This post, published Nov. 29, 2017, is: The Dark Sides (Bottom Lines) of Web-based Donor-Advised Funding: Donor Disclaimers, Buyouts, Emigration (JustGive [US]–>JustGiving [UK]). And Interesting Related Ops (IronPlanet: ZOPB Highway ByPass J.V.) and Bank Bailouts. [A July 26, 2016 section repost]. (shortlink ends “-83s” and length is just under 7,000 words).

This material isn’t new, just the title, the introduction and for the reposted segment, aspects of its format (appearance).  Some of the summaries are, however.  The relationship between JustGive.org, JustGiving(™) the service, and JG USA are explored.  At first glance, they are less than obvious, particularly when one is a service facilitating the other, which is listed as a sponsor of CFFPP in Wisconsin..

On a closer look, “just give” in general is probably NOT a good idea. For why, see this and related posts (listed below).

When writing this I was still unclear on the relationship between “JustGive” and “JustGiving” (with controlling entity based in London, UK “Selota” whatever that means).

I’d deduced that JustGiving’s tax returns weren’t showing up because it wasn’t a tax-exempt entity, unlike JustGive, which WAS a tax-exempt entity — although one which had simply opted to make viewing, or getting an overview of its DAF-based grantees virtually impossible.  First, by making the presentation “virtually invisible” (fine print), thereafter, by showing them 1 per page (!!), then, 3 per page (not much better) and those, sorted NOT by anything logical, but from smallest to largest by amount of grant (!!). … “Good effin’ grief“… Then JustGive “gives it over” to a software company which it was already using for solicitations?

“JustGive” is still showing up as an active charity at the California state level, and despite how large it gets (i.e., the millions of dollars passing through it), I see not one audited financial statement uploaded to the state OAG (Office of Attorney General) RCT (Registry of Charitable Trusts) where they ought to show (and, for some organizations over a certain size, do show).

I found these after writing the post below, but felt they should be shown at the top here.  Read the fine print at the bottom of 2nd image: (faces, logo, and pink background).  Seeing this up front may help make more sense of the discussion of it below and on the earlier post on the same topic.

It reads: “JustGive.org” is a JustGiving(™) service. Find out more “here.” © JG US Inc. 2000 to 2017. (etc.)

Let’s review this again, from (part of) the “find out more HERE” link above (also at footer of the images in pink, in finer print):

JustGiving is a trading name of the local JustGiving entity as identified in the country specific terms of service. JustGiving operates http://www.justgiving.com (the “Website”) and its associated services. These core terms of service (and the relevant country specific terms) (together the “Terms of Service”) govern your use of the Website and its associated services. Please read these Terms of Service carefully. If you do not wish to be bound by these Terms of Service, you should not continue to use or access the Website or its associated services. … (another excerpt displayed in image form just below):

More about “JustGiving” includes “JustGiving Crowdfunding” (causes, not necessarily registered nonprofits) vs. JustGiving used by registered charities. I.e., this platform (and the for-profit UK company owning and operating it) facilitates fund-raising for both types.

 

While the “progressive thinktank” Center for Family Policy and Practice (CFFPP.org) featured JustGive among its many famous donors, too)…

In fact, just below this paragraph are those screenprints, taken from the website.  I started looking up some of them up recently, and apart from the more well-known ones (such as Open Society Foundations), and JustGive, some related to equalizing the digital divide (TechSoup) and if further explored, led to a circular maze nonprofits EACH of which had a list of “who’s funding whom” — and who started as an initiative of whom before spinning off — all the while featuring digital, on-line solicitations, streamlined….

Various funders claimed by the (modestly sized) Center for Family and Public Policy. an Illinois legal domicile corporation with a longstanding Madison, Wisconsin address. In four images:

CFFP Funders, dated May 22, 2017 (#1 of 4 images for just one web page)

CFFP Funders, May 22 2017 (Image #2 of 4 … but just one web page)

CFFP Funders, May 22 2017 (Image #3 of 4 … but just one web page)

CFFP Funders, May 22 2017 (Image #4 of 4 … FYI link to this one (UW PILF) reads “no longer hosted.” I didn’t find an EIN# and what does exist elsewhere on this entity (click image to see a URL) seems to be “log-in” need-to-know based, although plenty of other law schools (Columbia, Hastings, Loyola, UCLA, Stanford, Rutgers) seem to have similarly-named foundations. When I searched 990finder, I just didn’t find, oddly, this one…

 

 

 

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It’s two several days after Thanksgiving, and, challenging myself to clear at least six of the ten posts I named as “in the pipeline” within six days,** I reviewed one from 2016, with its own predecessor post as far back as 2010, on SFFI, CFFPP and its named private foundation funders, including one large entity called JustGive, featuring “Donor-Advised Funding.” Let me explain in three numbered post titles with their respective links.  (As usual, I had some more comments between (1) and (2), though this time none between (2) and (3) below).  **Six Posts (at least) in the Pipeline, Pre-Thanksgiving 2017 …[Published 11/21/2017]. 

