According to this Bloomberg article :
"Council members in the nation's second-largest city by population passed a resolution Oct. 12 in support of the OWS 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."
And THEN found out
"-- 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.
Read more:The Link
I think if Bloomberg is correct this qualifies as a major F'Up
"Council members in the nation's second-largest city by population passed a resolution Oct. 12 in support of the OWS 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."
And THEN found out
"-- 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.
Read more:The Link
I think if Bloomberg is correct this qualifies as a major F'Up
