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Los Angeles Faces $28 Million Costs Under Occupy Protest's Plan
SF Gate ^ | 10-18-11 | Chris Palmeri

Posted on 10/18/2011 10:40:49 AM PDT by joinedafterattack

Los Angeles faces tens of million of dollars in additional borrowing costs after the City Council told anti-Wall Street protesters the city intends to cut ties with banks involved in financial wrongdoing, City Administrative Officer Miguel Santana said.

The city may have to pay $27.8 million in termination fees and replacement costs in just one program if it's prohibited from doing business with banks providing letters of credit for an infrastructure program, Santana said today in a memo to Mayor Antonio Villaraigosa and city leaders. Additional debt service would cost $14.9 million a year if it has to refinance commercial paper into long-term debt at higher interest rates, Santana said in a telephone interview.

Council members in the nation's second-largest city by population passed a resolution Oct. 12 in support of the demonstrations and promising to accelerate the issuance of "report cards" rating banks on such things as foreclosures and charitable giving. The vote came after three hours of public comment, much of it by participants in Occupy Los Angeles who've camped in front of City Hall since Oct. 1.

"The financial repercussions will be immense" if the city's governing body instructs his office to stop doing business with many of it current lenders, Santana said in the report.

Council member Richard Alarcon, who sponsored the resolution, said Santana's reaction showed Occupy Los Angeles is having an effect.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/10/18/bloomberg_articlesLT8LD86K50YX.DTL#ixzz1b9jLCFfq

(Excerpt) Read more at sfgate.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; US: California
KEYWORDS: banks; commiefornia; democrats; la; leftcoast; liberalfascism; losangeles; moonbats; occupy; occupyla; occupywallst; occupywallstreet; ows; owsisajoke; villaraigosa

1 posted on 10/18/2011 10:40:57 AM PDT by joinedafterattack
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To: joinedafterattack
"...promising to accelerate the issuance of "report cards" rating banks on such things as foreclosures and charitable giving.

how's LA's report card on debt? who are they to dicatate how much anyone gives to charity, if at all?

2 posted on 10/18/2011 10:47:38 AM PDT by WOBBLY BOB (See ya later, debt inflator ! Gone in 4 (2012))
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To: joinedafterattack

I luv it. Keep letting these commies run up your debt. These pussy PC police supported by the pussy PC leadership deserve everything that they are getting. Keep it up LA. Can’t wait to see it go up in smoke because most of it is needing a burnout for the clean out. The same goes for San Francisco.


3 posted on 10/18/2011 10:48:55 AM PDT by Digger (If RINO is your selection then failure is your election)
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To: joinedafterattack

Guess they do not have a financial responsibility to the taxpayers.


4 posted on 10/18/2011 10:49:04 AM PDT by Lockbox (`)
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To: joinedafterattack

Why do they say the “City “ has to pay when it is the tax payers who will pay for these types of moronic statements.

The BS is getting so deep that soon the only ones who will be able to breath will need to be at least 12 feet tall.

These types of statements are way beyond bizzar and can not be made up.


5 posted on 10/18/2011 10:49:29 AM PDT by Seanm (PANDER: Obama now opposes repealing healthcare program he suspended last week... DIRTY: Says Republ)
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To: joinedafterattack

Why do they say the “City “ has to pay when it is the tax payers who will pay for these types of moronic statements.

The BS is getting so deep that soon the only ones who will be able to breath will need to be at least 12 feet tall.

These types of statements are way beyond bizzar and can not be made up.


6 posted on 10/18/2011 10:49:45 AM PDT by Seanm (PANDER: Obama now opposes repealing healthcare program he suspended last week... DIRTY: Says Republ)
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To: joinedafterattack
COOL! Left wing cannibalism!
The left is using it's own tactics on itself. Better them than us!

They have no one to blame but themselves. They'll get no pity from me. In fact, I find it rather entertaining.

7 posted on 10/18/2011 10:51:05 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: joinedafterattack

Somebody is getting paid off. The Democrats don’t do anything unless they benefit from it politically or financially. Democrats - Thieves, Thugs, Thralls and Thickheads


8 posted on 10/18/2011 10:52:28 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: joinedafterattack

LA can just be their own bank. Take over from the evil capitalists. OWS protestors can surely buy every one of their bonds to finance the city.


9 posted on 10/18/2011 10:52:33 AM PDT by listenhillary (Look your representatives in the eye and ask if they intend to pay off the debt. They will look away)
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To: joinedafterattack

Why are they even putting any thought into these idiot’s ‘demands’

If the TEA party made a demand that they cut spending, would they do that?


10 posted on 10/18/2011 10:52:51 AM PDT by Mr. K (We need a TEA Party march on GOP headquarters ~!!)
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To: blueunicorn6
The Democrats don’t do anything unless they benefit from it politically or financially

They're doing what they always do. They're buying votes with other peoples money.

The delicious part of this is the fact that LA is a very liberal city. The protesters are liberal. The politicians are liberal. The tax payers are liberal. Now, all the liberals are eating each other.
Ain't life grand?

11 posted on 10/18/2011 10:56:21 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: joinedafterattack

***...after the City Council told anti-Wall Street protesters the city intends to cut ties with banks...***

The key word there is “intend”.

Time will tell. We’ll see if they really are fools or not.