There’s (1) an immediate parent post, (2) THIS post, the full-grown offspring, and (3) the upcoming one I’m paving the way for, now in the pipeline [just published, Tues. Nov. 28, 2017]. Complete with names, links, and a little background, that’s:

(1) The Parent Post (July 26, 2016) is: SFFI – CFFPP – JustGive, Inc. – IronPlanet, Inc. – ZOPB – Texas DoT’s $1B GrandParkway Project – US Gov’ts Big Banks Bailout|SunTrust (while Fixing Fragile Families?) [First Publ. July 26, 2016. See also my ~>March 3, 2010<~ post]. (blog-generated, case-sensitive short-link ends “-43Z”) from which this, except the lead-in, is a basic, blanket re-post. It may display a little differently (background colors and fonts), but basically the same content. Now the nest is a little more empty over there as I’ve just removed about a third of its volume…

CFFPP logo as displayed, with “Funding Resources” back in summer 2016.

CFFPP funding resources (as of summer 2016 from website at the time).

CFFPP although I’m generally aware of its existence, came up in the recent blogging context as an example of where an organization name changed, but acronym (initials) for the entity didn’t; with the other entity I was focusing on more recently having gone from “International Council of Local Environmental Initiatives (“ICLEI” acronym obviously), to “ICLEI-Local Governments [plural] for Sustainability, USA, Inc.”  Notice that “environmental” is a more specific subject matter focus than just “local government” itself.

This same entity was apparently staying compliant — but sure bouncing from state to state frequently, without exactly mentioning this on its website.

The acronym reflects the prior name. Perhaps it should also be labeled “Denver, by way of Boston, then Berkeley, then Oakland” (or vice-versa, I DNR offhand, for the last two)

In noticing this, I remembered that CFFPP as early as (about) 2004 had retained the same acronym but managed to re-arrange what words it stood for, and like ICLEI, the new name had broadened its identified subject matter (deleting the word “fathers” from the business legal name, retaining “families” and apparently letting the word “for” represent the residual, otherwise unclaimed second “F” in the acronym ).  Visiting “CFFPP.org” in order to make this comment, I noticed that, as before, the name (and now website) had changed but without, I say, changing its focus much.  I also remembered it had had some corporate registration shapeshifting taking place also, not to mention one year filed under an EIN# with a typo, and a revocation for just not filing three years in a row, etc.

So rather than stuffing all this commentary into the post focused more on “ICLEI,” I parked it on a follow-up post.  “(2)” of “(3)” in the present list….

My question there had been, and still is, what’s so credible about leadership that doesn’t keep its network members honest, when they are badly-behaving 501©3s (or any other “©” with an IRS and state-level stipulated standard of behavior, and at state level, many states in fact most states, require this for both the corporate entity (Secretary of State filings) AND as a charity (typically under Attorney General’s Office or a subdivision of it)) by withholding their sometimes well-known names from lending apparent credibility thereby, applying some healthy peer pressure while promoting healthy families, communities, and so forth? And, when those who do not are either board members or primary staff (CFFPP doesn’t seem to have many employees, but it does have some…), it’s absolutely fair of anyone noticing this to talk about it, as I have been, and say that, as the board-directed and/or CEO nonprofit behavior goes, so goes the entity — it reflects on both the entity, and the individuals running it, and if we wanted to take that “accountability” out a few levels — it reflects generally speaking on the larger involved networks.

These groups are not going to self-regulate, obviously.  The government isn’t particularly doing so either, or the IRS.   My recent 11/18/2017 post  About MFRP, Inc. introducing an 11/11/2017 page  State-by-State Alpha…Simple Charity Registration, both still visible I’m sure on the sidebar, have more insight into the situation.  The post, quoting from the Columbia Journal of Tax Law, talk about IRS limited resources, how even revoking for three years in a row of non-filing is a recent (2006ff) phenomena which created an even greater backload when entities decided to file for re-instatement as tax-exempt (from IRS perspective)1 and (while I disagree) recommends possibly out-sourcing regulation of charities and charity registration to state-based entities under IRS oversight.

(2) This post, the new home to the section repost, is: The Dark Sides (Bottom Line) of Web-based, Donor-Advised Funding: Donor Disclaimers, Buyouts, Emigration (JustGive [US], JustGiving [UK]) and Related Operations (IronPlanet: ZOPB Highway ByPass J.V.) and Bank Bailouts. [A July 26, 2016 section repost].  This title may not match the one above exactly, but the link will hold; and that case-sensitive (short)link here ends “-83s”.

(3) The “in-the-pipeline” post for which I’m going to all this effort to connect to prior writings, has already been announced as imminent in late November, 2017. “DAF” in this title stands for “donor-advised funds”:

What’s below, including a substantial overlap so readers may get their bearings (ideally), is NOT new material and has NOT been checked for update since July 2016 original posting.  It represents an example of going just another step in looking up street addresses for the Donor-Advised Fund-based on-line solicitation nonprofit, which led to seeing “Iron Planet” at the same address, and some follow up revealing relationships between various companies.  … In other words, it’s often well worthwhile to go just a few more steps, just one extra check.

