CITIES = WALL STREET SKEWS WITH SWAP SCAMS = FEES LARGER THAN PUBLIC NEEDS

INEQUALITY = WALL STREET SKEWS CITIES ACROSS AMERICA

By David Sirota, TruthDig

LA = Forced to PAY MORE to Wall Street (fees) than on PUBLIC SERVICES = Sign of a CRISIS IN BANKING SCAMS and CRIMES.

Report of Fix LA Coalition = LA slashed spending during Wall Street-engineered financial crisis.

Report = LA is crushed by Wall Street with $300 Million/year in BANKER FEES

FEES = $200 Million to Wall Street money managers for city’s pension investments + SECRET FEES HIDDEN IN OTHER PAYMENTS

FEES = “neither the boards nor the investment staff employed by the boards know how much they pay in total fees.”

FEES = LA on the hook for $65.8 Million in NEW 2014 FEES = Next 14 years = SCAM of 2006 interest-rate swap deal = “Sold promising to save LA taxpayers money.” — REPORT says

FACT: “after banks crashed the economy, the FED drove down interest rates as part of the bank bailout, and now banks are reaping windfall at taxpayers’ expense.”

GOLDMAN = Interest-rate swap deals = Detroit’s crisis = $250-350 million swaps = Banks breached their ethical, and PROBABLY legal, obligations to Detroit in deals. = Jefferson County, Al bankruptcy.

DENVER = 2010 NYT = Swap deal blew a hole in the city’s school budget. = “Wall Street banks collected $215.6 million from Denver’s public schools paid to unwind swaps and sell bonds” = 67% of teaching expenses.

LA = Excluding WS banks from any future business with the city unless BANKS renegotiate the terms of their rapacious deal. = A START