Citizens' Oversight Maryland---Maryland Progressives
CINDY WALSH FOR MAYOR OF BALTIMORE----SOCIAL DEMOCRAT
Citizens Oversight Maryland.com
  • Home
  • Cindy Walsh for Mayor of Baltimore
    • Mayoral Election violations
    • Questionnaires from Community >
      • Education Questionnaire
      • Baltimore Housing Questionnaire
      • Emerging Youth Questionnaire
      • Health Care policy for Baltimore
      • Environmental Questionnaires
      • Livable Baltimore questionnaire
      • Labor Questionnnaire
      • Ending Food Deserts Questionnaire
      • Maryland Out of School Time Network
      • LBGTQ Questionnaire
      • Citizen Artist Baltimore Mayoral Forum on Arts & Culture Questionnaire
      • Baltimore Transit Choices Questionnaire
      • Baltimore Activating Solidarity Economies (BASE)
      • Downtown Partnership Questionnaire
      • The Northeast Baltimore Communities Of BelAir Edison Community Association (BECCA )and Frankford Improvement Association, Inc. (FIA)
      • Streets and Transportation/Neighbood Questionnaire
      • African American Tourism and business questionnaire
      • Baltimore Sun Questionnaire
      • City Paper Mayoral Questionnaire
      • Baltimore Technology Com Questionnaire
      • Baltimore Biker's Questionnair
      • Homewood Friends Meeting Questionnaire
      • Baltimore Historical Collaboration---Anthem Project
      • Tubman City News Mayoral Questionnaire
      • Maryland Public Policy Institute Questionnaire
      • AFRO questionnaire
      • WBAL Candidate's Survey
  • Blog
  • Trans Pacific Pact (TPP)
  • Progressive vs. Third Way Corporate Democrats
    • Third Way Think Tanks
  • Financial Reform/Wall Street Fraud
    • Consumer Financial Protection Bureau >
      • CFPB Actions
    • Voted to Repeal Glass-Steagall
    • Federal Reserve >
      • Federal Reserve Actions
    • Securities and Exchange Commission >
      • SEC Actions
    • Commodity Futures Trading Commission >
      • CFTC Actions
    • Office of the Comptroller of the Currency >
      • OCC Actions
    • Office of Treasury/ Inspector General for the Treasury
    • FINRA >
      • FINRA ACTIONS
  • Federal Healthcare Reform
    • Health Care Fraud in the US
    • Health and Human Services Actions
  • Social Security and Entitlement Reform
    • Medicare/Medicaid/SCHIP Actions
  • Federal Education Reform
    • Education Advocates
  • Government Schedules
    • Baltimore City Council
    • Maryland State Assembly >
      • Budget and Taxation Committee
    • US Congress
  • State and Local Government
    • Baltimore City Government >
      • City Hall Actions
      • Baltimore City Council >
        • Baltimore City Council Actions
      • Baltimore Board of Estimates meeting >
        • Board of Estimates Actions
    • Governor's Office >
      • Telling the World about O'Malley
    • Lt. Governor Brown
    • Maryland General Assembly Committees >
      • Communications with Maryland Assembly
      • Budget and Taxation Committees >
        • Actions
        • Pension news
      • Finance Committees >
        • Schedule
      • Business Licensing and Regulation
      • Judicial, Rules, and Nominations Committee
      • Education, Health, and Environmental Affairs Committee >
        • Committee Actions
    • Maryland State Attorney General >
      • Open Meetings Act
      • Maryland Courts >
        • Maryland Court System
    • States Attorney - Baltimore's Prosecutor
    • State Comptroller's Office >
      • Maryland Business Tax Reform >
        • Business Tax Reform Issues
  • Maryland Committee Actions
    • Board of Public Works >
      • Public Works Actions
    • Maryland Public Service Commission >
      • Public Meetings
    • Maryland Health Care Commission/Maryland Community Health Resources Commission >
      • MHCC/MCHRC Actions
    • Maryland Consumer Rights Coalition
  • Maryland and Baltimore Development Organizations
    • Baltimore/Maryland Development History
    • Committee Actions
    • Maryland Development Organizations
  • Maryland State Department of Education
    • Charter Schools
    • Public Schools
    • Algebra Project Award
  • Baltimore City School Board
    • Charter Schools >
      • Charter Schools---Performance
      • Charter School Issues
    • Public Schools >
      • Public School Issues
  • Progressive Issues
    • Fair and Balanced Elections
    • Labor Issues
    • Rule of Law Issues >
      • Rule of Law
    • Justice issues 2
    • Justice Issues
    • Progressive Tax Reform Issues >
      • Maryland Tax Reform Issues
      • Baltimore Tax Reform Issues
    • Strong Public Education >
      • Corporate education reform organizations
    • Healthcare for All Issues >
      • Universal Care Bill by state
  • Building Strong Media
    • Media with a Progressive Agenda (I'm still checking on that!) >
      • anotherangryvoice.blogspot.com
      • "Talk About It" Radio - WFBR 1590AM Baltimore
      • Promethius Radio Project
      • Clearing the Fog
      • Democracy Now
      • Black Agenda Radio
      • World Truth. TV Your Alternative News Network.
