Tuesday, July 10, 2012

The Little City That Could...and Will...

All of our coalition members agree that last Tuesday, July 3, 2012, "...was a huge victory for both the city of Oakland and for the people throughout the world living under the boot of interest rate swaps."  City Council voted unanimously (Pat Kernighan was absent) in favor of the resolution to refuse to do business with Goldman Sachs if the swap isn't terminated, penalty-free.  Initially, there was some trepidation and confusion amongst the council when Brunner announced that the vote would be postponed in order to investigate the legality of excluding Goldman Sachs from future financial dealings.  

Sentiment regarding City staff's willingness
and ability to drop the swap
After brief discussion, council moved forward.  Throughout the evening, our coalition members and its supporters asserted thoughts about the swap in a multitude of ways.  By the end of the evening, Libby Schaff intoned that this resolution might not go far enough. Amazingly, Deanna Santana  asked the coalition to provide its legal analysis.

It will be vital to monitor the buzz in all sectors as the sixty-day negotiation period passes.  Will Goldman Sachs do the right thing and terminate the swap penalty-free, or will Oakland be the first city to boycott Goldman Sachs?

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