Live

Watch CBSN Live

An Occupy Wall Street PAC?

A sign is posted at the Occupy DC encampment in McPherson Square in Washington, DC January 26, 2012. The '99 percent' phrase has become the slogan of the Occupy Wall Street movement that has spread throughout the United States. KAREN BLEIER/AFP/Getty Images

A supporter of the 99 percent is one of the latest citizens (or corporations) to apply to raise unlimited sums of money for politics.

John Paul Thornton of Decatur, Alabama submitted an application to the Federal Election Commission on behalf of  Occupy Wall Street to create the Occupy Wall Street Political Action Committee.

Thornton said the type of entity applying is a "cooperative" and listed the mailing address of the organization as having "none" but also being "everywhere."

Thornton only partially stuck to the movement's anti-Wall Street philosophy. The primary bank listed to collect funds raised for the PAC is a credit union -- a preferred financial institution. But the second financial outlet listed on the FEC forms is a corporate regional bank -- not one of the big Wall Street firms -- but a member of the S&P 500.

"[I was] watching ["The Colbert Report"] and I thought, 'Wouldn't be nice if Occupy had a PAC,' and ... like a lightbulb, it came to me!" Thornton told a CBS station in Atlanta

From the forms, it's unclear for which candidate(s) or issues the PAC would be advocating or opposing.

View CBS News In