Oakland Severs Its Relationhip With Goldman Sachs

Were Libor rates fixed to the advantage of Goldman Sachs in their interest rate swaps deal with Oakland?  Maybe in the future we will know.

In the meantime, Oakland City Council voted unanimously to end their relationship with Goldmans over a deal that now costs them $4 million annually.

City of Oakland Taps Occupy Wall Street To Take On Goldman Sachs
By Halah Touryalai - Forbes
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Critics say if banks are manipulating Libor rates lower, [sic] then they themselves are borrowing money for less while their counterparties in interest rate swap contracts are stuck paying them much higher rates.

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Read the article here