Goldman Sachs Threatens Small Community CU For Banking With OWS Protestors

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From the Money Trends Research blog:

Last week, Democracy Now! and The Guardian ran our story about Goldman Sachs yanking financial support from a community credit union for honoring one of its largest customers. The customer: Occupy Wall Street.

Our report so enraged Goldman that, within days, it doubled down on its attack on the little community bank.

Goldman had already demanded the return of its $5,000 payment to the Lower East Side Peoples Federal Credit Union. Now, sources say, the trillion-dollar Wall Street mega-bank sent the following message to the not-for-profit community bank: ”You will never get a dime from any bank ever again.”

About those ”dimes” Goldman is taking away: They come from you and me, the taxpayers who put up billions into the Troubled Asset Recovery Plan (TARP), usually known as the Bank Bail-Out Fund.

"Our story" link is to Greg Palast, who broke the initial story -- here is a snip of that story:

The trouble began three weeks ago when the occupiers suddenly found their donation buckets filling with thousands of dollars, way more than needed for their pizza dinners. Suddenly, the anti-bank protesters needed a bank. Citibank and Chase certainly wouldn't fit. So OWS opened an account at the not-for-profit Lower East Side Peoples Federal Credit Union. Peoples has a unique federal charter – designated to open accounts for low-income folk from all over NewYork, available to those families earning less than $38,000 per year. (Disclosure: the CEO of the Peoples bank is my dearly beloved ex. But that's another story.)

Goldman Sachs had also joined up with the Peoples bank. Goldman partners reportedly earn a bit more than $38k per annum, yet Goldman's association so far was limited to giving the credit union $5,000 toward the little bank's 25th anniversary celebration dinner. Goldman's largesse was acknowledged on the dinner invites – along with the night's honoree: Occupy Wall Street.

When a Goldman exec saw its gilded name next to Occupy Wall Street, the financial giant expressed much displeasure. In fact, my sources say, Goldman threatened legal action unless the credit union gave up the $5,000 and reprinted the invite sans the Sachs moniker. Goldman Sachs did not respond to our requests for comment on the affair.

EXACTLY what OWS is about!


ETA more at both links.

[madrchsod]

1. during the tarp crap a local bank owed a large chicago bank money

the chicago bank took the tarp money from the local bank. so the local bank had no money to lend out to the community.

makes perfect sense does`t it?

[Kaleko]

2. In other words, it's working!

First you piss them off.

Then you make them drop their masks.

Then they crumble under their own rot.

- The short story about Zombie Banks

:)