This post is not complete without its parent, but both are detailed reading. However I think the principles are important enough to present again, probably in conjunction with a post in the pipeline referring back to this one, and which is, unlike this, more of an update on the smaller, but well-networked (it seems) nonprofit in question.  Without the overlapping section, this post would be about 4,350 words; but as you can see it has images, quotes, tables, and plenty of details. The overlap is I see after including it, about 1,000 words long only… I’ve designated the beginning and end of the “overlap” (with 2016 post) section below.

[OVERLAPPING SECTION]:

Talk about “Read the Fine Print” ….

After reading the Terms of Service and about “DAF”s (Donor Advised Funds), I went looking in California for the business registration of “JG US, Inc.” Obviously the designation “US” on any company name implies it may have business elsewhere.  So, here, and notice the FILING is only this past May — less than two months ago! {{note — this re-post dates to July 26, 2016}}

and the “Details, when clicked on, show the legal domicile (“Jurisdiction”):

(See near bottom of this post, when “JustGive” had to settle with the State of Utah for soliciting without being registered there; two page-sized images show…//LGH 2017 comment)

…”London England Selota” ???

“Selaelo Selota” is a SouthAfrican gold miner turned famous jazz musician.  From “MusicInAfrica.net”  Photo won’t show from url or I’d include it.

Maybe a data entry person at California Secretary of State (or other outsourced contractor…) was listening to his or her music while inputting the business entity address?

Growing up in rural Limpopo, Selaelo Selota first found work on the gold mines, where he was exposed to the traditional songs and dances of other ethnic groups, inspiring him to become a musician. He worked as an usher at the Market Theatre and a cleaner at Kippie’s Jazz Club in Joburg before studying music at the FUBA Academy and University of Cape Town, graduating in 1997. During this time he formed the groups Meropa and Taola.

His 2000 debut, Painted Faces, sold over 60 000 units and earned him Samas for Best Contemporary Jazz Album and Best Newcomer. It was followed by Enchanted Gardens (2001), Stories Lived and Told (2005), The Azanian Songbook (2006) and Lapeng Laka (2009), which earned him three Sama nominations in 2010. An electric performer, his tours have taken him across African, Europe and North America.

As a producer and composer, he helped launch the careers of Judith Sephuma and others. He established his own labels, Live at the Shack Entertainment and later Soul Truth. In 2009 the University of Southern California invited him for a six-week residency. In September 2013 he released a new album, ‘The Promise’, and embarked on a national tour.

Guitarist, Singer, Producer, Songwriter: http://whoswho.co.za/selaelo-selota-4650

I have no idea how the word “Selota” otherwise got after a country designation in a California Secretary-of-State-run database for business entities. You tell me — how could something like that happen?

Moving on…

JustGive.Org 1999 Business Incorporation matches (for Registered Agent, also Chairman of the Board as of YE 2015 Tax Return) “IronPlanet, Inc.” in Pleasanton, CA:

Search Business Entity in California @ http://kepler.sos.ca.gov, after that, a Street Address search led to “Iron Planet” information.

Logo from “IronPlanet.com.” Contact address and Suite@ matches registered agent for JustGive.org — Incorporated also the same year, 1999.

[END, OVERLAPPING SECTION]

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(This post title again, marks where the major section was moved to:) The Dark Sides (Bottom Line) in Web-based, Donor-Advised Funding: Donor Disclaimers, Buyouts, Emigration (JustGive [US], JustGiving [UK]) and Related Operations (IronPlanet: ZOPB Highway ByPass J.V.) and Bank Bailouts. [A July 26, 2016 section repost].

IronPlanet, Inc. provides online auction services in the United States and internationally. The company operates an online marketplace for buying and selling used heavy equipment. It also offers conventional tractors, trucks, crawler tractors, dump trucks, trailers, excavators, and farm tractors. In addition, the company provides construction equipment, cranes, agricultural equipment, mining equipment, forklifts, quarry and aggregates, forestry machinery, oil and gas machinery, and motors. IronPlanet, Inc. was formerly known as IronPlanet.com, Inc. and changed its name to IronPlanet, Inc. in November 2009. The company was incorporated in 1999 and is headquartered in Pleasanton, California. It has operations in the United States, Canada, Mexico, Australia, and Europe.

