AFSCME District Council 36

Victory on a Motion to Renegotiate Wall Street Interest Rate Swaps

 

Last Wednesday, August 13, the city council voted 14-0 on LA council member, Paul Koretz's motion directing the CAO to renegotiate the toxic Interest-Rate SWAP deals that are costing taxpayers nearly $140 million dollars. Tax dollars that could rather be used to restore services and jobs in the City of LA. This is a tremendous victory for our coalition because no other city of LA’s size has taken this type of action. Although this is huge, we still have work to do to push the banks to renegotiate. Please see news clips below.


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