A perplexing situation that has been obvious for generations is how some of the largest foundations begun with money from compassionate American capitalists have morphed into some of the most virulent opposition against capitalism and America.
Fortunately, every so often, principles arise (Bravo Goldman Sachs) as this story from the Wall Street Journal reports.
An excerpt.
“Earlier this month, hundreds of New Yorkers received an unusual dinner invitation from the Lower East Side People's Federal Credit Union.
“The Credit Union, a small lender serving New York's poor, was holding a fund-raiser to celebrate its 25th anniversary. Among the chief sponsors listed on the invitation was Goldman Sachs Group Inc.
“Among the honorees: "Occupy Wall Street."
“They might as well have asked Marie Antoinette to dig into her purse to support Madame Defarge's knitting business.
“Shortly after the invitation was sent out, Goldman withdrew its name from the dinner. It also pulled the plug on its $5,000 funding pledge.
“The debate that ensued—between bankers and nonprofit chiefs, philanthropists and financiers—turned a modest fund-raising dinner into a heated battleground between Wall Street and the Occupy protestors, exposing contradictions on both sides.
“On one side was Goldman Sachs, which told the credit union it didn't want its name or money used to celebrate a protest movement known for placards like "Goldman Sachs is the work of the devil," dinner organizers said. The investment bank's giant glass-and-steel headquarters tower is just blocks away from the protest headquarters in Manhattan's Zuccotti Park.
“On the other side of the debate were several hosts and board members of the credit union, who said honoring the protesters is more important than the money from Goldman—even though the funds were slated to cover a quarter of the dinner's $20,000 cost.
"Their money was welcome, but not at the price of giving up what we believe in," said Pablo DeFilippi, one of the dinner hosts and associate director of member development at the National Federal of Community Development Credit Unions. "We lost their $5,000, but we have our principles."
About
- David H. Lukenbill
- I am a California native, married, we have one daughter and live close to the American River with two cats and all the wild critters we can feed. I am a management consultant to nonprofit organizations and have an Associates of Arts degree in Administration of Justice from Sacramento City College, a Bachelor of Science degree in Organizational Behavior from the University of San Francisco and a Master of Public Administration degree, also from the University of San Francisco.