Goldman Sachs vs. Occupy Wall Street

A controversy in the banking community has arisen around the Occupy Wall Street movement. Greg Palast investigates the story behind Goldman Sachs’ recent decision to pull out of a fundraiser for the Lower East Side People’s Federal Credit Union in New York City after it learned the event was honoring the protesters at Occupy Wall Street. The investment bank withdrew its name from the fundraiser and also canceled a $5,000 pledge. Was the $5,000 a Goldman Sachs donation or actually American taxpayer bailout money Goldman set aside for community banks?
Transcript

AMY GOODMAN: We turn now to a controversy in the banking community around the Occupy Wall Street movement. Recently, the financial giant Goldman Sachs pulled out of a fundraiser for a small Lower East Side bank that caters to poor people after it learned the event was honoring the protesters at Occupy Wall Street. The investment bank withdrew its name from the fundraiser and also canceled a $5,000 pledge. But did Goldman Sachs actually use U.S. taxpayer bailout money to attack Occupy Wall Street’s not-for-profit community bank? Investigative reporter Greg Palast filed this report from Wall Street.

GREG PALAST: Downtown New York, near Wall Street, these are the towers of Goldman Sachs, the mega-bank. With over $933 billion in assets, nearly a trillion dollars, Goldman has declared war on one of the smallest banks in New York City. The story begins here at Occupy Wall Street. It all started here, with these buckets. Unexpectedly, the donation buckets were filling up with thousands of dollars in cash, and the anti-bank protesters suddenly needed a bank.

BOBBY "BAILOUT": We basically started out here just thinking we were going to a protest, and maybe some people would come out. Then, very soon, we were collecting large amounts of donations, and we were in way over our head

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