Goldman Sachs, an investment bank, reinvented itself as a commercial bank in order to qualify for a bailout of billions of dollars. The stipulation was that they give some of the money to community based banks so small businesses and home buyers could have better access to loans. All Community Reinvestment Act money is tax-payer funded.
Goldman Sachs in addition to parsing out the funds very slowly, has just initiated a policy of only making the Community Reinvestment Act monies available to banks that are in accord with their political views. Case in point: Goldman Sachs required the Lower East Side Federal Credit Union to return funds because the credit union refused to cancel an event honoring a new banking customer, Occupy Wall Street. Occupy Wall Street encourages people to do business with community based banks.
Goldman Sachs should not make the policies and views of community based banks a criteria for receiving tax payer funds.
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