Well, let me go check kepler.sos.ca.gov for the registration:

Entity Name:	IRONPLANET, INC.
Entity Number:	C2220649
Date Filed:	02/28/2000
Status:	ACTIVE
Jurisdiction:	DELAWARE
Entity Address:	3825 HOPYARD SUITE 250
Entity City, State, Zip:	PLEASANTON CA 94588
Agent for Service of Process:	C T CORPORATION SYSTEM
Agent Address:	818 West SEVENTH ST STE 930
Agent City, State, Zip:	LOS ANGELES CA 90017

On 4/14/2015, an IronPlanet Holdings, Inc. was formed with otherwise identical (except Entity#) information to that shown above:

Entity Number	Date Filed	Status	Entity Name	Agent for Service of Process
C3779046	04/14/2015	ACTIVE	IRONPLANET HOLDINGS, INC.	C T CORPORATION SYSTEM
C2220649	02/28/2000	ACTIVE	IRONPLANET, INC.	C T CORPORATION SYSTEM

(From Bloomberg.com link) Key Developments (notice the specialities of new SVP and Marketing Officer):

May 25 16

IronPlanet announced that Matt Ackley has been named senior vice president and chief marketing officer. Ackley comes to IronPlanet with 25 years of successful technology marketing experience with companies that include eBay, Google, Marin Software and FairMarket. An engineer by training, Ackley has led development and marketing organizations for major brands, such as eBay and Google, known disrupters of traditional industries. Ackley’s experience in product and industry marketing, along with his strategic vision in developing alternative revenue streams, will be assets as IronPlanet continues to grow and further add to its offerings. At IronPlanet, Ackley is responsible for all marketing and customer acquisition activities across IronPlanet’s brands. He is also a member of the executive committee.

 Also Zachary-Odebrecht (just a few minutes to look this up) represents in Odebrecht an international company founded 1944 in Brazil, opening US office in 1990, and (you can read the rest):

IronPlanet Wins Contract by Zachry-Odebrecht Parkway Builders Oct 6 15

I looked up the Z-O name; This appears to be a ‘Grand Parkways – Connecting Communites” project describing the “Design-Build Joint Venture Developers” in Houston, however it also tells about those two companies who later combined into one.  Again, I keep talking about “Public/Private Partnerships” and how our USA leaders are selling off projects to international investors, while maintaining a nice welfare and prison population to keep the natives in check, and working on // living in some of these projects, or traveling on them, etc.:

http://www.grandparkway99.com/about-grand-parkway-99/about-developer  viewed 7/25/2016

Zachry-Odebrecht Parkway Builders (ZOPB) is a fully integrated joint venture team of design-builders strategically aligned with local and international resources. 

Zachry Construction Corporation (ZCC) From the Dallas “High Five” Interchange to the U.S. Embassy in Moscow, Zachry Construction Corporation builds projects that matter. With roots in heavy construction – that began with a series of bridges constructed with the help of mule-drawn graders in 1924 – Zachry has pioneered techniques that have become the standard for today’s heavy and building construction. Zachry’s strong financial position and innovative private / public partnerships compliments our extensive capabilities to build and maintain complex facilities and infrastructure for our clients. For more information about Zachry Construction, please visit www.zachryconstructioncorp.com

Founded in 1944 in Brazil, the Odebrecht Organization is today a diversified business leader that operates in more than 20 countries and employs more than 190,000 people worldwide. Ranked by ENR as the 13th largest international contractor in the world (2012), Odebrecht USA opened its office in 1990, and since then it has successfully delivered projects throughout the United States. Odebrecht has a particular emphasis on public-sector infrastructure projects of vital importance for federal, state and local governments, as well as important private developers. Odebrecht USA has generated more than 84,200 jobs and awarded $655 million in contracts to small businesses. For more information about Odebrecht, please visit www.odebrecht.com/en

For just how very grand this is, being a $1.04B TexasDOT contract, here’s a description found at “ENR Texas/Louisiana’ (whoever that is)..(Engineering News-Record)..

Zachry-Odebrecht Lands $1.04 Billion TxDOT Contract,

Oct. 9, 2012 by Louis Poirer.

The Texas Dept. of Transportation has selected a developer for the expansion of state highway 99, Grand Parkway, a 184-mile outer loop that will give area drivers a third route to get around the Houston metropolitan area, the agency announced September 27. Zachry-Odebrecht Parkway Builders, a design-build joint venture between Zachry Corp. and Odebrecht that was formed specifically for this project, will construct three phases of SH 99. …

As part of the contract, which TxDOT estimates is worth $1.04 billion, Zachry-Odebrecht will build SH 99 segments F1, F2 and G in Harris and Montgomery Counties, totaling 37 miles of new toll road. Included within these three segments will be more than 50 bridges, frontage roads as well as drainage and utility infrastructure.

Senate Bill 1420 granted TxDOT the authority to develop Grand Parkway through public-private partnerships. While the state will maintain ownership of the project, the provisions of the partnerships allow the agency to contract with the private sector for design, construction, and potentially operation and maintenance. … “Should the Texas Department of Transportation (TxDOT) elect, the Zachry-Odebrecht JV could perform maintenance of the project for up to a 15-year period, as stipulated in the contract,” Snowden (of “Zachary”) says.

