The Disabled National Veterans Foundation has spent more on marketing services than on actually helping veterans. A private company runs its fundraising, which often ends up costing more than $1 to raise $1. The foundation does sometimes send charities "badly needed" donations. "They sent us 11,520 bags of coconut M&M's," said one charity's executive director. "We didn't have a lot of use for 11,520 bags of coconut M&M's."
A national charity that vows to help disabled veterans and their families has spent tens of millions on marketing services, all the while doling out massive amounts of candy, hand sanitizer bottles and many other unnecessary items to veteran aid groups, according to a CNN investigation.
The Disabled Veterans National Foundation, based in Washington, D.C., and founded in 2007, received about $55.9 million in donations since it began operations in 2007, according to publicly available IRS 990 forms.
Yet according to the DVNF's tax filings with the IRS, almost none of that money has wound up in the hands of American veterans.
Instead, the charity made significant payments to Quadriga Art LLC, which owns two direct-mail fundraising companies hired by the DVNF to help garner donations, according to publicly available IRS 990 forms.
Those forms show the charity paid Quadriga and its subsidiary, Brickmill Marketing Services, nearly $61 million from 2008 until 2010, which was the last year public records were available.
The independent group CharityWatch gave the DVNF an "F" grade. More than 30 veterans charities were rated by the independent group by the amount they spend on fundraising compared to actual donations, and two-thirds were given either a D or F grade, according to CharityWatch president Daniel Borochoff.
"Up to $2 billion is raised in the name of veterans in this country and it's so sad that a great deal of it's wasted," Borochoff said. "Hundreds of millions of dollars of our charitable dollars intended to help veterans is being squandered and wasted by opportunists and by individuals and companies who see it as a profit-making opportunity."
May 9th, 2012, Charlotte, North Carolina: This is footage begins with one of three separate marches (Green March) converging with two others at the intersection of N. College and E. 5th streets. This is then followed by a rally at the intersection while the Bank of America Shareholders meeting takes place inside their headquarters. Finally, all three marches joined for one major march to BOA stadium. This protest consisted of members of Occupy Raleigh, Occupy Chapel Hill, Occupy Charlotte, Occupy Wall Street, and many other groups from around the nation ( #occupyraleigh #OWS #occupywallst #occupywallstreet #occupychapelhill). Occupy Wall Street dubbed it "Occupy Wall Street of the South".
There were only a few arrests including one victim of Bank of America's foreclosure practices who tried to enter the building during the demonstration (highlighted in this video).
Shown in this video:
Green March convergence: beginning - 2:00
Rally: 2:00 - 10:55
Main March: 10:55 - end
Wisconsin Gov. Scott Walker is shown in a video from January of 2011 saying he would use a 'divide and conquer' strategy against unions. He said the first step would be to go after collective bargaining. The statement came as a response to a question from a donor that asked him what she could do to help Walker make Wisconsin a right-to-work state. Walker didn't deny or comment on the right-to-work agenda of the donor, clearly intending to give her the impression that he supported moving Wisconsin in that direction.
After President Obama finally came out in support of gay marriage this week, The Daily Show's Jon Stewart explained this Thursday evening just how far we've come as a nation on the issue when this is the change in the narrative over at Fox News.
STEWART: And this is the true measure of how far we’ve come as a nation. In like five years, the prime talking point from Republicans about people who support gay marriage has gone from, "It will destroy society via turtle f**king," to, "Oh, of course you’re for it. You’ll say anything popular to get re-elected." And that is progress.
Blockupy Frankfurt prepares for the European Days of Action, May 16th -- May 19th.
Another awesome video from the folks at anothernyc.org, and the weekend's scheduled events for NYC.
May 10-15: A Week of Actions Against Budget Cuts and Austerity
Tuesday May 15 @ 6 PM: Mass Convergence in Times Square on Global Day of Action
Say no to the system that produces record profits for the 1% by impoverishing the 99% of us; say yes to a fair city and a better world!
Beginning on May 10th and culminating on May 15th in a mass convergence at Times Square, NYC organizations and individuals from all across the city will join together in action around the many issues we face: from cuts in social services, to an austerity agenda that redistributes your tax revenue into private hands, to the financial institutions (that we bailed out) that continue to make record profits at our expense.
