From: Aaron Krowne Sent: Sunday, November 06, 2011 6:14 AM To: [email protected] Subject: [endthefed] Goldman vs. Occupy bank -- the full story It doesn't get any better for Goldman in this full-length telling... http://www.bloomberg.com/news/2011-11-02/citigroup-finds-obeying-the-law-is-... In 2008, the US Treasury handed Goldman Sachs a check for $10bn from the Troubled Asset Recovery Program (Tarp), the bailout funds given to desperate commercial banks. A few eyebrows were raised: Goldman was not desperate, and it certainly was not a commercial bank. Yet – abracadabra! – Secretary of the Treasury Henry Paulson transformed investment bank Goldman into a commercial bank overnight. (Paulson's prior post was chairman of Goldman Sachs. Just saying.) 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. -- Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([email protected]) This message was sent by Aaron Krowne ([email protected]) from National Ron Paul End The Fed Meetup Group. To learn more about Aaron Krowne, visit his/her member profile To unsubscribe or to update your mailing list settings, click here Meetup, PO Box 4668 #37895 New York, New York 10163-4668 | [email protected]