Now that the project was completed or nearing completion in 2015, the ZOPB had heavy equipment, such as cranes to dispose of, in Texas.  You can see that this is where the business “IRON PLANET, INC.” is in comes in handy:

Zachry-Odebrecht Parkway Builders JV disposes assets from $1.1 billion SH99 Grand Parkway Project 
Marcia Gruver Doyle | October 20, 2015, in Equipment World’s “Better Road News.”

“Some of the cranes used by Zachry-Odebrecht during bridge work on segment F-1 of the SH Grand Parkway Project in Houston. Photo Credit: grandparkway99.com”

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As it closes out the massive $1.1 billion SH99 Grand Parkway Project road project in Houston, Texas, during the next few months, the Zachry-Odebrecht Parkway Builders construction joint venture needs to dispose of more than 900 machines. The assets, purchased new during the project that began in 2013, include cranes boom lifts, dozers, wheel loaders, trucks and trailers and other rolling stock.

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Zachry-Odebrecht received the contract for three segments of the Texas Department of Transportation parkway located between US 59N/US 69 and US 290 in September 2012. The toll road is anticipated to be finished late this year.

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Instead of a one-and-done auction, Zachry-Odebrecht opted to use a variety of disposal platforms offered by IronPlanet. “As they take the machines off work, they can dispose of it in an orderly fashion,” says Jeff Jeter, IronPlanet president. Assets from the project started selling in early October, “and we’ll really see a ramp up in the next three to four weeks,” Jeter says.

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IronPlanet will receive a list of equipment weekly from Zachry-Odebrecht, and put machines on the list up for sale. Most of the rolling stock, including wheel loaders, excavators and trucks, will be offered first on allEquip, IronPlanet’s “buy now” online marketplace.

After a machine is on the site for three weeks, if not sold, it will be offered in one of IronPlanet’s weekly online auctions. “AllEquip is for those who have an immediate need for the equipment,” Jeter says. Those who can wait can vie for it on the online auction…

So, the State of Texas will own the project, and this Joint-Venture Partnership (with one of the two parties being HQ Brazil) will probably maintain it for some years, while the people will be charged tolls for usage — after also having helped support the State of Texas simply because government entities ARE supported by citizen’s taxes and usage fees in general.  At the end of the day, who CONTROLS the Grand Parkway?

TIMELINE — the project being over, we are now up to 2015…

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One more look at the Bloomberg summary of “IronPlanet, Inc.” with a reminder, this is actually about JUSTGIVE.org (who recently, its website says, joined up with a huge UK-based on-line giving platform “JustGiving” — not shown in the latest available tax returns as this was announced as of July 18, 2016, which is the beginning of a fiscal year for JustGive.org out of San Francisco.  

I’m posting this because of “SunTrust.org” reference:

http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=124846

IronPlanet Closes New $55 Million Debt Financing  {{See “Syndicate Members”}}

Sep 17 15

IronPlanet announced that it has closed a new $55 million senior secured credit facility. The new facility repays a prior senior secured loan and provides additional capital for growth. The new credit facility has a five year maturity. SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as Lead Arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase Bank, N.A., Regions Bank and Silicon Valley Bank.

 

A SECTION ON SUN TRUST, in case it’s not familiar territory.  Pay attention to the time line (as well as the bottom lines)….

Sun Trust was one of those banks the US Government bailed out in 2008.  This CNN Money Chart shows the amounts, with green-tinted ones representing who has paid the government back so far.  Sun Trust’s amount was $3.5B (and not paid back as of date of this chart:

Bailed out banks

(shown at http://money.cnn.com/news/specials/storysupplement/bankbailout/)

The Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to prop up capital and support new lending. Here’s a list of the banks that got bailed out.

(Editor’s note: This information has not been updated.). . . . (a very long list inbetween, with totals at the bottom):

Total purchase amount:			$204,808,576,320
Total repaid:			-$96,249,045,000
Capital Purchase Program total investment:			$108,487,042,320

¹Initially allocated to Merrill Lynch, which Bank of America purchased on Jan. 1, 2009
Source: Treasury Dept.

ProPublica is tracking the bailout, and shows the “Capital Purchase” a.k.a. “HEALTHY BANKS” program, tracking the warrants purchased and sold for Sun Trust, below:

Date	Type	Amount	Program	Description
03/15/2011	Dividend	$60,625,000	CPP	Dividend – Cumulative
12/15/2010	Dividend	$60,625,000	CPP	Dividend – Cumulative
09/15/2010	Dividend	$60,625,000	CPP	Dividend – Cumulative
09/15/2009	Dividend	$60,625,000	CPP	Dividend Paid
06/15/2009	Dividend	$60,625,000	CPP	Dividend Paid
12/15/2009	Dividend	$60,625,000	CPP	Dividend Payment
05/31/2009	Dividend	$72,881,944	CPP	Dividends Paid Through 5/31/2009
06/15/2010	Dividend	$60,625,000	CPP	Dividends payment
12/31/2008	Purchase	$1,350,000,000	CPP	Preferred Stock w/ Warrants
11/14/2008	Purchase	$3,500,000,000	CPP	Purchase – Preferred Stock w/ Warrants
03/30/2011	Refund	$4,850,000,000	CPP	Repayment
09/22/2011	Warrant	$15,996,899	CPP	Warrant Proceeds
09/22/2011	Warrant	$14,069,763	CPP	Warrant Proceeds

For our blog, resources and more, see our main bailout page.

