The City of Oakland has been severely impacted by predatory loan agreements with corporate financial institutions. One nightmare example is the 1998 fixed-rate swap agreement with Goldman Sachs. Oakland accepted a 5.6 percent fixed rate deal. After the market crashed and the Fed lowered interest rates, this loan obligation cost the city millions of dollars. Oakland was stuck with $4 million in annual interest to Goldman Sachs, which over the years added up.

Big banks make big profit at the expense of taxpayers when cities remain dependent on Wall Street loans. As city budgets get tighter, and there is an urgent need to meet basic obligations, politicians are more susceptible to getting involved in complicated borrowing agreements without fully understanding the high risks. Public banking can eliminate risky and profit driven loan deals and safeguard the resources of the city.

An Einstein Administration will have the counsel and support of Strike Debt and other radical financial think-tanks needed to avoid the dirty tricks of Wall St. grifters like Goldman Sachs and to build the Public Bank of Oakland, which will keep our City's wealth from being pick-pocketed.  And Einstein will be the best watchdog our City’s pension funds have ever had.

 


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