George Soros: “I joined forces with Professor Jeffrey Sachs of Harvard University, who was advocating a similar program, and sponsored his work in Poland through the Stefan Batory Foundation . . . The IMF approved and the program went into effect on Jan. 1, 1990. It was very tough on the population, but people were willing to take a lot of pain in order to see real change.”
Gov’t grants ShoreBank $35M in stimulus funds
By: Steve Daniels May 29, 2009
(Crains) ShoreBank[...]Aries Capital LLC, which got $65 million[...] http://www.chicagobusiness.com/cgi-bin/news.pl?id=34225
[...]”Citi is partnering with the nonprofits Calvert Foundation and Opportunity Finance Network, a network of CDFIs, to run the $200 million Communities at
[...]”Citi is partnering with the nonprofits Calvert Foundation and Opportunity Finance Network, a network of CDFIs, to run the $200 million Communities at Work Fund. Those groups will run the fund and determine which CDFIs to invest in, while Citi will handle underwriting and risk management. Community development lenders can apply online starting May 5.[...]Despite new infusions of cash under the Obama Administration, including making up to $1 billion in money from the Troubled Asset Relief Program available to CDFIs, Pinsky says many lenders still can’t meet demand.
Banking Services for Religious Organizations - http://www.shorebankcorp.com/bins/site/content/pages/annual_reports/2003AnnualReport/faithbanking.html
Following The Bailout Money To Wells Fargo
CBS Evening News: How A Big Bank Took American Tax Dollars And Went On A Spending Spree
By Sharyl Attkisson
Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars......
In other words, they didn’t give specifics. And the fact is, neither Congress nor the treasury department required them to.
Troubled Wachovia has been bought out by Wells Fargo for $12.7 billion, creating the nation’s second-largest bank in terms of deposits. But it might not have happened without the generous support of the federal government and your tax dollars. .
First, Treasury Secretary Henry Paulson quietly issued a document revising the tax code, giving enormous benefits to some banks that buy other banks. For Wells Fargo, it could be worth up to $25 billion.
Then, Congress passed the giant bailout that would provide $25 billion in direct funds to Wells Fargo.
The very same day the bailout passed, Wells Fargo announced the surprise turnaround to investors: It would buy Wachovia after all.
And Wells Fargo may not be done. It’s also said to be looking into possibly buying a piece of Swiss banking giant UBS, which got its own bailout - $60 billion - from the Swiss government.
Microfinance USA 2010
Microfinance USA is the place where microfinance practitioners, investors, and enthusiasts meet. Drawing upon the overwhelming success and momentum generated by the 2009 Microfinance, CA conference, Microfinance USA will bring together investors, policymakers, social entrepreneurs, practitioners, small business owners, and curious individuals to explore how microfinance produces jobs, increases incomes, and creates opportunities to build stable and sustainable communities.
Join the leading practitioners and thought leaders of microfinance in the U.S. in enriching discussions
Draw upon the experiences from international microfinance and how it relates to your community
Engage with leading innovators of technology and practice in the field of microfinance
Find your place in the field of international or domestic microfinance and connect with like-minded individuals across the country.
Video: Why Should I Attend This Conference?
Video: Highlights From Last Year’s Event
Reviews from Microfinance, CA in 2009
Microfinance CA was a tour de force.
Bob Friedman, Founder, CFED
I found it an excellent event and I was amazed that it was the first of its kind.
Bob Annibale, Global Director, Citi Microfinance
Engaging, delightful, informative, and very impressively managed on every level.
Hilary Abell, Executive Director, WAGES
VIDEO at site -
UN - Asia-Pacific Business Forum (Tessa Tennant - from Calvert -
Tessa Tennant,Executive Chair, the ICE Organization, UK; former Chair and Founder, ASrIA, Ltd.