This represents how much the government bailed out SunTrust for by purchasing warrants, which was paid back, still from the ProPublica website (same as above):

• May 7, 2009 Federal releases the results of its stress tests

  According to the results of the Federal Reserve’s “stress tests,” 10 of the 19 largest banks will have to raise a total of $74.6 billion in additional capital to withstand a dire economic scenario. Ultimately, all of the banks raise the money privately, with the exception of GMAC.

  More info from www.propublica.org
• $1.35B Bailout

  Dec. 31, 2008 Preferred Stock w/ Warrants Part of Capital Purchase Program

• $3.5B Bailout

  Nov. 14, 2008 Purchase – Preferred Stock w/ Warrants Part of Capital Purchase Program

  More info from www.financialstability.gov

$3.5B + $1.35B = $4.85B, obviously.  So, SunTrust paid it in 2011 and by 2015 was arranging a syndicate involving IronPlanet Inc, a $55M credit facility — with other big banks.

Interpreting all that is somewhat “above my pay grade”, however you can see the dates and amounts. Click on the active links “CPP” to see fine-line list of dividend payouts — but what I want more clarity on is who got those dividends when they were paid out.

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AND, a 3/18/2011 article by Ben Protess and Eric Dash, in NYT “Dealbook,” “Many Banks are Clinging to Billions in Bailout Money“ [Cites SunTrust as one of the two largest holdouts, but about to pay it back….]

Even as the nation’s biggest banks stepped further out of the government’s shadow on Friday, hundreds of financial institutions were still hanging on to billions of taxpayers’ dollars.

Nearly 600 institutions, ranging from large regional powerhouses to small community banks, are holding on to more than $30 billion — about 13 percent of the $245 billion handed out to banks at the height of the financial crisis.

Some of the money will be paid back quickly. Two of the largest remaining bailout recipients, SunTrust and KeyCorp, swiftly announced plans to return their bailout funds, after getting a clean bill of health from the Federal Reserve on Friday.

And, a few weeks later in the Orlando Sentinel:

SunTrust completes payback of $4.85 billion in TARP money

March 31, 2011|By Richard Burnett, Orlando Sentinel

SunTrust Banks Inc. has paid back the $4.85 billion it received more than two years ago from the government’s bank-bailout fund, completing a transaction it announced a couple of weeks ago.

Atlanta-based SunTrust, the largest bank in Central Florida based on deposit share, said it ended its participation in the Troubled Asset Relief Program by repaying the bailout money it received in 2008. Specifically, it repurchased the securities it had provided to the U.S. Treasury Department as one of the terms of the TARP program. …

SunTrust financed the TARP repayment and securities repurchase with the proceeds of a $1.04 billion stock offering and $1 billion debt offering completed last week. The bank passed the Federal Reserve’s latest regulatory “stress test” in February and had been cleared to raise capital for the TARP repayment.

…. The U.S. Treasury Department has now recovered more than $250 billion from banks that received bailout money in 2008. Through dividends and other payments, the government has generated nearly $6 billion in profits so far from the program.

About 600 financial instiutitions still owe about $20 billion to TARP, according to some government figures. Most major banks repaid their bailout money before the end of 2009.

Earlier this month, the Congressional Budget Office estimated that TARP’s eventual price tag for U.S. taxpayers would be about $25 billion, “an enormous sum, but vastly less than the $356 billion that we initially estimated.” rburnett@tribune.com or 407-420-5256

 

September 2011 in “American Banker” on the alleged $6B “Kickbacks” scheme:

• Banks Took $6B in Reinsurance Kickbacks, Investigators Say By Jeff Horowitz, Sept. 6, 2011

Many of the country’s largest banks received $6 billion in kickbacks from mortgage insurers over the course of a decade, according to a previously undisclosed investigation by the Inspector General of the Department of Housing and Urban Development.

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The allegations, since referred to the Department of Justice, stem from lenders’ demand that insurers cut them in on the lucrative business of insuring the mortgages they produced during the housing boom.

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In exchange for their business, companies such as Citigroup Inc, Wells Fargo & Co, SunTrust Banks Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.

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During a two-day presentation in the summer of 2009, HUD’s team presented DOJ attorneys with a thick binder of evidence that major banks had engineered a decade-long kickback scheme, people familiar with the investigation say.  Documents from the investigation show that the inspector general’s staff concluded that banks and insurance companies had created elaborate financial structures that had the appearance of reinsurance but failed to transfer significant amounts of risk to their bank underwriters. Some of the deals were designed to return a 400% profit on a bank’s investment during good years and remain profitable even in the event of a real estate collapse.

