from California Progress Report
Members of Oakland community groups, religious leaders, and city
workers packed the Finance Committee meeting Tuesday to demand Goldman Sachs
cancel the harmful “interest rate swap” deal without a $15 million payout to
the bank. Our City Council leaders joined us in standing up to Goldman Sachs
and voted to negotiate with the bank to terminate the toxic deal without the
$15 million payout to the bank— and added that if the bank refuses, to stop
doing business with Goldman Sachs. Why
would we ever do business again with someone who ripped us off?
Councilmember Jane Brunner introduced the motion that called for
(1) City staff to negotiate with Goldman Sachs to terminate the swap deal
without the termination fees currently estimated at $15.5 million, (2) To
report back in 60 days on the progress of negotiations, and (3) If Goldman is
unwilling to negotiate, to stop doing business with Goldman Sachs. City Finance
Committee Chair Ignacio de la Fuente supported the Brunner motion saying, “The
difference here is that we bailed out this bank. We need to use the economic
power we have to send a message.” Councilmember Desley Brooks also supported
the motion and asked all her colleagues to do the same. The motion will go to
the full City Council next week on Tuesday, July 3, 2012.
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