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.

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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.

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