      • Daily Censured
      • Bill Moyers Journal
      • Center for Public Integrity
      • Public Radio International
      • Baltimore Brew
      • Free Press
    • Far Left/Socialist Media
    • Media with a Third Way Agenda >
      • MSNBC
      • Center for Media and Democracy
      • Public Radio and TV >
        • NPR and MPT News
      • TruthOut
  • Progressive Organizations
    • Political Organizations >
      • Progressives United
      • Democracy for America
    • Labor Organizations >
      • United Workers
      • Unite Here Local 7
      • ROC-NY works to build power and win justice
    • Justice Organizations >
      • APC Baltimore
      • Occupy Baltimore
    • Rule of Law Organizations >
      • Bill of Rights Defense Committee
      • National Lawyers Guild
      • National ACLU
    • Tax Reform Organizations
    • Healthcare for All Organizations >
      • Healthcare is a Human Right - Maryland
      • PNHP Physicians for a National Health Program
      • Healthcare NOW- Maryland
    • Public Education Organizations >
      • Parents Across America
      • Philadelphia Public School Notebook thenotebook.org
      • Chicago Teachers Union/Blog
      • Ed Wize Blog
      • Educators for a Democratic Union
      • Big Education Ape
    • Elections Organizations >
      • League of Women Voters
  • Progressive Actions
    • Labor Actions
    • Justice Actions
    • Tax Reform Actions >
      • Baltimore Tax Actions
      • Maryland Tax Reform Actions
    • Healthcare Actions
    • Public Education Actions
    • Rule of Law Actions >
      • Suing Federal and State government
    • Free and Fair Elections Actions
  • Maryland/Baltimore Voting Districts - your politicians and their votes
    • 2014 ELECTION OF STATE OFFICES
    • Maryland Assembly/Baltimore
  • Petitions, Complaints, and Freedom of Information Requests
    • Complaints - Government and Consumer >
      • Sample Complaints
    • Petitions >
      • Sample Petitions
    • Freedom of Information >
      • Sample Letters
  • State of the Democratic Party
  • Misc
    • WBFF TV
    • WBAL TV
    • WJZ TV
    • WMAR TV
    • WOLB Radio---Radio One
    • The Gazette
    • Baltimore Sun Media Group
  • Misc 2
    • Maryland Public Television
    • WYPR
    • WEAA
    • Maryland Reporter
  • Misc 3
    • University of Maryland
    • Morgan State University
  • Misc 4
    • Baltimore Education Coalition
    • BUILD Baltimore
    • Church of the Great Commission
    • Maryland Democratic Party
    • Pennsylvania Avenue AME Zion Church
    • Maryland Municipal League
    • Maryland League of Women Voters
  • Untitled
  • Untitled
  • Standard of Review
  • Untitled
  • WALSH FOR GOVERNOR - CANDIDATE INFORMATION AND PLATFORM
    • Campaign Finance/Campaign donations
    • Speaking Events
    • Why Heather Mizeur is NOT a progressive
    • Campaign responses to Community Organization Questionnaires
    • Cindy Walsh vs Maryland Board of Elections >
      • Leniency from court for self-representing plaintiffs
      • Amended Complaint
      • Plaintiff request for expedited trial date
      • Response to Motion to Dismiss--Brown, Gansler, Mackie, and Lamone
      • Injunction and Mandamus
      • DECISION/APPEAL TO SPECIAL COURT OF APPEALS---Baltimore City Circuit Court response to Cindy Walsh complaint >
        • Brief for Maryland Court of Special Appeals >
          • Cover Page ---yellow
          • Table of Contents
          • Table of Authorities
          • Leniency for Pro Se Representation
          • Statement of Case
          • Questions Presented
          • Statement of Facts
          • Argument
          • Conclusion/Font and Type Size
          • Record Extract
          • Appendix
          • Motion for Reconsideration
          • Response to Defendants Motion to Dismiss
          • Motion to Reconsider Dismissal
      • General Election fraud and recount complaints
    • Cindy Walsh goes to Federal Court for Maryland election violations >
      • Complaints filed with the FCC, the IRS, and the FBI
      • Zapple Doctrine---Media Time for Major Party candidates
      • Complaint filed with the US Justice Department for election fraud and court irregularities.
      • US Attorney General, Maryland Attorney General, and Maryland Board of Elections are charged with enforcing election law
      • Private media has a responsibility to allow access to all candidates in an election race. >
        • Print press accountable to false statement of facts
      • Polling should not determine a candidate's viability especially if the polling is arbitrary
      • Viability of a candidate
      • Public media violates election law regarding do no damage to candidate's campaign
      • 501c3 Organizations violate election law in doing no damage to a candidate in a race >
        • 501c3 violations of election law-----private capital
      • Voter apathy increases when elections are not free and fair
  • Maryland Board of Elections certifies election on July 10, 2014
  • Maryland Elections ---2016

