Results tagged “trust”

Even though consumer banks seem to be opening on every block these days, a new study from the Pew Charitable Trust shows that a staggering 12% of New York households still don't have bank accounts, preferring to cash their checks and hide their savings in their houses. Many of those are low-income earners and the NY Times cites LES bodega owner, Jose Alberto Abreau, as an example: "When he makes 'good money,' he said, he asks friends to take it to his family in the Dominican Republic." Additionally, he has repeatedly refused offers from credit union workers trying to convince him to build a credit history. Not surprisingly, the volatile economy hasn't helped banks earn anyone's trust. Peter Mosbacher of Amalgamated Bank admitted that they "are having that challenge to get people to understand that the American banking system is stable." Maybe the skeptics are on to something, though, because how is anyone supposed to trust banks when they take years to catch NYU scammers?

Two years after Leona Helmsley's death, a battle continues over her multi-billion dollar trust. Her will stated that the entire trust—over $5 billion— be used toward the care and welfare of dogs, but earlier this year, a judge allowed trustees distribute the money amongst a number of charities. Now, the ASPCA, Maddie's Fund and the Humane Society have filed a suit to make trustees follow Helmsley's wishes to help dogs.

A judge ruled that Leona Helmsley's multibillion dollar fortune can be distributed to a number of charities—and not just dog-related ones. The real estate mogul, who died in 2007, had wanted her $5-8 billion fortune to go to canine charities (she also left $12 million to her dog Trouble, but that was reduced to $2 million by a judge), but now The Leona M. and Harry B. Helmsley Charitable Trust's trustees will be able to determine where the money goes. A statement from the trust notes, "In the hope that this would be the court's decision, the trustees have been diligently working to identify potential grantees so the Trust's funds would be put to optimal use as soon as possible in such areas as health care, medical research, human services, education, and various other areas."

Unsurprisingly, the Humane Society has issued a statement saying they strongly approve of Leona Helmsley's posthumous wish to put her entire trust towards the welfare of dogs. The group asks that the trustees to honor her wish, creating a better world for the pups--and people--of the planet. Wayne Pacelle, president and CEO of The Humane Society, noted that "While there are 10,000 or so humane organizations in this country, many are poorly funded and overwhelmed by the daily burdens they face. Robust giving by Helmsley's trustees can remedy this problem, and in a major way." Read the full statement after the jump.