Goldman’s Sacks 0
Greg Palasi, writing at the Guardian, reports that Goldman has started an offensive against the tiny People’s Federal Credit Union because People’s providing banking services and moral support for Occupy Wall Street. A nugget:
But there was a catch: Goldman would have to return a chunk of the public’s billions in the form of loans for low-income customers and members of its “community”, as required by the Community Reinvestment Act (CRA) of 1977. Problem: Goldman has, it seems, no low-income customers, nor a “community”. Goldman was directed to find poor people and a community and hand over some cash.
So Goldman looked down from its riverfront tower in lower Manhattan and discovered Peoples. Over 80% of Peoples member-owners have low incomes. At least 65% are Latino.
Follow the link for to see an interview with the author.