November 11th, 2014

11/11/2014

0 Comments

 
I'd like to take a look at how Trans Pacific Trade Pact has been policy for a few decades even as Congress pretends they don't know what is happening with this global economic policy.  Maryland is ground zero for installing TTP and all of our public agencies are controlled by corporations, our public justice structures dismantled, and now public private partnerships are handing control to corporations of the most vital of public services and agencies.  I spoke last time about public works----water and waste.  I'd like to share with people around the nation what a global economy looks like and it lives large in Maryland.  We had a very corrupt election that made sure the voters could only choose between a neo-liberal Anthony Brown or a neo-con Larry Hogan-----both embracing these TPP policies.  Hogan will no doubt try to send state contracts and control to Bush neo-conservative global corporations, but as with O'Malley and Brown, he will be an equal opportunity global corporate pol since these global corporations are now owned by both Bush and Clinton shareholders.

Take the nationwide expansion of gambling casinos at a time when the US us teetering on solvency from attacks of systemic fraud and corruption and the deepest poverty of citizens in US history.  Build more dependence on a financial economy with an industry known to be full of fraud and corruption.  Casinos these days are simply money-laundering operations.  Sold again as job-creators and funding for public education as always we see none of this is true.  In BAltimore we are seeing already where the city steps in to subsidize a brand new casino with taxpayer money and all the casino revenue simply funnels to Baltimore Development projects---not education.  So, as with the Hilton and Hyatt downtown, now the citizens of Baltimore will subsidize the losses of this casino. 


THEY KNEW THIS WOULD HAPPEN.


Johns Hopkins is behind this deal and is buddy buddy with Cordish of Maryland Live.....Hopkins designates that area of downtown a tax-free Enterprise Zone and Cordish builds Hopkins a LaCrosse Museum.  As this article below states-----Caesars is now creating good bank/bad bank business arrangements to keep profits coming and where is the best place for a bad bank but Baltimore protected by Baltimore Development and Hopkins' Baltimore City Hall.  Remember, these major shareholders of Caesar's stock don't care if Baltimore residents lose in subsidizing these failed business deals----they are protecting the wealth of the corporation as a whole.  The same is happening when a global corporation controls our business sector------like our gas stations or now VEOLA transportation and environment.  If these corporations lose money somewhere in the world----they simply soak consumers somewhere else.  That is what this casino deal is about and it will be what VEOLA ENVIRONMENT is about.

This is a great article but I was shouting this three years ago as they were planning this casino-----the financial standing of Caesar's was known then.  Baltimore media was charged with making this move all great stuff with no talk of the fact this was another albatross for the citizens of Baltimore.      IT'S ALL ABOUT THE JOBS SAY NEO-LIBERALS AND NEO-CONS!

WHO SUPPORTED CASINOS IN MARYLAND IN ADVERTISEMENTS?  LABOR UNIONS AND MARYLAND STATE EDUCATION ASSOCIATION.  OUR LABOR AND JUSTICE LEADERSHIP.  UNIONS HELD HOSTAGE FOR JOBS AND UNION RIGHTS.

Wall Street sharks circling the financially bleeding operator of Horseshoe Baltimore PART ONE in a three-part series on Caesars Entertainment's troubled empire describes the high-stakes game it is playing with creditors


Mark Reutter September 9, 2014 at 12:54 pm  BAltimore Brew


Overlooked in all of the hoopla surrounding the opening of Baltimore’s Horseshoe casino is this sobering fact – the major owner and sole operator of the new facility is in deep financial trouble.

Weighed down by $23 billion in debt and losing $5 million a day in the second quarter of 2014, Caesars Entertainment Corporation is now facing an insurrection by key creditors.

A shiny, low-debt spin-off company it created – Caesars Growth Partners LLC, of which Horseshoe Baltimore is a part – has been a trigger for three major lawsuits in the last month.

The suits, coming from different groups of bondholders, boil down to the accusation that Caesars has been fraudulently transferring its “good” assets out of the reach of creditors and undercutting the value of the parent company.