12 posted on 10/18/2011 11:10:10 AM PDT by MichaelCorleone (Doesn't anyone love liberty anymore?)
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To: MichaelCorleone
***...after the City Council told anti-Wall Street protesters the city intends to cut ties with banks...***

LOL. Imagine them running their own banks under the protesters rules. All loans would be forgiven - until all the money in the city has been consumed.
Then....on to the next protest!

13 posted on 10/18/2011 11:13:24 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics

“The delicious part of this is the fact that LA is a very liberal city. The protesters are liberal. The politicians are liberal. The tax payers are liberal. Now, all the liberals are eating each other.”

####

Well, we’ve been hearing this for years, and yet the sick, destructive Socialist train in California keeps, not just chugging along, but picking up speed.

How soon before the REAL sheit hits the fan? I mean a real fiscal meltdown.


14 posted on 10/18/2011 11:15:33 AM PDT by EyeGuy (2012: When the Levee Breaks)
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To: WOBBLY BOB

These cities are already cash strapped,
and these punk leftists are costing them millions.

The problem is, THE REST OF US will have to bail the cities out through the fedgov.


15 posted on 10/18/2011 11:17:45 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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16 posted on 10/18/2011 11:56:50 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: joinedafterattack
Los Angeles faces tens of million of dollars in additional borrowing costs after the City Council told anti-Wall Street protesters the city intends to cut ties with banks involved in financial wrongdoing, City Administrative Officer Miguel Santana said.

What a city of fools. I am SO glad I live in Orange County.

17 posted on 10/18/2011 12:12:24 PM PDT by NathanR
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To: EyeGuy
$600 million of stimulus funds awarded to Los Angeles after President Obama singed the Recovery Act about a year ago

Not until the subsidies stop:

"$600 million of stimulus funds awarded to Los Angeles after President Obama singed the Recovery Act"

18 posted on 10/18/2011 12:21:53 PM PDT by Prokopton
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To: joinedafterattack

What gets me is that teachers plan on joining the OLA and march to LAUSD to demand that ‘corporate’ charter schools be immediately closed and 1,500 teachers who were laid off at the start of the school year be immediately rehired, even though, you know, they don’t have any classes to teach.

Their explicit goal in an interview, is that the OLA campaign should also focus on returning ‘the public sector’ to equality.

Transparent.... Transparent...


19 posted on 10/18/2011 12:45:41 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: Prokopton

Well, that’s what I thought.

Stealing from more fiscally responsible states to keep the balls in the air in the Communist juggling act.

Civil War anyone?


20 posted on 10/18/2011 12:46:03 PM PDT by EyeGuy (2012: When the Levee Breaks)
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To: joinedafterattack

Democrats endorse mob rule, film at 11.....


21 posted on 10/18/2011 1:21:01 PM PDT by headstamp 2 (Time to move forward not to the center.)
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To: joinedafterattack

heh, heh, heh.


22 posted on 10/18/2011 1:39:55 PM PDT by New Jersey Realist (America: home of the free because of the brave)
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To: joinedafterattack

Thus, we see the real purpose for the OWS movement. Bankruptcy. For those who are thrilled about this, keep in mind that we the tax payers will end up bailing out these morons.


23 posted on 10/18/2011 1:48:28 PM PDT by SoldierDad (Proud dad of an Army Soldier currently deployed in the Valley of Death, Afghanistan)
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To: joinedafterattack

I am certain L.A. would have gladly equally supported a Tea Party Protest - “some animals are more equal”.
I am so glad I was merely birthed in L.A. and my formative years were spent in Texas.


24 posted on 10/18/2011 2:26:42 PM PDT by texteacher
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To: joinedafterattack

Richard Alarcon is a leftist, the brother of one of the leaders of the Communist Party USA, Evelina Alarcon.

He is also a nut.

Check out some information on him as www.keywiki.org, search “Richard Alarcon”, left side of the page.


25 posted on 10/18/2011 5:11:38 PM PDT by MadMax, the Grinning Reaper
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To: joinedafterattack

Geez, I wonder how much that “Sanctuary” status for illegals costs all these cities? No one talks about that.


26 posted on 10/18/2011 8:29:18 PM PDT by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: joinedafterattack

But if one is employed by LA and says something derogatory about illegal immigration or something the mayor doesn’t like, even if it has nothing to do with your job, they will fire you.


27 posted on 10/18/2011 8:33:23 PM PDT by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: joinedafterattack

good.

let the socialist government pay for their socialist protestors.


28 posted on 10/18/2011 8:51:52 PM PDT by ken21
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To: joinedafterattack

Look for traffic tickets to start going up. This is a good time to be riding the bus.


29 posted on 10/19/2011 2:41:53 AM PDT by wizardoz
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...........so glad I moved from that City..........


30 posted on 10/19/2011 12:41:16 PM PDT by NoRedTape
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To: listenhillary
LA can just be their own bank. Take over from the evil capitalists. OWS protestors can surely buy every one of their bonds to finance the city.

Better yet maybe they can get some banks in Mexico to finance them.

31 posted on 10/19/2011 3:50:59 PM PDT by johnny reb (I Have Not Yet Begun To Tea Party!)
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32 posted on 10/20/2011 9:57:06 AM PDT by RedMDer (Forward With Confidence!)
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