Merrill Lynch no longer exists
A few days ago there was a rumor that WBAI, a Pacifica station, had accepted $10,000 from Merrill Lynch. Since Pacifica does not accept corporate underwriting, this created quite an uproar. The “Concerned Listeners”/”SaveKPRA” faction (the CL’ers) immediately spun it to their liking and reported it on the KPFA news, using it in their ongoing campaign to embarrass Pacifica. But in reporting the story, the CL’ers had apparently forgotten that Merrill Lynch no long exists.
So what really did happen? Below is a report from Tracy Rosenberg, Pacifica Foundation Board of Directors Treasurer.
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Report on claims of "corporate underwriting" from Merrill Lynch
by Tracy Rosenberg
April 26, 2011
Here are the facts regarding the claims of corporate underwriting from Merrill Lynch that have been erroneously reported by (sequentially), the WBAI LSB, the KPFA News Department and the Save KPFA organization. Please feel free to forward this report. This is being provided in the fulfillment of my duties as the board treasurer of the Pacifica Foundation. Any reports to the contrary issued by foundation spokespeople or broadcasted should be retracted.
The issuer of the checks in question is Goldman Sachs Gives. Goldman Sachs Gives is the working name of the Goldman Sachs Charitable Gift Fund, a Delaware non-stock corporation, including it's UK branch, the Goldman Sachs Charitable Gift Fund UK, a company limited by guarantee # 6314343, registered in England and Wales under charity # 1120148 and as a charitable institution with Hong Kong Inland Revenue Department with a registered office at Peterborough Court 133 Fleet Street, London EC4 2BB.
This is a donor-advised gift by an individual who wishes to remain anonymous and is located on the Upper West side in New York City who has advised a gift via the Goldman Sachs Gives Annual Giving Fund, The funds are payable to the Pacifica Foundation and suggest the donation is recommended by the donor to support the WBAI News Department and a possible special series on Hydro-fracking.
The terms of the gift are as follows.
"After considering the above recommendation, Goldman Sachs Gives has approved a grant to your organization. This grant is being made from the GS Gives Annual Giving Fund, an account within Goldman Sachs Gives. It is not necessary to issue a letter of acknowledgment to Goldman Sachs Gives for this donation. By accepting this check, your organization is deemed to certify to Goldman Scahs Gives that 1) no tangible benefit, goods or services were or will be received by an individuals or entities connected with The Goldman Sachs Group Inc. or Goldman Sachs Gives and 2) you will not use this grant to satisfy the payment of any pledge or other personal financial obligation on behalf of the person(s) recommending this grant or any person or entity connected to the recommenders."
This is a major donor gift from an individual to the Pacifica Foundation accompanied by a recommendation from the donor on how he would "like" the gift to be used that has no binding force of law. There is no grant report due to the entity Goldman Sachs Gives and no constraints on the Pacifica Foundation to use the funds in any way, except that they should not pay the donor's personal bills with it.
Please reclassify the funds as an unrestricted major donor gift so it is recorded correctly on the Foundation books.
Documentation available on request with thanks to WBAI and Goldman Sachs Gives for their assistance.
Treasurer, Pacifica Foundation Board of Directors
KPFA -FM, Listener Representative
Check # 5618 $10,000 - From Goldman Sachs Gives to the Pacifica Foundation dated 2-18-2011- on the recommendation of D.S. via the Goldman Sachs Annual Giving Fund
Check # 4431 - $5,000 - From Goldman Sachs Gives to the Pacifica Foundation dated 10-26-2010 - on the recommendation of D.S via the Goldman Sachs Annual Giving Fund.