The world’s largest casino company hasn’t posted a profit in its core operations since 2009.
Last year it shocked Wall Street by reporting $3 billion in losses – the result of softness in its Midwest and Gulf Coast markets and a steep decline in Atlantic City.

Caesars’ shaky finances was one reason why last October the Massachusetts Gaming Commission forced the company to withdraw from a proposed $1 billion casino near Logan Airport. The commission’s staff thought its debt load could prove lethal if the economy went into another downturn.

Turmoil in Atlantic City

On August 31, Caesars shut down its Showboat Casino in Atlantic City. Overall, revenues at the one-time mecca of East Coast gambling have plummeted from $5.2 billion in 2006 to $2.8 billion last year.

While competition from new casinos in Pennsylvania, Delaware and, more recently, Maryland are considered an immediate cause for Atlantic City’s distress, a longer-term factor at play is the loss of “low rollers” – clients willing to bet $50 to $75 per casino visit – since the 2008 recession.

Underscoring the industry’s woes, another Atlantic City giant, Trump Entertainment Resorts, filed for bankruptcy protection today. The company plans to shut its Trump Plaza in Atlantic City next Tuesday and announced it may close the famous Trump Taj Mahal in November.

In court papers, Trump reported that gaming revenues fell 16% last year – and decreased more than 18% during the first six months of 2014.

A guard outside Atlantic City’s Showboat Casino, which Caesars closed on August 31. Caesars remains the largest casino owner in struggling AC with Bally’s, Caesars and Harrah’s. (Mel Evans, AP)

Help From City Hall

If Caesars’ (and more generally, the gaming industry’s) poor financial health comes as a surprise, it’s partially because the Rawlings-Blake administration has trumpeted the benefits of the Baltimore casino without alluding to any possible downside.

The mayor has tirelessly promoted the 1,700 new jobs at the casino and the prospect of lowering property taxes and increasing school construction funds from gaming revenues expected to come to the city over the next 10 and 20 years.

But at the same time, she and the Board of Estimates have agreed to allocate millions of dollars of “community impact” funds – earmarked by the Maryland legislature for South Baltimore neighborhoods to compensate them for crime, traffic jams and other negative impacts from the casino – right back to Caesars.

In 2012, The Brew disclosed that the city tucked into its land lease agreement with Caesars a provision to reimburse the company with community impact funds for $6 million in street improvements immediately around the casino.

Baltimore’s new casino on Russell Street sits next to a public storage building. (Photo by Fern Shen)

Last month, The Brew reported that the city has pledged another $3 million of community impact funds to pay Caesars to relocate an underground steam pipeline that went between the casino and its new parking garage.

According to the 2015 impact budget approved by the mayor, another $3.85 million will come out of community funds to underwrite a planned police “mini-district,” security cameras, sanitation, traffic enforcement and other direct services to the casino.

Mayor Rawlings-Blake has defended the use of impact funds for the relocated pipeline as permissible because it is “infrastructure.” She said her administration tried to identify other sources for funding the project, but use of community funds “was the best alternative.”

She and the Caesars organization have not responded to The Brew’s questions about a 2013 city ordinance that indicates that Caesars is responsible for paying for the pipeline relocation.

Questions emailed yesterday to the mayor’s office and to Caesars’ headquarters in Las Vegas about the company’s finances and how the lawsuits could affect Horseshoe operations have gone unanswered, too.

Shark Tank

If Caesars isn’t talking, its junior bondholders are through lawsuits filed in the Delaware Court of Chancery and in Manhattan that argue, essentially, that they were left holding the bag.

Billionaire investor Paul Singer has sued Caesars for “fraudulent” dealings and Caesars has countersued Singer. (the richest.com)

These circling sharks include some of Wall Street’s fiercest, among them Paul Singer of Elliott Management, David Tepper of Appaloosa Management and Howard Marks of Oaktree Capital.

On the opposite side of the table sit the senior bondholders, a group of Wall Street titans who are betting on Caesars – or at least on its recently spun-off entities.

They include aging financier George Soros and private equity honcho John Paulson, who both became major stockholders of Caesars Acquisition Co. last November.

Other key backers are Leon Black of Apollo Global Management and David Bonderman of TPG (Texas Pacific Group) Capital who took the company private in a leveraged buyout in 2008.

(Faced with nearly $30 billion in debt from that buyout, Caesars has reentered the public markets on a limited basis. It is traded on NASDAQ as “CZR,” where its price has dropped 28% in the last three months.)

George Soros (above) and John Paulson (below) have become major shareholders of Caesars Acquisition Co. that partly controls the new Baltimore casino. (telegraph.uk.com)



Caesars has upped the ante by filing a countersuit against several of its loudest detractors, saying they seek to injure the company and to push it into default.

