Investment banking giant Goldman Sachs has pulled its sponsorship of an event at a New York community development credit union after the credit union added the group Occupy Wall Street to the list of honorees at the event, according to the credit union.
Linda Levy, CEO of the 6,000-member Lower East Side People's Federal Credit Union said that its 25th Anniversary celebration set for Nov. 3 had been scheduled for more than a year and that the investment bank had promised $5,000 to help sponsor it.
That bank cooled on the sponsorship, however, after the organization Occupy Wall Street joined the credit union and opened an account and after the CU decided to honor the group at the anniversary event.
Levy said the group chose to honor Occupy Wall Street because the group's goal of economic justice had also been one of the credit union's for years.
Levy said the credit union had links to the investment bank in the past through some of its board members and that it routinely widely seeks sponsors for its events. After the story of Goldman's move hit the media, Levy added, the CU had also received support and positive messages.