Pulling the TARP Out From Under the ACORN
So, did you hear the one about the pimp, the underage Salvadoran hookers and the Community Organizers? Bank of America recently did and they even saw the video. It could have been an SNL skit – but the bank execs weren’t exactly laughing.
Having taken $45Bn in bailout money, and then catching the condign wrath of the American people for handing lots of it out in executive bonuses, they finally have come to realize that citizens expect a bank to use due diligence when deciding how to allocate other people’s funds. It’s a novel concept, but I certainly think it could serve us well. Bank of America moved rapidly to limit further damage by attenuating their business ties to ACORN.
In a statement, Bank of America said that is it “suspending current commitments to ACORN Housing and will not enter into any further agreements with ACORN or any of its affiliates” until it is satisfied that all issues related to the organization have been resolved.
Oh, and furthermore, BofA isn’t kidding.
Bank of America said it “takes recent allegations made against ACORN and ACORN Housing Corporation employees very seriously.”
At this point Thrasymachus duly inquires.
“I’m just tickled pink that guys who make several $M per year aren’t taking taxpayer-funded bailout money and cutting favorable mortgages for a pimp with underage, illegal alien hookers. Really, it restores just a morsel of faith in the decency of all mankind. But, who in their right mind would hook up with ACORN and deliberately loan large sums of money, to unreliable people, operating under an unearned sense of entitlement? Doesn’t that kinda’, sorta’ imply a risk of default?”
These are well-posed questions and their answers are grist for a tale of woe and community organizing. A sad, sad story that helps us understand the extent to which we are committing national suicide in the name of social justice – whatever that is.
For starters, it’s not like Ken Lewis paged through a phone book asking rhetorical questions like. “How can I ruin my institution’s reputation, squander several billion dollars of other people’s finances, bone the real-estate markets and lose my own shirt in the process?” B of A wasn’t exactly begging for the privilege of entering into a partnership with ACORN. They were about as willing to work with ACORN as Stephanie Geimer was to engage in sex with Roman Polanski. It happened, but only under fear and extensively engineered coercion.
Under the aegis of The Community Reinvestment Act, ACORN discovered it could sue banks who didn’t fund the mortgages that ACORN wanted funded. They could block their merger activities and make them pay heavy penalty fines. Essentially, the government was doing the heavy work while ACORN toured a circuit of these banks and collected protection money.
Once upon a time, back in 1994, there was this punk of a radical lawyer, some litigious thug named Barack Obama, who helped ACORN sue Citibank for racism under the Community Reinvestment Act. Tristan Yates describes the Obama shakedown, and other similar mob-like activities, below.
In 1994, ACORN sued Citibank under the Community Reinvestment Act alleging racism. Their lawyer? None other than our post-racial president. In 1998, St. Louis ACORN was able to extract concessions from Mercantile in advance of a merger. Most banks paid attention and soon understood that it was easier to partner with ACORN than to fight them.
A few did fight back. In 2004, after being accused of predatory lending by ACORN, Wells Fargo came out swinging. But three years later, they settled a class action lawsuit in California for $6.8 million. At some point the ACORN payments just became the cost of doing business.
So one can only imagine that B of A was very, very concerned about the allegations facing ACORN. They were a lifeline. The pimp-hooker-ACORN videos were the equivalent of RID-X. B of A could flense the parasitic ACORN from its corporate balance sheet.
And as for those defaults Thrasymachus alluded to before? Well, they still remain a problem. We all reap what we sow, and they couldn’t have planted a more poisonous ACORN. The fruit will remain acrid and bitter.
And what happens after the default? Well, then we really get to see what a little community organizing can do for our country. Sweet Juniper Blog describes the rows upon rows of abandoned housing in Detroit, MI.
Abandoned houses are really no big deal here. Some estimate that there are as many as 10,000 abandoned structures at any given time, and that seems conservative. But for a few beautiful months during the summer, some of these houses become “feral” in every sense: they disappear behind ivy or the untended shrubs and trees planted generations ago to decorate their yards. The wood that framed the rooms gets crushed by trees rooted still in the earth. The burnt lime, sand, gravel, and plaster slowly erode into dust, encouraged by ivy spreading tentacles in its endless search for more sunlight .(HT:Sweet Juniper)
It seems, almost as if ACORN was designed to go into American neighborhoods and totally wreck them. What they do can only lead to contempt for the law, disrespect for property, societal ennui and ultimately, a city that no longer cares if its houses and buildings are reclaimed by nature; red of claw and fang. Only in America could a lawyer that actually abets such a vile process get elected US President.