The suit singled out Singer’s Elliott Management which, it claimed, has a significant position in Caesar credit default swaps that would pay out handsomely if the company misses its future bond payments.

“Good” vs. “Bad” Caesars

At the core of the high-stakes squabble is the question of whether Caesars is trying to spin off its new, debt-free properties – including Horseshoe Baltimore – into new companies, while saddling the original bondholders with a sick company.

Last year, Caesars formed Caesars Growth Partners with Apollo and TPF to fund new projects, including the Horseshoe Baltimore.

Technically, Caesars’ share of the Baltimore casino is owned by CBAC Borrower LLC, an indirect, wholly-owned subsidiary of CBAC Gaming LLC, which in turn is controlled by Caesars Growth Partners, which is a joint venture of Caesars Entertainment Corp. and Caesars Acquisition Co.

If that sounds confusing, there are additional investors in the Baltimore casino, most notably Rock Gaming founded by Dan Gilbert, the majority owner of the Cleveland Cavaliers NBA franchise and chairman of Quicken Loans. Rock and Caesars previously joined forces to own and operate Horseshoe Cleveland, Horseshoe Cincinnati and Thistle Down Racino in North Randall, Ohio.

The alphabet-soup of companies and subsidiaries formed by Caesars are at the crux of the charges the company with fraudulently transferring “good Caesars” assets to new entities, leaving “bad Caesars” properties behind for bondholders to take a “haircut,” or financial loss.


What’s looming ahead of the gaming company – and its bondholders – is $5 billion in debt payments due by the end of 2015. At present, most of Caesars’ debt is trading at one-third its face value.

In other words, the “too big to fail” theory in the gaming world is about to be tested as Caesars insists that its brand name, worldwide network and loyal customer base will see it through the financial tempests ahead.

As for Baltimore, the mayor and her staff aren’t saying what they might do (or could do) in case of a Caesars default or a bankruptcy filing by the parent company.

Their philosophy appears in keeping with the bravura words of Roman Emperor Julius Caesar (for whom the gaming company is named) before his assassination in 44 BC:

“Go on, my friend, and fear nothing. You carry Caesar and his fortune in your boat.”

__________________________
NONE OF THESE DEALS ARE LEGAL AND THESE CONTRACTS CAN BE VOIDED BECAUSE NONE OF THIS IS IN THE PUBLIC'S INTEREST.  IT IS PUBLIC MALFEASANCE.

So, who are the bond-holders for this Baltimore casino everyone knew would fail and eat the debt?
You can bet the MECU---Baltimore and Maryland State Employee Credit Unions are involved---they are being used to buoy all of this Baltimore Development Corporation racketeering.  If you place the Baltimore citizens in harms way with these bond deals----they are made to have an interest in these bailouts.
  Municipal bonds no doubt, both state and city.  Remember, this coming bond market crash will cause all government bond deals to default so the loses to the public and these state and city credit union consumers will take the brunt.  Don't forget pension funds---both private and public!  We'll see soon who these losers are!  This is what happens when you allow your domestic economy be controlled by global corporations and Hopkins is neo-con and O'Malley is serving as a neo-liberal and both work for the same global corporate wealth and profit. 

JUST VOTE FOR THE CANDIDATES SHOUTING FOR A DOMESTIC ECONOMY HOLDING GLOBAL CORPORATIONS AT BAY----BE THAT CANDIDATE!


Think for a minute-----this financial status did not happen over night----they were shouting this problem years ago.  People cannot afford to gamble for goodness sake---they have been looted and booted from employment. 

Bondholders want Caesars to put cards on the table


Oct 8, 2014, 2:47pm CDT Updated: Oct 9, 2014, 9:22am CDT  Caesars Entertainment Inc. Interior of Horseshoe Casino and Hotel, one of two properties Caesars owns in Tunica

Michael SheffieldSenior Staff writer- Memphis Business Journal

  As it continues to try to get its debt under control, a group of bondholders of Caesars Entertainment Corp. have lost patience with the company.

According to a Bloomberg report, Wilmington Savings Fund Society, which represents a group that holds $3.7 billion of Caesars Entertainment Operating Co. second lien notes, has claimed Caesars has defaulted on its bonds. The company will have 60 days to take action to avoid defaulting on the bonds.

Caesars owns Horseshoe Casino and Hotel and Tunica Roadhouse as well as the now-closed Harrah’s Tunica. Caesars is restructuring more than $1 billion in financial obligations due in 2015, but the company has an estimated $24.2 billion in long-term debt, according to the report. After shutting down Harrah’s Tunica, Caesars announced plans to pursue a casino in New York, which recently legalized casino gaming.