Tessa Tennant UK Social Investment Forum (UKSIF)
Barbara Krumsiek’s Biography
Barbara J. Krumsiek (Chair),President, Chief Executive Officer, and Chair, Calvert Group, Ltd. and subsidiaries
Global Giving -
See also: Microfinance#Other criticisms
UN Capital Development Fund -
Barbara J. Krumsiek and Richard Burrett
named Co-Chairs of UNEP Finance Initiative
Finance and investment to play a lead role in the
May 2012 “Rio+20” United Nations Earth Summit
Geneva, 28 April 2010 The largest partnership between the United Nations and the financial
services sector has elected two new Co-Chairs to steer the initiative in the run up to the landmark UN
“Rio+20” Summit in May 2012.
Barbara J. Krumsiek, President & CEO of the Bethesda, Maryland headquarter d Calvert Group Ltd, and Richard Burrett, a partner in the London-based Earth Capital Partners, will steer the United Nations Environment programme Finance Initiative (UNEP FI) for the next two years (see Editor’s notes for more on the Co-Chairs).
UNEP FI, an 18-year-old partnership between UNEP and the
financial services sector, includes 190 banks, insurers and investment
organizations in its worldwide membership.
The United Nation’s “Rio+20” summit will convene in Rio de Janeiro, Brazil, twenty years after the
original 1992 Rio Earth Summit when world leaders gathered for the first time to discuss
environmental and development issues. UNEP FI was formed to provide input to the 1992 summit.
The role of finance and capital markets will be central to the Green Economy theme of Rio+20.
“As the economy and the financial sector begin to recover, we have both an opportunity and obligation
to build sustainability into the way global financial companies do business,” explained Krumsiek.
“The challenges finance and investment face on the road to the Rio+20 Summit are considerable. It is a
critical time to work for progress and develop the means to deal with the next crisis which may very
well be a natural resources crisis” she added.
Richard Burrett added: “UNEP FI has for many years worked on developing the understanding of
environmental, social and governance issues by financial institutions and the risks and opportunities
emerging from them. The challenge remains acute. I am excited at the chance to play a greater role in
pushing this critical work forward and, importantly, to work with Barbara to steer UNEP FI on the
road to the Rio+20 Summit.”
Barbara and Richard have long been at the forefront of promoting sustainability at their own firms
and, through their firms sustainable investment criteria and advocacy among the worlds leading
companies, said Paul Clements Hunt, UNEP FIs Head of Unit. We look forward to drawing on their
deep knowledge, strong commitment and extensive network of contacts, as we take this initiative
About Barbara J. Krumsiek:
Barbara J. Krumsiek has been Chair, CEO and President of Calvert Group, Ltd. since 1997. Under her
leadership, the firm has grown to become a leading investment management firm with over $14 billion in assets
in over 50 portfolios, including award-winning fixed income portfolios and a full family of sustainable and
responsible equity mutual funds. Ms. Krumsiek is Director and Chair of Acacia Life Insurance Company.
Calvert and Acacia Life are affiliates of UNIFI, a mutual holding company based in Lincoln, Nebraska. Calvert
has been involved with UNEP FI since 2003. Paul Hilton, Calverts Director of Sustainable Investment Business
Strategy, has served on UNEP FIs Steering Committee between 2008-2009 as Treasurer. Calvert was a
founding participant of the UN Global Compact and is fully committed to its 10 universally accepted principles
in the areas of human rights, labour, the environment, and anti-corruption. In April 2006, Calvert helped create
the Principles for Responsible Investment, a joint initiative between UNEP FI and the Global Compact, which
encourages institutional investors to integrate environmental, social and governance factors into their investment process.
About Richard Burrett:
Richard Burrett is a Partner at Earth Capital Partners a company specialising in providing advice on
investments that address the challenges of sustainable development. Richard had previously spent over 25 years
in international banking. In his 20 years with ABN AMRO he developed extensive experience of project and
structured finance, particularly in the energy and infrastructure sectors, working internationally with a wide
range of international project developers, energy companies and utilities. As Global Head of Project Finance he
was responsible for ABN AMRO’s award winning business franchises in Europe, Asia, Australia, North
America and Brazil. In this role he was also instrumental in the creation of the Equator Principles, a market
recognised standard for managing environmental and social risk issues in project financing. Latterly, as Global
Head of Sustainability, he chaired the groups Sustainability Council and developed the bank’s strategy on
climate change and the carbon markets. Previously Burret served as the Chair of UNEP FIs Work Stream on
Biodiversity and Ecosystems. He is also a Senior Associate at the University of Cambridge Programme for
Sustainability Leadership; a Board Member of Forest Renewables looking to develop the renewable energy
potential of the national forest estate of Scotland; and a Board Member of Forest Trends a Washington based
not for profit organisation focused on market-based approached to conservation.
