20130305 Late Correspondence
City Council (CC)
20130305 Late Correspondence
11/13/2018 8:41:50 AM
11/12/2018 7:26:53 PM
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Ron Moeller's statement to the Rancho Palos Verdes City Council March 5,2013 <br />Good evening.My name is Ron Moeller,I've been a resident of RPV since the mid-70s <br />and I'm speaking on behalf of Occupy Palos Verdes and the over 300 concerned <br />residents who have stopped by our table at the farmer's market and signed our petition <br />for the city of RPV to move its account from B of A to a smaller bank.' <br />At your council meeting last December 4th I inquired about the status of the City <br />Council's June directive for staff to provide a recommendation regarding competitive <br />procurement of banking services.At that time seven banks had complied with the <br />Council's October 22nd filing date for a "Request for Proposal"(RFP)and City staff <br />expected to return a recommendation to City Council by early 2013. <br />Occupy PV and the over 300 concerned RPV residents who signed our petition,urge <br />the City Council to limit their consideration to the four smaller banks that met the filing <br />date Le ..Bank ofthe West,Malaga Bank,Union Bank,and US bank.Our opinion (and <br />the reason Occupy PV requested this review in the first place)is that Bank of America <br />(which currently has the city's account),Citibank,and Wells Fargo Bank are three of the <br />six "too big to fail"banks that bear major responsibility for crashing our economy in <br />2008. <br />These three banks would have failed in 2008 had not the U.S.Government and the U.S. <br />taxpayers bailed them out with a near zero interest loan of $600 billion.Since then,all <br />three have incurred literally billions in fines and settlement fees for toxic mortgages, <br />municipal bond fraud,and illegal foreclosures.As I speak,all three still face substantial <br />litigation and are even bigger today than they were in·2008,having gobbled up much of <br />their smaller competition during that crisis. <br />The three are no less likely to fail now than in 2008 since efforts to regulate them have <br />been effectively neutered by financial lobbyists.Also,the three banks still are deeply <br />involved with derivatives and collateral debt obligations,the very instruments thpt <br />Warren Buffet labeled "weapons of mass destruction". <br />In the opinion of Occupy PV and its supporters,going with ,a smaller or more local bank <br />that requires no bailout,has no related litigation,is not too big to fail,and supports the <br />community,is safer for the city of RPV and a far more moral decision than siding with a <br />Wall Street corporation. <br />Thank you for hearing me out on this important issue.
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