Municipalities and other corporations and individuals should not do business with a bank that has such a despicable reputation. Banks are no longer honest brokers.
Oakland considers boycotting Goldman Sachs
By Matthew Artz - Inside By Area
OAKLAND -- Council members are threatening to terminate Oakland's ties to Goldman Sachs if the Wall Street titan refuses to favorably terminate an investment that will cost the city about $4 million this year.The council's four-member Finance and Management Committee voted 3-0 Tuesday in support of a proposal to stop doing business with Goldman if no agreement is reached on canceling the investment within 60 days.
"Goldman Sachs has been bailed out along with other banks," Councilwoman Jane Brunner said. "It's important that they give back to cities, and Oakland needs a break."
The 1997 interest rate swap agreement has so far saved the city millions. But those gains are dropping because Oakland is paying Goldman a fixed interest rate that's much higher than prevailing rates, which have been depressed since the 2008 financial collapse.
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