L.A. unions, allies issue fake parking tickets to protest bank deals
Source: Los Angeles Times
Some Los Angeles downtowners returned to their cars Thursday to the unwelcome sight of a white envelope tucked under their windshield wipers. But the faux ticket inside was aimed not at them, but at "Big Banks" for the offenses of "Predatory Bank Deals" and "Gouging L.A. Taxpayers."
In an unconventional attempt to sway public opinion, a group of labor unions and their allies fanned out across the urban center to leave fake tickets on parked cars, arguing that soured deals with Wall Street banks were at least partly to blame for the rising cost of parking tickets citywide.
... Activists for the poor argue that the burden falls heaviest on disadvantaged residents in dense areas. The average ticket now stands at $68 -- an especially steep sum for workers earning minimum wage, they say.
... Eight years ago, the city entered into interest rate swaps with Bank of New York Mellon and Dexia Credit Local to reduce borrowing costs for $316.8 million in wastewater bonds. To take advantage of what were historically low interest rates at the time, the city locked into a fixed rate of 3.34%. City officials thought the deal would shield taxpayers from an anticipated rise in rates. But when the recession worsened, interest rates went even lower as federal officials sought to stimulate the economy.
Read more: http://www.latimes.com/local/lanow/la-me-ln-unions-parking-meters-bank-deals-20140821-story.html
