Post by Armand Tanzarian on Oct 28, 2011 8:20:51 GMT -5
I highly recommend you either watch the whole video, or read the articles if you can't watch videos.
www.gregpalast.com/sachs-fiendgoldman-attacks-occupy-wall-streets-non-profit-bank/#more-4873
www.guardian.co.uk/commentisfree/cifamerica/2011/oct/27/goldman-sachs-occupy-wall-street
online.wsj.com/article/SB10001424052970203752604576645480987452682.html
As brief as I can make it, here's the summary. Under the law, Goldman Sachs, who received TARP money in 2008, must redistribute part of their bailout to lower-income brackets. The way they do so is to give minute contributions to credit unions. One of the credit unions is the Lower East Side People's Federal Credit Union, a small lower-income specialty bank which received $5,000 from Goldman.
As of now, Occupy Wall Street is faced with the reality of having more donations than they will ever need (WSJ estimates it at $450,000). So they do what any organization does and opens an account with the aforementioned People's Bank. And the bank, which services New York's poor Latino neighbourhoods, is honoring them right back by honoring them in their 25th anniversary dinner. In the same dinner, they also plan to acknowledge Goldman Sachs for their $5,000 contribution.
Except Goldman finds this out and threatens legal action. In the end, they withdraw their $5K.
Goldman is basically using the TARP money, money they are legally mandated to distribute, to bribe credit unions and community banks. It also exposes how much of the TARP money is actually distributed to small banks; not much, or as Greg Palast put it, "with an eyedropper".
The People's Bank stand by their decision to honor OWS, even though Goldman (and Capital One) have withdrawn from their dinner. But it does raise an interesting questions Republicans and Teabaggers must answer; are you really comfortable with large corporations essentially puppeteering Main Street in such a manner, using your money, in such a blatant manner?
www.gregpalast.com/sachs-fiendgoldman-attacks-occupy-wall-streets-non-profit-bank/#more-4873
www.guardian.co.uk/commentisfree/cifamerica/2011/oct/27/goldman-sachs-occupy-wall-street
online.wsj.com/article/SB10001424052970203752604576645480987452682.html
As brief as I can make it, here's the summary. Under the law, Goldman Sachs, who received TARP money in 2008, must redistribute part of their bailout to lower-income brackets. The way they do so is to give minute contributions to credit unions. One of the credit unions is the Lower East Side People's Federal Credit Union, a small lower-income specialty bank which received $5,000 from Goldman.
As of now, Occupy Wall Street is faced with the reality of having more donations than they will ever need (WSJ estimates it at $450,000). So they do what any organization does and opens an account with the aforementioned People's Bank. And the bank, which services New York's poor Latino neighbourhoods, is honoring them right back by honoring them in their 25th anniversary dinner. In the same dinner, they also plan to acknowledge Goldman Sachs for their $5,000 contribution.
Except Goldman finds this out and threatens legal action. In the end, they withdraw their $5K.
The Credit Union, a small lender serving New York's poor, was holding a fund-raiser to celebrate its 25th anniversary. Among the chief sponsors listed on the invitation was Goldman Sachs Group Inc.
Among the honorees: "Occupy Wall Street."
They might as well have asked Marie Antoinette to dig into her purse to support Madame Defarge's knitting business.
Shortly after the invitation was sent out, Goldman withdrew its name from the dinner. It also pulled the plug on its $5,000 funding pledge.
The debate that ensued—between bankers and nonprofit chiefs, philanthropists and financiers—turned a modest fund-raising dinner into a heated battleground between Wall Street and the Occupy protestors, exposing contradictions on both sides.
Among the honorees: "Occupy Wall Street."
They might as well have asked Marie Antoinette to dig into her purse to support Madame Defarge's knitting business.
Shortly after the invitation was sent out, Goldman withdrew its name from the dinner. It also pulled the plug on its $5,000 funding pledge.
The debate that ensued—between bankers and nonprofit chiefs, philanthropists and financiers—turned a modest fund-raising dinner into a heated battleground between Wall Street and the Occupy protestors, exposing contradictions on both sides.
Goldman is basically using the TARP money, money they are legally mandated to distribute, to bribe credit unions and community banks. It also exposes how much of the TARP money is actually distributed to small banks; not much, or as Greg Palast put it, "with an eyedropper".
The People's Bank stand by their decision to honor OWS, even though Goldman (and Capital One) have withdrawn from their dinner. But it does raise an interesting questions Republicans and Teabaggers must answer; are you really comfortable with large corporations essentially puppeteering Main Street in such a manner, using your money, in such a blatant manner?
