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?

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

Things Are Starting To Move

United Together to Stop Goldman Sachs!  Oakland City Hall, 6/26/12

The Oakland Coalition to Stop Goldman Sachs made a strong showing at the Finance Committee meeting, filling a majority of the seats in the hearing room at City Hall.  Two other groups pushing anti-swap campaigns in the East Bay came to support us: The Stop the Swap Coalition from Peralta/Laney College, and Riders for Transit Justice. Our coalitions were well prepared at the podium.

Brunner introduced the Coalition’s motion that called for:

1. A negotiation with Goldman Sachs to terminate the swap deal without the termination fees currently estimated at $15.5 million
2. A report back in 60 days on the progress of negotiations, and 
3. A refusal to do business if Goldman is unwilling to negotiate

The committee took a vote, which resulted in 3 ayes (De La Fuente, Brunner, and Brooks) and 1 abstention  (Kernighan).  The motion will go to the full City Council Tuesday, July 3, 2012.

We learned a few things in the finance committee meeting.

• Goldman Sachs just tossed Oakland a bone by putting in the lowest bid on an RFP for an $83 million tax note, which the city staff accepted last week. Goldman Sachs used this low-ball bid to try to get council members to vote down our recommendation to stop doing business with Goldman Sachs if they don't let Oakland out of the swap penalty-free.
• Councilmembers are either underprepared or are purposely being kept in the dark.  Desley Brooks stated that she was not aware that The City of Oakland entered into another business relationship (low bid on the RFP) with Goldman Sachs.  She also surmised that no one else on council was aware of this.  Is the tail wagging the dog?
• City Staff continues to front for Goldman Sachs. They tried to say that it may be illegal to exclude Goldman Sachs from getting Oakland's business, but when pressed by Desley Brooks, who was pretty annoyed with them, they admitted that they had no idea.  Staff pledged to confer with the city attorney in order to find out.

Who says we aren't making Goldman Sachs nervous?  We also seem to be lighting a fire under the council.