The Bloomberg report also states a group of bondholders filed suit against Caesars in August, accusing the company of fraudulently moving assets after it sold a 5 percent stake to a group of investors. Shares of the Caesars’ (NASDAQ: CZR) stock were down nearly 2 percent in late afternoon trading at a cost of $11.18 per share.

__________________________________________

MECU is simply a Wall Street bank that operates tax-free and sends its profits to these Baltimore Development scams that then create loses for these partners.....it is a ponzi scheme.  If you look at the article below it states that Germany started these people-friendly financial systems that even in Germany have been highjacked by Wall Street and now have directors working for Wall Street interest.  What do many in Baltimore say of the head of MECU?  Nothing that has to do with honesty and integrity.

This is how the European nations like Spain, Portugal, and Italy were blown up------Spain had an incredible amount of building that was unnecessary and all the funding tied to public banks, pensions, and municipal debt.  This is why these nations in Europe struggle the most.....the TROIKA there uses austerity to replace all of the public wealth stolen in corporate fraud and government malfeasance.  Well, these development deals in Baltimore are the face of the same policies and corruption and it is all happening just before the next economic crash of the bond market!



WE CAN REVERSE THIS AND HOLD THESE POLS AND CORPORATE EXECUTIVES ACCOUNTABLE FOR PUBLIC MALFEASANCE ----WE SIMPLY HAVE TO VOTE OUT THE BAD POLS AND RUN AND VOTE FOR LABOR AND JUSTICE CANDIDATES IN ALL DEMOCRATIC PRIMARIES!


MECU
'As Baltimore's Credit Union, we're committed to both helping you keep more of the money you earn and making our community a better place to live. In this section we've gathered some of the best local information and value-oriented websites to share with our members'.


Share our vision at Municipal Employees Credit Union of Baltimore  

Since 1936 MECU has been in the heart of Baltimore serving its members and helping to strengthen the community.  We are individuals with heart helping others improve their financial lives.

Join Us

MECU's success in providing high quality financial services to the community is based on sound management and innovation.  MECU appreciates the vital role our service oriented and engaged employees play in achieving our goals.  Our main goal is to create member loyalty by providing services that improve the financial lives of our members and potential members who live, work, worship, or attend school in the city of Baltimore or belong to one of our Select Employee Groups.

Community Development

MECU is committed to making the city of Baltimore a better place.  Through our outreach programs, MECU is involved with a wide range of community projects including Our Daily Bread, Sandtown Habitat for Humanity, Blood Drive, charity fund raising and reading programs.  We are helping to meet the needs of the community we serve. 

Workplace Diversity


At MECU, we understand the importance of diversity and inclusion to the long-term success of our company. We are committed to creating an inclusive, open, and respectful culture comprised of individuals from diverse backgrounds - each of whom is given a platform for success. MECU's goal is to create a work environment that values the unique attributes, perspectives, backgrounds, skills, and abilities of each individual.


Differences from other financial institutions Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners,[8] and they elect their board of directors in a one-person-one-vote system regardless of their amount invested.[9] Credit unions see themselves as different from mainstream banks, with a mission to be "community-oriented" and "serve people, not profit".


Not-for-profit status In the credit union context, "not-for-profit" is not the same as for a "non-profit" charity or similar organization.[19]
Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits.[20][21][22] For instance, Delta Community Credit Union


  It is a state-chartered nonprofit cooperative credit union owned by its members.  But, unlike charities and the like, credit unions do not rely on donations, and are financial institutions that must perforce make what is, in economic terms, a small profit (i.e., in non-profit accounting terms, a "surplus") to remain in existence.According to the World Council of Credit Unions (WOCCU), a credit union's revenues (from loans and investments) must exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency. WOCCU's position is deeply rooted in global credit union history. F.W. Raiffeisen, the founder of the global movement, wrote in 1870 that credit unions "are, according to paragraph eleven of the German law of cooperatives, 'merchants' as defined by the common code of commerce. They accordingly form a sort of commercial business enterprise of which the owners are the Credit Unions' members".

_______________________________________
One of the first thing Obama and neo-liberals did during the worst of the banking collapse is pass laws that allowed credit unions to act even more as banks.....remember, they are now basically Wall Street banks that do not pay taxes.  What is equally true is more and more of these credit unions are being found to be acting fraudulently.  Now, MECU involves itself in all these deals that end with Baltimore taxpayers subsidizing corporate profit so-----does something smell in Denmark?
Baltimore is ripe for this activity because all these people committing fraud and government corruption think they are safe because there is no city attorney or investigation into these kinds of crime and the Baltimore courts are corrupt in protecting the chances of prosecution.  This all changes simply by having as Mayor of Baltimore someone that wants justice to work.

