[P2P-F] Fw: [endthefed] Goldman vs. Occupy bank -- the full story

Sun Nov 6 16:42:33 CET 2011

From: Aaron Krowne 
Sent: Sunday, November 06, 2011 6:14 AM
To: endthefed-list at meetup.com 
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-too-darn-hard-jonathan-weil.html

  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. 

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