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More Money, More problems

03 Nov

In today’s society, funny videos, painful videos, and messages/quotes/dumb acts                                     committed by the likes of teens, dumb-***, and celebrities spark the world and go viral.                                     On the other hand, political, legal, financial, and religious movements or protest are often                             downplayed and not allowed to go “socially” viral. All this changed on September 17, 2011 with the Occupy Wall St. Movement (OWS).  An avalanche starts with a small movement of snow, yet it ends as a mound that suffocates all.  This anti-greed/ NO more “1%ers” movements started like the snow and its gained support and speed in spreading.

OWS totals raised — more than $500,000 in New York and around $20,000 in Chicago, Richmond and other cities — have surprised everyone from the protesters to those overseeing their finances.

While Occupy Wall Street has had attention over its money and whether it should share with movements in other cities, most camps say they are just fine on their own.

“People have come up and said they want to give us contributions from $5,000 to $15,000 but we’ve told them no,” Occupy Chicago’s Orion Swann said, adding the group has raised less than $20,000.

“Right now we are figuring out how to establish a legal identity so we’re holding off on accepting donations.”

With extra money and a few overseers, theft and greed have to be internally monitored. People and companies have a tendency to lie, steal, and/or cheat if they’re left unsupervised.  Enron, Bernie Madoff, Fema, and even Martha Stewart are the poster children or scandalous behavior.  With the added cash that the OWS movement is bringing in, equally monitoring and distributing those funds will be a job in itself.

In the early days, before switching providers, the alliance took in some $250,000 in donations. Chuck Kaufman, the Tucson-based national co-coordinator of Alliance for Global Justice (AFGJ), the movement’s fiscal sponsor said credit card processors have held back $75,000 of that, claiming they expect an abnormally high level of disputes on the charges.

“People see a number like $500,000 and they say ‘Wow that’s a lot of money’ but the reality is it’s not that much money. You have a huge community — we’re bigger than most of the occupations — and we probably spent a lot more money,” said Pete Dutro, one of the core members of the Occupy Wall Street finance committee.

With factors like these, any one person, place, or thing can be susceptible to demon we call, GREED!  Too much money passing through too many hands is and Accounting 201 NO NO.  Weak internal controls, lack of supervision, and/or poor separation of duties always open the door for fraudulent behavior.  History often tends to repeat itself if we let it.  Movement supporters and/or followers I urge you to please keep an eye on the funds and remember a wise man once said, Et tu Brute?”

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Posted by on November 3, 2011 in Uncategorized

 

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