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.

Continue to Rip Off Oakland, We Will Stop Doing Business With You

By Beth Kean and Felipe Cuevas
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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