found this interesting -
(buy bac -g-)
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The labor-backed Amalgamated Bank announces they've taken over all DNC banking from Bank of America:
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Dems try mending fences with labor
By Greg Sargent
Can Dems mend fences with labor in time for the election?
Amalgamated, the bank that was founded by clothing workers and remains union-backed, is announcing today that it will now be handling all of the primary banking needs of the Democratic National Committee, which had previously done its banking with Bank of America. . . . .The timing here is interesting. As Politico reported today, there are some tensions between the major labor unions and the planners of the Democratic National Convention. The unions have been saying they won’t contribute to support the convention because of its location in a right to work state. There have been other tensions: unions were angered over reports that the DNC had not come through with funds Wisconsin Dems wanted for the battle to recall Scott Walker (although both sides have since said Wisconsin Dems got all they wanted).
Labor has steadily complained that its priorities have been neglected during the Obama years, and unions were particularly upset with the Dems’ prioritization of the deficit over jobs after the 2010 shellacking (though unions were pleased when Obama pushed the American Jobs Act and pivoted towards more populist messaging and policy priorities). More broadly, the Occupy Wall Street movement helped highlight that the Democratic Party, as well as the GOP, has many ties to Wall Street.
The DNC’s move from Bank of America to the labor-backed Amalgamated is a sign Dems recognize that their populist message risks getting muddled by tensions with labor, and that they need to get everyone on the same page in advance of a very tough fall campaign. While it is easy to see as a symbolic move, if it means that Dems are taking those tensions seriously, it’s a good thing.
washingtonpost.com
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Democratic National Committee Moves Its Money to Amalgamated BankDNC Moves to America's Labor Bank
WASHINGTON, Aug. 10, 2012 /PRNewswire/ -- The Democratic National Committee (DNC) announced today that it has recently moved its primary banking relationship to Amalgamated Bank, America's Labor Bank. The DNC will use Amalgamated Bank's cash management services to handle its day-to-day banking needs.
Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America so that workers, labor unions, and progressive organizations would be able to bank with an institution that represented their interests. Today, Amalgamated Bank's largest shareholder is Workers United, an SEIU affiliate.
In announcing the new alliance with Amalgamated, DNC Chair Debbie Wasserman Schultz said, "We are proud to join forces with Amalgamated Bank, an organization with a 90-year legacy of reflecting the values of our nation's middle class. Amalgamated and the Democratic Party share a common heritage of advocating for positive changes in our economy and society to help working men and women achieve their fair share of the American dream. Furthermore, at the DNC, we have a fiduciary responsibility to those who invest in our party; it is critical that we honor their efforts to strengthen our infrastructure and build our organization by partnering with an institution that shares our commitment to standing with America's working families and small businesses, who we believe are the backbone of our country." . . . . . .
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