Banks

The losing bets

How interest rate swap deals are causing local government agencies to pay millions of dollars to the biggest banks

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By Darwin BondGraham

news@sfbg.com

Wall Street's massive taxpayer funded bailout, initiated by the Bush administration and carried forward under President Obama, never really ended — it just shifted from federal to local sources of funding. Even while local and state governments have been forced to cut back on crucial services, wealthy banks and investment firms are being padded with enormous cash flows sucked directly from the already strained budgets of cities, counties, and public agencies.Read more »

Why do evictions continue despite widespread banking fraud?

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Do you think a groundbreaking report – showing that 84 percent of foreclosures in San Francisco over the last three years involved faulty paperwork, some of it amounting to fraud – would finally mean swift justice for victims of those crimes?

Think again.Read more »

Can SF follow Berkeley in dumping the big banks?

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The City of Berkeley is considering dropping its contract with Wells Fargo and moving the city's money to a credit union or a smaller community bank. That makes perfect sense -- the Move Your Money Project has been urging individuals to do that, and there's no reason why cities (which are huge customers of banking services) can't do the same.

In fact, San Francisco ought to be next on the list.Read more »