The Little Engine That Could
Posted: November 1, 2011 Filed under: #Occupy and We are the 99 percent!, Banksters, commercial banking, Corporate Crime, Global Financial Crisis, income inequality, U.S. Economy 10 CommentsThere’s a fascinating story that’s been brewing right under the radar that is beginning
to sprout legs. And I hope continues and receives a larger audience. It’s the battle between Goldman Sachs [and by association the other TBTF’s] and the Lower East Side People’s Credit Union in NYC. Why? Because it’s the perfect metaphor for what’s been going on in the US since deregulation turned our financial system into an iron-fisted bully.
Occupy Wall St. [OWS] as everyone recalls was ignored at first, ridiculed and dismissed, and now has become a fixture and swirl point of political discussion. Conversations are changing. People are beginning to pay attention in both positive and negative ways. OWS started to receive donations from across the country because many Americans are simply fed up with what they see as the gross corruption of money and power on our political system.
And so the Movement that was doomed at the start, who railed against the Big Banks suddenly found itself [by some accounts] with over $300,000. What to do? They needed a bank. And where did they go? To the Lower East Side People’s Credit Union, servicing the City’s low income citizens, primarily Latinos. The People’s Credit Union decided to hold an honorary benefit for their generous depositor, the Occupy group.
And then . . . Boom!
Goldman Sachs had a near hissy fit. Why? Because Goldman had given People’s Credit $5000. This was not a gift, not a donation of goodwill but a drop of cash they are required under the TARP agreement to give through the Community Reinvestment Act [CRA]. They are legally required to give this money out to the community under the original deal. But Goldman in their infinite wisdom and with hackles up over any mention of OWS has decided to use this required reinvestment as a hammer to exert their will. Goldman Sachs has demanded their $5000 back. And also, I would suggest, they wish to set an example: You play it our way or you don’t play at all. It’s been reported the heat has been turned up with a nasty message to People’s:
“You will never get a dime from another bank again.”
Democracy Now has been following this story. A reporter by the name of Greg Palast has done the investigative work from the start and has tried to get Goldman Sachs to give their side of the story. Quelle surprise! No response. I encourage you to watch the clip from Democracy Now. If it doesn’t get your blood boiling then I want to know what mega-tranquilizers you’re on.
This is what Occupy is all about. This is what must change.
peej
Carissa
ecocatwoman
mablue2
peggysue22
quixote
skydancingguestblogger
Mona (aka Wonk the Vote)
Sky Dancing 
I noticed that there’s a backlash from politicians with bank support now saying it’s not the banks fault at all for the meltdown which is blatantly false.
http://www.capitalnewyork.com/article/culture/2011/11/3971362/bloomberg-plain-and-simple-congress-caused-mortgage-crisis-not-banks
I saw that today, Dak. I suspect Bloomberg is protecting his turf. There’s mega-dollars flowing through the banks into NYC. I’m not an expert but I think this disaster is shared between the banks and the politicians who conveniently closed their eyes. And, of course, the regulators, the accountants, the rating agencies, the lawyers, etc. I mean where were the regulators with this Corzine mess? Treasury? The Fed? Anyone? It’s just incredible. And no one wants to be held accountable.
I just heard about the Corzine mess and am I shocked ‘They did it again’ and no one in government is doing anything about it?
That’s what I think, Peggy Sue. The banks bought out everyone who could have stopped them, then proeeded to destroy everything in their path.
November 5th is Bank Transfer Day, if you haven’t moved your money from the big banks yet!
Goldman Sachs should be shut down. As an institution, it is evil incarnate.
Good description of them and they are not alone!
I think the top guys at Goldman should be sent to Greece, forced to wear signs that identify them and left to fend for themselves in the angry mobs.
BB,
Send them to Greece? What do you have against Greece? 🙂
What surprises me is not that GSachs does this. I wouldn’t be surprised to hear they hired the Mafia to “talk” to people, ifyanowhuddimean. But don’t they have a PR dept.? Did nobody at the company stop to think how it would look if word got out?
What blows me away is that I’m sure they did know how bad it would look. Which means they don’t care. Which means they’re up at French-nobility-pre-Revolution levels of arrogance. Add the fact that they know what the powers-that-be will let them get away with much better than we do. Mindboggling.
Sorry this is off topic, but I didn’t see mention of this on your site:
Hillary Clinton’s mother Dorothy dies aged 92
Dorothy Howell Rodham, who lived with Clinton in Washington, described as ‘an extraordinary friend, and a loving wife, mother and grandmother’
here’s the link: http://bit.ly/sKLgeg