Goldman Sachs Spars with Lower East Side People’s Federal Credit Union

Posted on: November 2nd, 2011 at 11:13 am by

It’s a David-v-Goliath battle royal of another sort, and it all centers on the now-infamous $5,000 that Goldman Sachs withdrew from the Lower East Side Peoples Federal Credit Union in early October. At issue was a 25th anniversary fundraiser for the local financial institution, in which the bank behemoth was one of the chief sponsors. Only problem was that their corporate name appeared beside that of Occupy Wall Street, which had collectively opened accounts. Funds were promptly revoked in a rather public fashion.

This image has been archived or removed.

The press has no doubt been a boon for the neighborhood credit union, receiving some time in the spotlight.  Meanwhile, progressive journalist Greg Palast reports that Goldman Sachs further entrenched their position with a simple message to the not-for-profit community bank: “You will never get a dime from any bank ever again.” Palast also investigates and explains the origins of this $5,000:

According to the article in the Wall Street Journal, said anniversary event is tomorrow night. Will be interesting to see whether the credit union mentions the whole debacle.

Recent Stories

Another Events Space Called SOMMwhere Rises on Ludlow Street

Once an events space, always an event space. That’s the story at 48 Ludlow Street where a new one just opened. What was the Koala Farm studio for a brief moment is now SOMMwhere. It opened last weekend, pitching itself as a “stylish and sustainable escape” for your next shindig. The media advisory is longer […]

Croman’s Amato Opera Building on the Bowery Welcomes ‘Kissaki’ Sushi Next Month

The onetime Amato Opera on the Bowery – renovated and upscaled years ago – will get a high-end sushi restaurant called Kissaki. Eater reported this week that former Gaijin chef-owner Mark Garcia is behind the 26-seat Omakase venture at 319 Bowery. The Omakase menu will cost $160 for twelve pieces of Nigiri and four kaiseki-style […]

This Guy and Girl Stole a Locked Bike from Inside Orchard Street Building [VIDEO]

A man and his girlfriend were caught on camera Thanksgiving night while stealing a locked bike inside an Orchard Street apartment, the victim tells us. Surveillance video from inside 78 Orchard shows a couple enter the building – perhaps buzzed in by a neighbor – then pause for a moment. In a cavalier move, the […]

‘Peasant’ to Stay on Elizabeth Street Under Chef Marc Forgione

So, it turns out that Peasant will remain on Elizabeth Street, after all. But under new ownership. One month ago, we reported that founding chef-owner Frank DeCarlo reportedly decided against renewal. An apparent change of heart unfolded in the interim… The New York Times this week disclosed that DeCarlo sold the business to Marc Forgione, […]

Longtime Orchard Street Laundromat Felled by Rent Hike

A longtime laundromat on lower Orchard Street is set to close by year end. The Orchard Cleaner and Laundromat is counting the days to December 31, after which its lease reportedly expires. A purported rent hike for the renewal is the cause behind this latest closure. However, details regarding the percentage increase are not immediately […]