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Oakland Takes On Goldman Sachs

Monday, 09 July 2012 09:41 By David Zlutnick, Truthout | News Analysis
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Oakland Takes on Goldman Sachs(Screengrab: Upheaval Productions)The City of Oakland is currently debating the possibility of terminating a contract it has with the investment bank Goldman Sachs. The deal in question is called an interest-rate swap, and is a particular type of arrangement that was supposed to save the city money, but instead has resulted in Oakland taxpayers making annual payments of around $4 million to the banking giant.

This video takes a look at interest-rate swaps and how they've resulted in the transfer of billions of dollars in taxpayer funds from public institutions to Wall Street banks, as well as how Oakland community members are challenging these deals to ensure that needed resources stay in their city.

(Produced by David Zlutnick/Upheaval Productions.)

Copyright, Truthout. May not be reprinted without permission.

David Zlutnick

David Zlutnick is a documentary filmmaker and video journalist based in San Francisco. He produces media through Upheaval Productions, including his last feature documentary, Occupation Has No Future: Militarism + Resistance in Israel/Palestine (2011). Follow him @DavidZlutnick.

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