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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  Good idea (2+ / 0-)
    Recommended by:
    anna shane, jpmassar
    Wall Street is up in arms.
    ...the Securities Industry and Financial Markets Association (SIFMA)—have tried to dissuade local officials from pursuing the eminent domain strategy.

    In April, for example, SIFMA officials Kim Chamberlain and Tim Cameron traveled from New York to Richmond to persuade Mayor Gayle McLaughlin and her Council colleagues to back off.

    “We’re not going to be intimidated by these Wall Street folks,” said McLaughlin, a former teacher who has been mayor since 2006. “It is pretty outrageous to hear them opposing this. They’re the ones who caused this crisis in the first place. And they don’t have a solution. The city has every right to do this.”
    - emphasis added

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