ABOUT UNEP FI
The United Nations Environment Programme Finance Initiative (UNEP FI) is a global partnership between the
United Nations Environment Programme (UNEP) and the financial sector. Over 180 institutions, including
banks, insurers, fund managers and investors, work with UNEP to understand the impacts of environmental and
social considerations on financial performance. The Initiative is governed by a Steering Committee, which sets
its strategic direction.
Created in 1972, UNEP represents the United Nations environmental conscience. Based in Nairobi, Kenya, its
mission is to provide leadership and encourage partnership in caring for the environment by inspiring, informing,
and enabling nations and peoples to improve their quality of life without compromising that of future
generations. UNEPs Division of Technology, Industry and Economics - based in Paris - helps governments,
local authorities and decision-makers in business and industry to develop and implement policies and practices
focusing on sustainable development. The Division leads UNEP’s work in the areas of climate change, resource
efficiency, harmful substances and hazardous waste.
The United Nations Capital Development Fund (UNCDF) came into existence in 1966 “as a special purpose fund primarily for small-scale investment in the poorest countries.” With the goal of helping to reduce poverty, it engages in development programs and microfinance.
UNCDF is affiliated with the United Nations Development Programme. United Nations Development Programme The United Nations Capital Development Fund was established by the UN General Assembly in 1966 as a special purpose fund primarily for small-scale investments in Least Developed Countries. Headquartered in New York with offices around the world, it contributes to the achievement of the Millennium Development Goals in the world’s poorest countries through a variety of innovative approaches in local development, including providing support to local governance and the development of inclusive financial services and microfinance.
UNCDF is a member of the United Nations Development Programme (UNDP) group, and reports to UNDP’s Executive Board. As such, UNCDF works in close partnership with UNDP in areas ranging from joint programming to administrative and logistical support. The UNDP Resident Representative represents UNCDF at the country level.
The Fund derives its resources from voluntary contributions made by member states, and from co-financing by governments, international organizations and the private sector. UNCDF is committed to results-based management, combining quality programming with financially sound management. The Fund produces concrete results through programmes that pilot innovative approaches to local development and microfinance for replication on a larger scale.
Mary Houghton is President, Chief Operating Officer, and a co-founder of ShoreBank Corporation and serves as Chair and CEO, ShoreCap Management, Ltd. She is a director of the corporation and a member of the executive committee, and a director of most of its subsidiaries and affiliates, as well as a member of several credit committees. Mary has thirty-five years of commercial banking experience in underinvested markets in the United States and in developing countries. She was a founder of the Womens Self Employment Project (WSEP), a leading U.S. microfinance organization. She is or has been a member of the boards of Accion International, Womens World Banking, Calmeadow Foundation and the Calvert Foundation. She is a member of the Cities Alliance Policy Advisory Group (Secretariat at the World Bank) and a founding member of the Council on Equity Funds. She did the bank financial feasibility work for Grameen Bank donors in the 1980s and subsequently for BRAC Bank and the Aga Khan Rural Support Programs bank in northern Pakistan. She serves on the Board of K-Rep Bank in Kenya.
I did this in haste...spent a few hours at this last night. I know it’s a lot of stuff but if you go scan you’ll start to understand. A little more coming which will complete the picture. The Clintons, Timothy Wirth, Al Gore, Eugene Ludwig, Babbitts, Carol Browner, Jamie Gorelick...blackstone group, blackwater, apollo group, Gates, Anne Erhlich on CoR board, CRI, Trilateral, Club of Rome and both sister clubs.
They’ve been stealing our money for years with the goal of changing our whole economy. ShoreBank is their money laudering bank - most of the money is going overseas. China, Pakistan, Kenya, etc. They still use the template they used for the Apal Scare fraud only w/ more wings.