Goldman Sachs Has a Heart: Well Isn't That Special?

by Yvonne Michelle

Michael Corkery recently reported in the Wall Street Journal article, "Oakland Angles for An Exit," that Goldman Sachs is edging toward generosity.  According to Corkery:

People involved in the negotiations say that the bank is willing to give - a little. Goldman has offered to lower the city's termination costs by more than $100,000 and spread out the payments over several years, the people said.  "The bank is trying to be a good corporate citizen," one of these people said.

While the identities of these people are indistinct, one can't help but to be amused by the pitiful olive branch Goldman Sachs reportedly extended to the City of Oakland.  They'll discount a whopping $100,000 from the millions of dollars that we shouldn't be paying for a bond that no longer exists?  Really?  They're graciously offering to refinance the payments so that the City of Oakland is tied to them for an even longer period of time beyond 2021?  Aww.  As the Church Lady would say....

Dana Carvey of Saturday Night Live

Where have you been, Mr. President?

By Luz Calvo

Photo by Kevin Tivon Gregory

Welcome to Oakland, Mr. President. Our people are suffering. We have a huge foreclosure crisis. Please take a tour of deep East Oakland and see our problems first hand. Our schools are being closed. Our children are hungry. Our youth have no future. Most of us are underwater on our mortgage, if we have not already lost our homes. 

Meanwhile, on July 31 our city will pay 2 million to Goldman Sachs on an interest rate swap that is unfair and unjust. 

Where have you been, Mr. President, in the midst of all of our suffering and despair? Side with us, not Goldman Sachs.

Our Time Has Come: Let's End The Swap with Goldman Sachs NOW

What: A very IMPORTANT council meeting will take place that will signal the beginning of the erosion of greedy capitalist forces in Oakland.  Council will decide how to proceed with ending the toxic interest-rate swap with Goldman Sachs that has drained Oakland of $32 million dollars.  This drain will continue until 2021 unless we put a stop to it NOW.

Where: Oakland City Hall

When: Tuesday, July 3, 2012, 5:30 pm

Why: We need to light a fire under council and let Goldman Sachs know that we are not going to let them continue to rob us!

How:

1. Bring bold signs.  
2. Ask one other person to come with you.  
3. Fill out a speaker card. Cede your time to a coalition speaker if you don't want to speak.
4. Even if you cannot be there:  contact the following council members from now until Tuesday afternoon to let them know that they need to stand up for Oakland and stop doing business with Goldman Sachs, if Goldman Sachs doesn't end the swap penalty-free:

• Nancy Nadel: 510-238-7003; nnadel@oakland.net
• Larry Reid: 510-238-7007; lreid@oakland.net
• Pat Kernighan: 510-238-7002; pkernighan@oaklandnet.com
• Libby Schaff: 510-238-7004; lschaff@oakland.net

Web: http://stopgoldmansachs.blogspot.com/

Email: stopgoldmansachs@gmail.com

Phone: 510-250-7222

Twitter: stpgoldmansachs

Goldman Sachs and Friends Throw Oakland Under The Bus

According to a new report entitled "Riding the Gravy Train" released by the Refund Transit Coalition, several banks have been participating in interest-rate swaps in struggling cities like Oakland.  These institutions have been gutting public transit agencies, negatively affecting working class commuters - particularly working class people of color.  As a result of these transit-related toxic swaps, commuters are being overcharged, inconvenienced by reductions in services, and left with few transit options.  It should come as no surprise that Goldman Sachs has extended another tentacle into our pockets:

The Metropolitan Transportation Commission (MTC) is responsible for long-range planning and many funding decisions for public transit in the nine-county Bay Area region. It oversees local operators like MUNI in San Francisco and Alameda County Transit (AC Transit) in Oakland and the East Bay. The MTC is losing $48.1 million a year on its swap deals with Ambac, Bank of America, JPMorgan Chase, Goldman Sachs, Citigroup, Bank of New York Mellon, Morgan Stanley, and Ambac. (93) It is stuck in most of these deals until 2036 or later. By the MTC’s own estimates, these deals will cost more an additional $1.3 billion over the remaining life of these swaps.(94) 

It is clear. The City of Oakland needs to DROP THE SWAP and sever all financial relations with Goldman Sachs.