Would that more municipalities, pension funds and savings funds look elsewhere for their financial needs. For municipalities, a pay-as-you-go budget would also help.
Oakland Whacks Goldman Sachs With Boycott Axe
By Matthew Stensland-Bos - SFBay
Even before leading the world economy to the brink of collapse in 2008, big banks haven’t exactly been popular. Since then, several got bailout money from the U.S. taxpayer and still paid ridiculous bonuses to execs. Lately, they’re earning record profits even as they stifle growth with tight credit to consumers and businesses.
Recent news has been even worse for a handful of banks. Headlines fly by like JP Morgan Chase losing billions in risky trading, British Barclay bank manipulating loan rates, and now, Goldman Sachs getting a vote of no-confidence from the Oakland City Council.
The council voted unanimously Tuesday night to boycott Goldman Sachs unless they agree to cancel an investment deal that will cost Oakland nearly $4 million this year. The vote comes after the council received significant pressure from unions and community leaders trying to get them to support their cause.
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