This is what the Horseshoe Casino was about. It is a typical day in the life of a very corrupt and criminal Baltimore economy written by Johns Hopkins.

The Dirty Dozen: 12 Notorious Credit Union Heists


By Peter Strozniak October 01, 2012 •


Over the years, the credit union industry has witnessed notorious fraud and embezzlement cases involving CEOs and their family members, credit union members, rank-and-file employees, labor union chiefs, computer consultants, lawyers, real estate investors, government workers and entrepreneurs.

While there has been a lot of credit union fraud cases of varying degrees,
this list focuses on what Credit Union Times believes to be the worst of the worst cases, which we name the Dirty Dozen. The individuals involved in these infamous heists –many of whom are still in prison – stole a total of more than $185 million over the past 25 years.

So why do they steal?

Christopher T. Marquet,  CEO of Wellesley, Mass.-based Marquet International that investigates corporate fraud and embezzlement cases, said there are a lot of different motivating factors, but there is one that stands out.

“When you look at the major frauds of $1 million or over, people embezzle money not because of need,” said Marquet, who publishes a comprehensive annual fraud study on major U.S. embezzlement cases. “Instead, they have a sense of entitlement to maintain a lifestyle that is grander than what they could otherwise afford, and somehow they have convinced themselves that they deserve it.”

And while the embezzlers have concerns about getting caught, those worrisome thoughts fade away after they steal a few times, get away with it and convince themselves it’s easy to steal and they won’t get caught, Marquet said.



0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Cindy Walsh is a lifelong political activist and academic living in Baltimore, Maryland.

