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Recommend Greg Palast - GOLDMAN SUX? Giant Squid Strikes Again at Occupy Wall Street's Credit Union (Email)

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http://www.opednews.com/articles/GOLDMAN-SUX-Giant-Squid-S-by-Greg-Palast-111031-449.html

October 31, 2011

By Greg Palast

What have I done?  There's one angry squid out there.

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.

For Goldman to suck its $10 billion from the TARP trough, Goldman had to change from investment bank to commercial bank. This change makes Goldman subject to the Community Reinvestment Act (CRA) and requires it by law to pay back a notable portion in funds for low-income communities, abandoned by the big banks.


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