The left has a new front group to help launder money in order to bankroll their causes.
Amalgamated Bank, with just five branches across three cities, and a market value lower than the net worth of many an individual hedge fund honcho, would seem an unlikely mover and shaker in the world of Wall Street, let alone Washington, D.C.
Yet last fall, it successfully pressured colossal credit card companies Visa, Mastercard, and American Express to use the financial system to track and report gun purchases. Amalgamated is “more than a bank,” says Michael Watson of the Capital Research Center. “It’s a bank for an ideological movement.”
This “ideological” bank holds $7 billion in deposits and manages or maintains custody of some $51 billion. And while that sounds like a great deal of money, it pales in comparison to financial institutions such as JP Morgan, with its $2.4 trillion in deposits, or the $8.6 trillion in assets managed by BlackRock. But Amalgamated’s outsized influence doesn’t flow from the size of its coffers. Rather, it’s explained by its role as cue to the wider corporate world given the major sources of that money – the Democratic Party, progressive activist groups, and major labor unions.
Amalgamated Bank was originally founded in the early 1920’s for union textile workers who belonged to the Amalgamated Clothing Workers of America. Now its taken on a new mission to bankroll any number of leftist causes, including continue ESG or climate-related activities and promote many so-called environmental justice initiatives too.
However, according to RCI, the organization is now being targeted by lawmakers, like Missouri’s Attorney General, and (more recently) the U.S. Congress, specifically the GOP-Controlled House of Representatives. Even some insiders who spoke to RCI anonymously expressed concerns that the financial institution’s efforts would hinder the bank’s overall mission, putting financial returns for their clients at risk.
The left complains about dark money schemes on the part of their opponents, but such accusations are merely gaslighting when taking into account efforts like this. Despite its political mission, banks tend to favor freedom for themselves and socialism for everyone else. But Amalgamated’s brass is going to be taught a lesson that you cannot hope to conduct political activities long when doing so risks the value you promise to bring to your customers.
PHOTO CREDIT: Pixabay