    Archives

    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012

    Categories

    All
    2014 Economic Crash
    21st Century Economy
    Affordable Care Act
    Affordable Care Act
    Alec
    Americorp/VISTA
    Anthony Brown
    Anthony Brown
    Anti Incumbant
    Anti-incumbant
    Anti Incumbent
    Anti Incumbent
    Attacking The Post Office Union
    Baltimore And Cronyism
    Baltimore Board Of Estimates
    Baltimore Board Of Estimates
    Baltimore Development Corp
    Baltimore Development Corp
    Baltimore Recall/Retroactive Term Limits
    Bank Fraud
    Bank Fraud
    Bank Of America
    Bank Settlement
    Bank-settlement
    B Corporations
    Bgeexelon Mergerf59060c411
    Brookings Institution
    Business Tax Credits
    California Charter Expansion
    Cardin
    Career Colleges
    Career Colleges Replacing Union Apprenticeships
    Charters
    Charter School
    Collection Agencies
    Common Core
    Consumer Financial Protection Bureau
    Consumer-financial-protection-bureau
    Corporate Media
    Corporate-media
    Corporate Oversight
    Corporate-oversight
    Corporate Politicians
    Corporate-politicians
    Corporate Rule
    Corporate-rule
    Corporate Taxes
    Corporate-taxes
    Corporate Tax Reform
    Corporatizing Us Universities
    Cost-benefit-analysis
    Credit Crisis
    Credit-crisis
    Cummings
    Department Of Education
    Department Of Justice
    Department-of-justice
    Derivatives Reform
    Development
    Dismantling Public Justice
    Dodd Frank
    Doddfrankbba4ff090a
    Doug Gansler
    Doug-gansler
    Ebdi
    Education Funding
    Education Reform
    Edwards
    Election Reform
    Election-reform
    Elections
    Emigration
    Energy-sector-consolidation-in-maryland
    Enterprise Zones
    Equal Access
    Estate Taxes
    European Crisis
    Expanded And Improved Medicare For All
    Expanded-and-improved-medicare-for-all
    Failure To Prosecute
    Failure-to-prosecute
    Fair
    Fair And Balanced Elections
    Fair-and-balanced-elections
    Farm Bill
    Federal Election Commissionelection Violationsmaryland
    Federal Election Commissionelection Violationsmarylandd20a348918
    Federal-emergency-management-agency-fema
    Federal Reserve
    Financial Reform Bill
    Food Safety Not In Tpp
    For Profit Education
    Forprofit-education
    Fracking
    Fraud
    Freedom Of Press And Speech
    Frosh
    Gambling In Marylandbaltimore8dbce1f7d2
    Granting Agencies
    Greening Fraud
    Gun Control Policy
    Healthcare For All
    Healthcare-for-all
    Health Enterprise Zones
    High Speed Rail
    Hoyer
    Imf
    Immigration
    Incarceration Bubble
    Incumbent
    Incumbents
    Innovation Centers
    Insurance Industry Leverage And Fraud
    International Criminal Court
    International Trade Deals
    International-trade-deals
    Jack Young
    Jack-young
    Johns Hopkins
    Johns-hopkins
    Johns Hopkins Medical Systems
    Johns-hopkins-medical-systems
    Kaliope Parthemos
    Labor And Justice Law Under Attack
    Labor And Wages
    Lehmann Brothers
    Living Wageunionspolitical Action0e39f5c885
    Maggie McIntosh
    Maggie-mcintosh
    Martin O'Malley
    Martin O'Malley
    Martin-omalley
    Martin-omalley8ecd6b6eb0
    Maryland Health Co Ops
    Maryland-health-co-ops
    Maryland-health-co-ops1f77692967
    Maryland Health Coopsccd73554da
    Maryland Judiciary
    Marylandnonprofits
    Maryland Non Profits
    Maryland Nonprofits2509c2ca2c
    Maryland Public Service Commission
    Maryland State Bar Association
    Md Credit Bondleverage Debt441d7f3605
    Media
    Media Bias
    Media-bias
    Medicaremedicaid
    Medicaremedicaid8416fd8754
    Mental Health Issues
    Mental-health-issues
    Mers Fraud
    Mikulski
    Military Privatization
    Minority Unemploymentunion And Labor Wagebaltimore Board Of Estimates4acb15e7fa
    Municipal Debt Fraud
    Ndaa-indefinite-detention
    Ndaaindefinite Detentiond65cc4283d
    Net Neutrality
    New Economy
    New-economy
    Ngo
    Non Profit To Profit
    Nonprofit To Profitb2d6cb4b41
    Nsa
    O'Malley
    Odette Ramos
    Omalley
    O'Malley
    Open Meetings
    Osha
    Patronage
    Pension-benefit-guaranty-corp
    Pension Funds
    Pension-funds
    Police Abuse
    Private-and-public-pension-fraud
    Private Health Systemsentitlementsprofits Over People
    Private Health Systemsentitlementsprofits Over People6541f468ae
    Private Non Profits
    Private-non-profits
    Private Nonprofits50b33fd8c2
    Privatizing Education
    Privatizing Government Assets
    Privatizing-the-veterans-admin-va
    Privitizing Public Education
    Progressive Policy
    Progressive Taxes Replace Regressive Policy
    Protections Of The People
    Protections-of-the-people
    Public Education
    Public Funding Of Private Universities
    Public Housing Privatization
    Public-libraries-privatized-or-closed
    Public Private Partnerships
    Public-private-partnerships
    Public Transportation Privatization
    Public Utilities
    Rapid Bus Network
    Rawlings Blake
    Rawlings-blake
    Rawlingsblake1640055471
    Real Progressives
    Reit-real-estate-investment-trusts
    Reitreal Estate Investment Trustsa1a18ad402
    Repatriation Taxes
    Rule Of Law
    Rule-of-law
    Ruppersberger
    SAIC AND INTERNATIONAL SECURITY
    Sarbanes
    S Corp Taxes
    Selling Public Datapersonal Privacy
    Smart Meters
    Snowden
    Social Security
    Sovereign Debt Fraudsubprime Mortgage Fraudmortgage Fraud Settlement
    Sovereign Debt Fraudsubprime Mortgage Fraudmortgage Fraud Settlement0d62c56e69
    Statistics As Spin
    Statistics-as-spin
    Student-corps
    Subprime Mortgage Fraud
    Subprime-mortgage-fraud
    Surveillance And Security
    Sustainability
    Teachers
    Teachers Unions2bc448afc8
    Teach For America
    Teach For America
    Technology Parks
    Third Way Democrats/new Economy/public Union Employees/public Private Patnerships/government Fraud And Corruption
    Third Way Democratsnew Economypublic Union Employeespublic Private Patnershipsgovernment Fraud And Corruption
    Third-way-democratsnew-economypublic-union-employeespublic-private-patnershipsgovernment-fraud-and-corruptionc10a007aee
    Third Way/neo Liberals
    Third-wayneo-liberals
    Third-wayneo-liberals5e1e6d4716
    Third Wayneoliberals7286dda6aa
    Tifcorporate Tax Breaks2d87bba974
    Tpp
    Transportation Inequity In Maryland
    Union Busting
    Unionbusting0858fddb8b
    Unions
    Unionsthird Waypost Officealec3c887e7815
    Universities
    Unreliable Polling
    Unreliable-polling
    Van Hollen
    Van-hollen
    VEOLA Environment -privatization Of Public Water
    Veterans
    War Against Women And Children
    War-against-women-and-children
    Youth Works

    RSS Feed

Powered by Create your own unique website with customizable templates.
✕