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 ...
Democrats endorse mob rule, film at 11.....
heh, heh, heh.
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.
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.
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.
Geez, I wonder how much that “Sanctuary” status for illegals costs all these cities? No one talks about that.
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.
good.
let the socialist government pay for their socialist protestors.
Look for traffic tickets to start going up. This is a good time to be riding the bus.
...........so glad I moved from that City..........
Better yet maybe they can get some banks in Mexico to finance them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.