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Goldman Sachs got break, but not cities - SFGate

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The city of Oakland has taken the first step to correct an injustice that is costing struggling cities while banks were bailed out.

On July 3, the Oakland City Council unanimously passed my motion to negotiate a termination without fees or penalties of an investment called an "interest rate swap" between Oakland and Goldman Sachs. If Goldman Sachs refuses, then Oakland would boycott doing future business with the investment bank. The Oakland Coalition to Stop Goldman Sachs, including community-based organizations, churches and unions, originally proposed this action.

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At www.sfgate.com

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