By Ed Barnes
Published November 09, 2010
While the rest of the nation was out voting last Tuesday, ACORN — the major voter registration organization in cities and among the poor — was quietly filing for bankruptcy in a Brooklyn, N.Y., courthouse a few blocks from its main office.
But despite the bankruptcy filing, many of the group’s critics remain suspicious of the community organizers’ intentions.
Court documents show that ACORN — the Association of Community Organizations for Reform Now — suffered a massive loss of public support over the past two years, and that the group and six affiliates now are more than $8.6 million in debt and have only $218,709 in cash.
According to the filings, ACORN took in $46.1 million in 2008. That dropped to $16.2 million last year, and contributions dwindled to just $1.57 million in the first 10 months of this year.
Because ACORN was incorporated as a private foundation, its funding sources have been wrapped in mystery. But this much is known: Its major backers have been labor unions, foundations and corporate philanthropies, as well as dues from members. Government grants are also part of the mix — Republicans released figures late last year that showed ACORN received $31 million in federal funding in the past 10 years — but those grants were hardly on the scale of donations from wealthy foundations like the $2.4 million from JPMorgan Chase or the $1.5 million from Citibank.
November 9, 2010 | Categories: America's Freedoms, Corruption in Government, Elections Politics, Government, Media Corruption, Most Americans Reject Socialism, National Debt, New Media News, Politics, Radical Liberal Progressive Left, Redistribution of Wealth, UNION Corruption, UNIONS ACORN and SEIU, VOTER FRAUD | Tags: ACORN, Bankrupcy, Bertha Lewis, big government, changing name?, Chapter 7, corruption, Culture of Corruption, economy, exposed for corruption, Marxists in the White House, massive loss of public support, morphing?, Most Americans Reject Socialism, new questions and concerns, politics, socialism | 1 Comment »