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Making matters worse, banks allegedly forced unknowing consumers to buy more insurance than they needed and failed to properly disclose the reinsurance agreements, another RESPA violation.

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HUD’s acting inspector general, Michael Stephens, worked on the case before being appointed to head the inspector general’s office last year. He acknowledged the investigation’s existence and expressed frustration that the case had not yet produced a settlement or prosecution

(That article seems like a good explanation — read section about Minnesota field Inspector General Agent “Kubesh”):

Mortgage insurance, often required for borrowers without sizable down payments, is a substitute for equity that serves to protect a loan’s owner in the event of a borrower default. Banks typically choose the insurance carrier, but borrowers pay for the coverage in the form of higher net mortgage payments. In the industry’s early years, there were no financial ties between banks and the insurers.

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But Kubesh, a former IRS agent, found that the insurers had taken out reinsurance from subsidiaries of the banks that had produced the loans. Virtually all major lenders had established such ventures, which supposedly shared insurers’ risk in exchange for a portion of the insurance premiums.

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Kubesh was skeptical of the captive reinsurance agreements, which were entrenched in the mortgage insurance market but at best grudgingly tolerated by HUD in other areas. In a May 2007 settlement, for example, HUD slapped Beazer Homes for using a captive subsidiary to share in the proceeds of title insurance. “There is almost never any bona fide need or business purpose” for captive title reinsurance, HUD noted at the time, adding that the deals’ outsized profitability was “strong evidence there is a sham arrangement” to circumvent RESPA. {{=”the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.””}}

In other words, complicated financial arrangements to conceal intent to get around a law intended to protect.

In the “SunTrust” timeline leading up to another syndicate for a $55M credit facility, secured only in Sept. 2015, with “IronPlanet, Inc.” co-located (Registered agent) with “JUSTGIVE.org” here’s US Treasury Dept. saying it was able to sell $30.1M of “Warrants” from SunTrust.  I looked at the details of those — all but scared investors away; they were like a sort of created vehicle.  I ran across it in the context of looking at some HUD intermediary organizations about a year ago:

• 9/23/2011 in USA Today, Treasury Nets $30.1 in SunTrust Bailout Loan

WASHINGTON (AP) – The Treasury Department says it has sold nearly 18 million warrants it holds in Atlanta-based SunTrust Banks. The sale helped the government recoup taxpayer money from the $700 billion Wall Street bailout.   The department says it will receive $30.1 million from the sale. A warrant gives the purchaser the right to buy SunTrust stock (STI) at a specified price.

• 11/1/2013 — this is just a blog, “The Steady Drip“and after a quick Wiki on “SunTrust Banks” connects a Bailout Company (Sun Trust Banks, Inc.) Director to NAACP Legal Education and Defense Fund and points out progressive (Soros Open Foundation, Center for American Progress) ties to the same through two directors of Sun Trust Bailout Bank.  Posting it here is part of general search result and doesn’t indicate my agreement with this blog, which I haven’t read the rest of.  FOR WHAT IT’s WORTH:

Donna S. Morea is a director at the SunTrust Banks, Inc. (Bailout Company), was a trustee at the Committee for Economic Development, and the EVP for the CGI Group Inc.

CGI Group Inc. was the Obamacare contractor that developed Healthcare.gov web site.

Obamacare is Barack Obama’s signature policy initiative.

Melody C. Barnes is Barack Obama’s golf partner, was the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration, the communications and legislative affairs director for the U.S. Equal Employment Opportunity Commission, and a principal for the Raben Group.

Raben Group is the lobby firm for the NAACP Legal Defense & Educational Fund.

Karen Hastie Williams is a director at the NAACP Legal Defense & Educational Fund, and was a director at SunTrust Banks, Inc. (Bailout Company).

• 7/13/2014 (just about two years ago), by Deon Roberts in the Charlotte Observer, “Sun Trust Agrees to $320M Settlement over Mortgage Modifications“

Atlanta-based SunTrust Banks has agreed to a settlement of up to $320 million to resolve a criminal investigation into the lender’s treatment of applicants to a federal mortgage-assistance program, according to a deal announced Thursday.

SunTrust had been accused of mismanaging the Home Affordable Modification Program from 2009 to 2010, causing harm to thousands of borrowers who applied for the program.  HAMP, part of the federal bailout program, is designed to reduce monthly mortgage payments for struggling borrowers and prevent foreclosure.

Federal authorities said they began investigating SunTrust after receiving complaints that the lender misled homeowners who had applied to it for a HAMP loan modification. ..

According to the complaints, SunTrust made “misrepresentations and omissions” to homeowners, including on how long the lender would take to decide whether borrowers qualified for HAMP. Among other things, the lender was also accused of failing to have an effective system to process HAMP applications in a timely fashion. …

SunTrust has agreed to provide up to $274 million in consumer remediation, $20 million for housing counseling for homeowners, $10 million in restitution to Fannie Mae and Freddie Mac and a cash payment of $16 million to the Treasury Department, under the agreement with the U.S. attorney’s office for the Western District of Virginia. ….

