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Oakland goes to financial war with Goldman Sachs

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Published on Jul 13, 2012

In the past two weeks three cities in the state of California have filed for bankruptcy. San Bernardino, Mammoth Lakes and Stockton are the latest victims of the debt in the state, but Oakland is not going down without a fight. The city is threatening to break the deal made with big bank in 1998 because Goldman refuses to lower their interest rate which is costing the city $4 million per year. Dr Luz Calvo, an organizer for the Coalition to Stop Goldman Sachs, explains why she is fighting the bank.

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