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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 ...
how's LA's report card on debt? who are they to dicatate how much anyone gives to charity, if at all?
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.
Guess they do not have a financial responsibility to the taxpayers.
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.
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.
They have no one to blame but themselves. They'll get no pity from me. In fact, I find it rather entertaining.
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
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.
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?
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?
***...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.
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!
“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.
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.
What a city of fools. I am SO glad I live in Orange County.
Not until the subsidies stop:
"$600 million of stimulus funds awarded to Los Angeles after President Obama singed the Recovery Act"
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...
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?
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