As part of a global resistance, as part of the Occupy movement, as a broad movement for social, political, and economic justice, we say enough! We reject Bloomberg's New York, and we demand another city. We reject the notion that there is no alternative, and we demand a better world. Join the week of actions, take to the streets, raise your voice, and come to Times Square on May 15th at 6 PM to stand together as a global movement and declare that another city, and another world, is possible!
Facebook Event Page: http://www.facebook.com/events/451664224850611/
JPMorgan Chase has disclosed $2 billion in lossesfrom a trading group’s credit investments, causing the bank’s share price to plummet in after-hours trading.
Jamie Dimon, the chief executive of JPMorgan, blamed “errors, sloppiness and bad judgment” for the loss, which stemmed from a hedging strategy that backfired.
The trading in that hedge roiled markets a month ago, when rumors started circulating of a JPMorgan trader in London whose bets were so big that he was nicknamed “the London Whale” and “Voldemort,” after the Harry Potter villain.
The losses are expected to take a toll on the bank’s larger earnings, with the corporate group expected to lose $800 million in the second quarter, the company said today in its quarterly securities filings. JPMorgan had previously estimated that it would report a net income of roughly $200 million. The final report will depend on if the company can recover, though Dimon said things could “easily get worse.”
Given Dimon’s resistance to the ban and new regulations, “he’s got a lot of egg on his face right now,” said Craig Pirrong, a finance professor at the University of Houston. “Any chance they had of getting a relative loosening of Volcker rule, anything of that nature, that’s out the window.”
“It’s classic Wall Street hubris, which we’ve seen so many times before,” said Simon Johnson, a former chief economist at the International Monetary Fund who now teaches at the Massachusetts Institute of Technology. “What’s particularly ironic here is that Jamie presents himself, and is believed by others to be, the king of risk management.”
In an emailed correspondence, Senator Carl Levin, D-Mich., chairman of the Senate Permanent Subcommittee on Investigations and co-author of the Merkley-Levin language establishing the Volcker Rule, issued the following statement Thursday in reaction to news that JP Morgan had suffered a $2 billion trading loss:
“The enormous loss JP Morgan announced today is just the latest evidence that what banks call ‘hedges’ are often risky bets that so-called ‘too big to fail’ banks have no business making. Today’s announcement is a stark reminder of the need for regulators to establish tough, effective standards to implement the Merkley-Levin language to protect taxpayers from having to cover such high-risk bets.”
Originally posted on my siteThe Political is Personal.
"Bank of America, Bad for America" went the chant of protesters outside of the Charlotte headquarters, with a large ball and chain marked with the word "DEBT" sitting in the background. Meanwhile shareholders piled into the annual meeting that serves as a formality of transparency for publicly-traded companies. Unlike previous years, executives experienced something more than formality as people armed with shares of the big bank came to the mic demanding answers and accountability for Bank of America's alleged fraudulent mortgage practices, funding in predatory payday loan stores, investing in dirty coal, and crashing the economy. The laundry list of wrongdoing by the bank cost millions of families their homes and their health.
According to a Bloomberg report from the inside, a shareholder complained of his stocks' loss of value and called the bank a "felon." CEO Brian Moynihan responded with a loaded defense saying, "We abide by the law every day." That is anything but true.
Even after spending millions upon millions of dollars in lobbying fees over the last few years the bank's efforts to write the laws failed them. If, as Moynihan suggests, the bank followed the law then why did they need to settle a foreclosure fraud case with the federal government? The illegal practices of the bank, and others because BofA did not act alone, caused tremendous personal harm to hardworking people.
Maria Reyes came from California to tell her heartbreaking story. Before Bank of America bought Countrywide her family bought a home in Hayward, located in the Bay Area, but the conditions of the loan were later found to be deceitful. Countrywide put down her husband's income as $5,000 a month when he was actually on workers' compensation. To make matters worse her two sons, also living in and paying for the home, lost their jobs in the construction business during the economic collapse. She only had the house for five years before Bank of America refused to work with her and foreclosed on the home. You can hear Maria tell her story through a translator in the video below.