Palast, Greg


Goldman Sachs & Occupy Wall Street's Bank: The Real Story

By Greg Palast

Mega-bank Goldman Sachs (assets $933bn), has declared war on one of the smallest banks in New York (assets $30m), the customer-owned community bank that happens to also be the banker for Friends of Liberty Plaza, Inc, also known as Occupy Wall Street. And you thought Goldman didn't care.

The trouble began three weeks ago when the occupiers suddenly found their donation buckets filling with thousands of dollars, way more than needed for their pizza dinners. Suddenly, the anti-bank protesters needed a bank. Citibank and Chase certainly wouldn't fit. So OWS opened an account at the not-for-profit Lower East Side Peoples Federal Credit Union. Peoples has a unique federal charter - designated to open accounts for low-income folk from all over New York, available to those families earning less than $38,000 per year. (Disclosure: the CEO of the Peoples bank is my dearly beloved ex. But that's another story.)