ACORN Document Dump: Citibank Jeopardizes Customers for ACORN
by Derrick RoachWhat does the Persian Gulf emirate of Dubai and ACORN have in common? Both of them have some bankers on Wall Street worried. When brokers and traders returned to work after the Thanksgiving Holiday, the Dow Jones Industrial Average went on a wild rollercoaster ride dropping as much as 233 points during the trading session due to an announcement that Dubai would be rescheduling the repayment of $3.5 billion in bonds. This unexpected announcement was not what Wall Street wanted to hear on Black Friday when retail sales were already down by 8% compared to the prior year and Cyber Monday sales were less than robust with individual online purchases being 2% less than they were last year. All of this at a time when brokers, traders and economists across the country are watching to see if cash strapped consumers are going to bailout retailers from what is shaping up to be a dismal retail Christmas season.
It is understandable why Wall Street would be concerned about Dubai. Why would they be concerned about ACORN? On October 24, 2009, Biggovernment.com revealed that the San Diego office of ACORN dumped thousands of documents into a dumpster in advance of an investigation into the organizations activities by California Attorney General Jerry Brown. I retrieved the documents from a shared public dumpster located behind the local ACORN office. The documents that were retrieved filled the back of my Suburban. Much of what was retrieved was truly trash, items such as banana peels, coffee grounds and marketing materials. After sorting through the documents, though, the 20,000 documents that were retained included sensitive personal information, financial records and documents outlining the internal and political workings of ACORN. One of the documents obtained by Biggovernment.com shows that ACORN had business relationships with 28 major financial institutions for the purpose of assisting homeowners whose mortgages were in foreclosure.
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