DNC Moves Money to Union Owned Bank
Just read a release by Amalgamated Bank (pdf) announcing that the DNC has moved its “primary banking relationship” to Amalgamated, which is union owned:
WASHINGTON, D.C., August 10, 2012 – 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 welcoming the DNC to Amalgamated, Edward Grebow, the Bank’s President and CEO, said, “We are honored that the Democratic National Committee has selected our Bank as its primary financial institution. The DNC joins a growing chorus of non-profit groups, labor unions, and progressive organizations that are choosing to bank with an institution that understands and is fighting for the values of all hardworking American families, and we are proud to have their business.”
Good on the DNC but geezus, it’s about f-ing time. (Thank goodness for election years.)
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