Fidelity Won't Let Fund Holders Donate to Southern Poverty Law Center | Hacker News Reader

Fidelity Won't Let Fund Holders Donate to Southern Poverty Law Center

nytimes.com

It's truly a sad reflection on the state of our government that when I read the DoJ's press release about these charges, all I could think is that the charges are probably not legitimate and are instead politically motivated. This administration has no credibility left whatsoever.

Then to see Fidelity take a political stand - well, given my terrible experiences with that company, I can't say I'm surprised.

I don’t see this as Fidelity taking a political stand, but a conservative risk management decision.

It's astonishing that the left is upset about the SPLC being indicted for funneling money to white supremacist groups.

what if it becomes clear that it was only to pay informants?

I guess Fidelity doesn't want to help fund hate groups. https://www.justice.gov/opa/pr/federal-grand-jury-charges-so...

They were paying confidential informants for tips they would use in investigations and pass to law enforcement. Not QUITE the same as being a hate group.

Sure, sure - that's why they went to lengths to ensure the money wasn't traceable back to them, right?

You mean like undercover cop trying real hard not to show his pay slip to mob members?

I'll point out that undercover cops are paid the same way as any other officer.

We're not talking about undercover cops, we're talking about confidential informants, people who by definition are not police.

The comment I was replying to was specifically about undercover cops.

That said - in the US, confidential informants are also paid directly by the agency or police department. While they sometimes (often?) paid in cash, the purpose and disbursement of those funds is closely tracked internally and auditable.

They're _not_ using shell companies to hide the fact that they're paying people for information. SPLC is. Why?

If paying in cash is sufficient for law enforcement, why would it be a problem for the SPLC? It seem clear to me that the intent is to hide the fact that they're doing it at all, not to protect the identities of their informants.

>I guess Fidelity doesn't want to help fund hate groups

Your "guess" is not the stated reason. FTA:

>“Consistent with our grant-making standards and practices, the organization is not an eligible grant recipient during the ongoing investigation.”

In fact, WRT Fidelity's actual disposition on funding hate groups, the SPLC reported in 2023 that their donor advised fund had been consistently used to that effect, including anti-LGBTQ, anti-government, anti-Muslim, and hard right groups.[0]

[0]https://www.splcenter.org/resources/hatewatch/extremist-cryp...

DAFs (U.S. tax law) were never meant to benefit charities, they are a way to give donors a tax break today by putting money in the hands of for-profit entities like Fidelity in exchange for a vague promise to maybe someday donate to an actual charity.

https://blog.charitywatch.org/the-dark-side-of-donor-advised...

I wonder if Fidelity is putting a similar restriction on those age 70 and above who wish to make a Qualified Charitable Distribution (QCD) from their Traditional IRA to Southern Poverty Law Center. This would be even worse, since it is not Fidelity's job to audit the charitable deductions made via QCDs.

I've seen situations where Fidelity won't let you OR your spouse access your retirement funds if your spouse ends up in legal trouble. I really wouldn't keep money you need to be able to access with them. My friend ended up in prison non-finance related and his wife didn't have access to their retirement account (luckily she had other income sources).

https://archive.is/IvVBz

The Trump regime's campaign to radicalize as many people as possible continues unabated.

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