Stop Goldman Sachs from Acquiring GE Capital Bank Deposits

[think]

According to CREDO this wouldn't be allowed if Glass Steagall still existed:

Stop Goldman Sachs from Acquiring GE Capital Bank Deposits

John Taylor President and CEO of the National Community Reinvestment Coalition

Posted: 11/14/2015 12:01 pm EST

In August of this year, news broke that Goldman Sachs plans to acquire certain assets and liabilities of GE Capital Bank, as General Electric downsizes its financial services division. Under the proposed transaction, Goldman would obtain around $16 billion of deposits.

Goldman Sachs must not be allowed to grow through this transaction.

Put simply, there is no evidence that the acquisition would create a benefit for the public, as required by the law, and Goldman Sachs has put forth no meaningful plan to show how they would better serve communities. In fact, the publicly available version of Goldman's application for the transaction was so filled with redactions it would be comical if it weren't so troubling.

They are also serial offenders who truly deserve to be turned away by the Federal Reserve in their efforts to acquire these deposits.

From 2010 and 2014 Goldman Sachs paid over $4.1 billion in penalties, fines and settlements. During that same period they did only $18.7 million in small business lending, a drop in the bucket compared to what they've had to pony up because of their bad behavior. And they lag behind their peers when it comes to reinvestment in communities.

The amount of wrongdoing Goldman Sachs has been involved with is staggering. Manipulation of stock market prices. Predatory lending. Deceptive marketing practices. Illegal campaign activity. Betting against their own customers. The list goes on and on. Journalist Matt Taibbi famously called Goldman Sachs "a great vampire squid wrapped around the face of humanity..." It's a well-earned moniker...

Read more:
http://www.huffingtonpost.com/john-taylor/stop-goldman-sachs-from-a_b_8558808.html

About the author:

John Taylor is President and CEO of the National Community Reinvestment Coalition. Raised in the housing projects of Boston and trained as an attorney, he has dedicated his life to economic justice. With over 25 years in the field, he has been the recipient of numerous local, state and national awards, including the Martin Luther King, Jr. Peace Award, two United States Congressional Citation Awards, the State of Massachusetts Award for Excellence in Community Economic Development, and a Presidential Appointment to the Community Development Financial Institutions (CDFI) Fund.

Mr. Taylor recently was appointed to the board of directors of the Rainbow/PUSH Coalition and the Leadership Conference for Civil Rights. He has also served on several other national boards, including the Consumer Advisory Council of the Federal Reserve Bank Board, The Fannie Mae Housing Impact Division, The Freddie Mac Housing Advisory Board, and many others.

Click here to sign the petition requesting the Federal Reserve Chair Janet Yellen and Federal Reserve Bank of New York President Bill Dudley: "Hold a public hearing and extend the comment period on Goldman Sachs' proposed acquisition of GE Capital bank deposits, which would provide no public benefit while allowing a bank that has repeatedly broken the law to grow even larger.".

[arcane1]

1. Signed. And a kick!

[think]

2. Thank you!