Bank of America, according to the Wall Street Journal, has “suspended current commitments” to Acorn Housing, an affiliated group, and “will not enter into any further agreements with Acorn or any of its affiliates,” pending assessments by the bank of the organization’s operations. We know that if Bank of America was relying on the Charlotte Observer for news, they were not getting the truth about ACORN and Obama. However, as reported on this and other blogs, ACORN corruption and exploitation of the poor has been exposed for years.
From Citizen Wells, October 8, 2008 – Catholic Bishops report, 1997, ACORN corruption
“To be eligible to receive CHD funds, a program must be run by the poor, benefit the poor, and change social structures that harm the poor.” However, in light of the politically oriented thrust of ACORN’s activities, it is fair to ask whether the CHD subsidies to ACORN are advisable and commensurate with the purposes of CHD.”
“This commentary does not oppose CHD funding of genuine, grassroots community organizations, run and supported by individual members of a parish or diocese. There is potential value and virtue in the collective voice. However, when the CHD funds Alinsky-style, church-based community organizations as in the best interest of the poor and supports organizations which advance other agendas, it divests the poor of their right to an authentic voice. This process tends to treat the poor as exploited units of human capital, rather than as human beings created in the dignity of God’s image.”
Do any Catholics work for Bank of America?
From Catholic News Service October 16, 2008.
“The Catholic Campaign for Human Development suspended funding a nationwide community organizing group after it was disclosed June 2 that nearly $1 million had been embezzled.
Funding was suspended for the Association of Community Organizations for Reform Now, popularly known as ACORN, because of the financial irregularities, said Ralph McCloud, executive director of CCHD, the U.S. bishops’ domestic anti-poverty and social justice program.
“We’re not funding them at any level,” McCloud told Catholic News Service Oct. 15.
The suspension covers all 40 ACORN affiliates nationwide that had been approved for $1.13 million in grants for the funding cycle that started July 1, 2008.”
As reported on Citizen Wells.
October 14, 2008 Senator John Cornyn letter to US Dept. of Justice
“I am increasingly concerned by reports of widespread election fraud by the Association of Community Organizations for Reform Now (”ACORN”), which seem to emerge on a daily basis.
Specifically, I call your attention to state and local investigations into potentially hundreds of thousands of fraudulent voter registration applications filed by ACORN in North Carolina, Ohio, Nevada…”
Senator Cornyn letter
US House of Representatives report, July 23, 2009, covered by Fox News and Citizen Wells
“The Association of Community Organizations for Reform Now (ACORN) has repeatedly
and deliberately engaged in systemic fraud. Both structurally and operationally, ACORN
hides behind a paper wall of nonprofit corporate protections to conceal a criminal
conspiracy on the part of its directors, to launder federal money in order to pursue a
partisan political agenda and to manipulate the American electorate.
Emerging accounts of widespread deceit and corruption raise the need for a criminal
investigation of ACORN. By intentionally blurring the legal distinctions between 361
tax-exempt and non-exempt entities, ACORN diverts taxpayer and tax-exempt monies
into partisan political activities. Since 1994, more than $53 million in federal funds have
been pumped into ACORN, and under the Obama administration, ACORN stands to
receive a whopping $8.5 billion in available stimulus funds.
Operationally, ACORN is a shell game played in 120 cities, 43 states and the District of
Columbia through a complex structure designed to conceal illegal activities, to use
taxpayer and tax-exempt dollars for partisan political purposes, and to distract
investigators. Structurally, ACORN is a chess game in which senior management is
shielded from accountability by multiple layers of volunteers and compensated
employees who serve as pawns to take the fall for every bad act.”
Read the entire report:
From the Wall Street Journal, September 28, 2009.
“Already facing the loss of federal government funding, the community-organizing group Acorn also has run afoul of one of its big corporate partners, Bank of America Corp.
In response to questions from The Wall Street Journal, a spokesman for the banking company said it has “suspended current commitments” to Acorn Housing, an affiliated group, and “will not enter into any further agreements with Acorn or any of its affiliates,” pending assessments by the bank of the organization’s operations.
Acorn, officially the Association of Community Organizations for Reform Now, has been under fire since the recent release of secretly recorded videos that showed Acorn employees offering advice on evading taxes, setting up brothels and smuggling illegal immigrants.
The News Hub panel discusses Bank of America’s retreat from Acorn, the government’s newly-announced $35 billion aid package to homeowners and signs of life in the corporate profits.
Acorn has called the actions unacceptable and has fired the workers involved. Last week, Acorn said it has selected Scott Harshbarger, a former Massachusetts attorney general, to investigate any wrongdoing at the organization.
Acorn Housing for years has worked with Bank of America and some other big banks on foreclosure-prevention efforts.
“Bank of America takes recent allegations made against Acorn and Acorn Housing Corporation employees very seriously,” the bank said in a statement.”
“Bank of America takes recent allegations made against Acorn and Acorn Housing Corporation employees very seriously,”
What planet has Bank of America been on the past year?
Is this indicative of the power of the mainstream media?
Was Bank of America controlled by the Democrats or Obama camp?
No wonder Bank of America had financial problems.