Last month, authorities announced a nearly $1 billion national settlement with SunTrust to resolve alleged abuses in mortgage and foreclosure practices. North Carolina homeowners are expected to receive up to $21.5 million in loan modifications and other relief as part of that deal.
Read more here:

Huffington Post in 2013 on how SunTrust evicted a supermarket in an area where the poverty rate was 41%:

• SunTrust Evicts Supermarket; Hungry Onlookers Stand By As Perishable Food Is Sent To Dump

04/09/2013 02:24 pm 14:24:49 | Updated Apr 10, 2013    “Police in Augusta, Ga., stopped hundreds of hungry people last month from collecting the groceries left behind after SunTrust bank evicted a supermarket in the community.”  …Richmond County, where the supermarket is located, has a poverty rate of 41 percent, according to data cited by the Centre for Research on Globalization.

What a mess!

 

SUMMARY (kind of!) — JUSTGIVE.org formed in July 1999, and though it’s not showing yet on their tax returns, their website says they have combined with a UK firm as of Summer 2016.  I found the “AG OK to Dispose of Assets” notice over at the Charitable Registry for JustGive.org.  The details of this registration shows how fast their revenues accelerated, and their assets, not quite so fast — but in the end it was still looks like $3+ Million.  As I mentioned, that’s pretty lean -and-mean operating costs.

However we also discovered that one of the Board members of JustGiving, (and at the last filing above, Chairman of the Board) Doug Feick, was also registered agent for IRONPLANET, Inc. — quite an operation, servicing obviously some heavy industry and joint venture design/build entities which are doing major PUBLIC/PRIVATE (INFRASTRUCTURE) projects, international joint venture Design Build Partnerships, I should say (one being from Sao Paolo, Brazil).

The IronPlanet, Inc. website “Management Team” shows Mr. Feick is a lawyer  with some work history at Yahoo:

Doug graduated with a B.S. in Business Administration from Miami University and a J.D. from the University of Southern California. Doug is a member of the State Bar of California.

Douglas P. Feick Senior Vice President, Corporate Development and Chief Legal Officer Doug is responsible for IronPlanet’s worldwide legal affairs and corporate development activities. Prior to joining IronPlanet, Doug served as Executive Vice President, Business Affairs and General Counsel at ChoiceStream, Inc. where he managed all legal matters and was responsible for business and corporate development activities, including strategic partner negotiations and deal structuring. Prior to ChoiceStream, Doug was Vice President, Corporate Development and Associate General Counsel, International at Yahoo!, Inc. (NASDAQ:YHOO) where he first started and ran Yahoo!’s international legal group and then co-ran Yahoo!’s domestic and international corporate development activities. He brings to IronPlanet more than 25 years of legal and business experience, including many years as primary outside counsel to a variety of high-growth internet, software and technology companies.

IRONPLANET, Inc. has investors, and names them in its short “ABOUT US” Page.  It’s also clearly an ONLINE MARKETPLACE, also showing the name is a registered mark:

IronPlanet® is the leading online marketplace for used heavy equipment. Our sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers. Our guaranteed inspection reports and exclusive IronClad Assurance® enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo.

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Obviously (as if the word “Planet” weren’t a clue) this is a globally-oriented company, using the digital platform to do business.  A diagram from their website:

See IRONPLANET.com

In fact there are plenty of registered and service marks:  Copyright © 1999-2016 IronPlanet, Inc. All Rights Reserved. IronPlanet®, Asset Appraisal Services℠, TruckPlanet®, allEquip℠, GovPlanet®, Kruse Energy℠, IronClad Assurance® and Auctions you can trust® are service marks of IronPlanet, Inc. All other marks and brands are the property of their respective owners.

June 30,2016, [California’s Office of] AG No Objection Letter to “Notice of Proposed Sale of Assets of JustGive, Inc. (CT 112204)”

MEANWHILE, JUSTGIVE.org, also with a business model highly dependent on the internet as a platform, Noticed the California OAG that it was going to dispose of assets, and got the OK, just recently on June 30, 2016:AND, I see that it settled with the State of Utah Div. of Consumer Affairs — for only $2,500 — for soliciting while not registered to do so, dated 2016: (see three nearby images, one from California, the other two from Utah) (Note:  previously images, which came from my July 2016 post , were not set to “Click to enlarge.”  This was just corrected, and captions added.  Apologies to any viewers this may have inconvenienced.  //LGH 11-30-2017.

Settlement Agreemt for JUSTGIVE before Div of Consumer Protection of Dept. of Commerce of the State of Utah (CP Action# as shown on face sheet – click image to enlarge.)

(P2 of 2, Settlemt Agreemt JustGive + Dept of Commerce, State of Utah…

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Miscellaneous Documents-19 (JustGive) (really odd letter with the years obviously mixed up, it’s dated June 2010 asking for an extension for tax return ending Feb. 2009, which it claims is due October 2008.  Something tells me requesting an extension was a routine procedure over there.