animal]

24. It is a temporary measure while their filings with the state get approved.

They can't open with a CU until they have their paperwork in order.

Meanwhile, they need access to the money. You would have known that if you had read the article.

"The cash is to be used to assist in helping individuals who might have been jailed in connection with Occupy Oakland actions, the minutes of the general assembly stated.

Occupy Oakland has delayed placing the funds into a credit union because the group is maneuvering to be considered a specialized type of organization. It wants to become an "unincorporated association," according to the Occupy Oakland minutes.

The group has filed papers with California's Secretary of State to gain that status. An unincorporated nonprofit association is formed for the purposes of an ad hoc common effort, which can range from a bake sale to major group activities.

State officials don't approve the formation of those associations immediately. Occupy Oakland legal representatives estimated it can take two weeks to be approved as an unincorporated nonprofit association."

[russspeakeasy]

31. ..and wells fargo was their only option ?

[Luminous Animal]

33. It is in a lawyer's trust fund which happened to be at Wells Fargo.

People get funny about money. It is best sitting somewhere "official" instead of somebody's personal bank account.

Both the lawyer and Occupy Oakland will move their money into the type of account that they need for an unincorporated entity once the paper work is signed off at Secretary of States office.

[russspeakeasy]

37. OK, thanks for the explanation.

[xxqqqzme]

8. Baffling - I know

I had a hard time opening a campaign account last year EXCEPT at BofA. I don't know about other credit unions but I could not open an account @ the CU where I am a member.

[Warpy]

9. Wells Fargo here in NM called the cops off when they were protested

saying they had good reason to be protesting. They've been a lot classier than anyone else, so I won't be moving that account.

[valerief]

10. NOT a credit union? "Ow! Thank you, sir. May I have another?" nt

[SoapBox]

12. Sooooo....I am very confused.

Can anyone get names/background of the OWS persons that did this?

I can see no point (if they are or are going to) in doing this.

[SteveM]

13. Hell, straight-up credit unions are putting out ads supporting OWS goals. nt

[AsahinaKimi]

14. Are they on drugs?

WTF indeed...

[totodeinhere]

15. I think we need more clarification on this. It doesn't seem to be in the spirit of the OWS movement.

But perhaps there is something going on here that we don't yet know about. I will withhold judgment for the time being.

[KamaAina]

18. WTF, indeed!

Apparently there's some red tape involving Occupy Oakland's incorporation papers, without which they can't do business with a CU.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2271387&mesg_id=2271387

But there are plenty of other banks in Oakland that weren't part of the subprime mortgage fiasco, like this one:

http://www.onepacificcoastbank.com/history.aspx

One PacificCoast Bank, FSB (formerly OneCalifornia Bank), grew from the vision of Tom Steyer and Kat Taylor and the team they formed to create a sustainable, meaningful community development bank and a supporting nonprofit organization. In 2007, that vision was realized when OneCalifornia Bank and OneCalifornia Foundation opened in Oakland.

In December 2010, OneCalifornia bank acquired ShoreBank Pacific and changed its name to One PacificCoast Bank. The merger greatly expanded its reach on the West Coast, and enhanced its capacity to serve its mission. ShoreBank Pacific, a pioneer of mission-driven banking, began operations in 1997 in Ilwaco, Washington, as the first commercial bank in the United States with a commitment to sustainable community development.

One PacificCoast Bank, FSB, focuses on economic and environmental sustainability and takes a triple-bottom-line approach to community and environmental banking. We believe that a healthy environment is necessary for economic prosperity. We also believe that we can be a catalyst for positive change in our communities by providing fair, transparent, and sustainable banking products and services.

[truedelphi]

22. Thank you for offering us the more important information.

Hope everyone realizes your point.

[Luminous Animal]

25. They are using a trust fund of a current Wells Fargo customer. The customer

and Occupy Oakland will both move their money when the state approves their unincorporated organization paperwork.

[KamaAina]

28. That begins to make at least a modicum of sense.

Pity they couldn't have found someone who was already with a smaller bank or a CU, though.

Also note that that particular detail somehow escaped the notice of those tireless newshounds at the Bay Area News Group (Oakland Tribune, SJ Mercury News, and others). :sarcasm:

[truthisfreedom]

19. Jesus, people, read the article. It was time-sensitive. They needed access to the money instantly

to help people who are in jail. They'll be moving it to a credit union.

Sheesh. Calm down.

[Luminous Animal]

20. Nobody reads anymore. And, of course with the headline and the lede, this is meant as a hit piece.

[sabrina 1]

21. Yes, they did the right thing, imo. See

here http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2272581&mesg_id=2272581 for a full explanation of why they made the decision, which, imo, was a good one under there circumstances.

[EFerrari]

29. Nobody reads the article let alone notices the anti-OWS slant.

Whatever.

[UrbScotty]

36. Could they not choose a smaller, perhaps locally-based bank? I can't see how Wells Fargo meets their

needs (even temporarily), but no other institution does.

[Luminous Animal]

26. Unrec for posting Wells Fargo propaganda as "news".

[UrbScotty]

35. How so?

[Defectata]

30. It's about bail money

They were having problems with their other account which stipulated that monies could not be drawn out for bail. Sounds strange, but I got this from a reputable twitter account of the GA at occupy oakland.

In fact, she said that the funds are sitting in a lawyer's account after transfer from Occupy Wall Street and have not yet been transferred.

[and-justice-for-all]

32. Sounds rather odd...

perhaps even a planted story.

[fascisthunter]

34. if this was meant to be a hit piece, it failed...lol

you'll need more than this to take down a movement.

[donheld]

38. Unrecommend - here is why

Money From OWS and Wells Fargo Brouhaha
By Kerie Campbell in Occupy Oakland
Victoria Helena states:

ATTENTION: Please be advised, Occupy Oakland has NOT received ANY funds from Occupy Wall Street NYC as of yet!!! The $20,000 has not been transferred as of last night. The Wells Fargo account is an Attorney Trust Account agreed to be used in EMERGENCY to bail people out. However, given the fact that NYC has not even wired the funds yet and all they did was vote to do so TWO WEEKS AGO-WE DO NOT HAVE THE MONEY. If they continue to delay we may have our own account set up by then (possibly 2weeks due to Secretary of State paperwork) making this whole Wells Fargo drama for everyone MOOT. Either way, COMRADES ARE STILL SITTING IN JAIL and I recommend you all may want to do something constructive in helping them get out rather than bitch on the interwebbernets about things you don't want to research and just listen to 'rumours'.

More at link
http://www.facebook.com/groups/occupyoaktown/doc/242816472439956/