Bank of New York Company
L.A. councilman wants Wall Street banks to cut bond refinance fees

A Los Angeles city councilman wants out of deals with two Wall Street banks he says are costing the city money. Councilman Paul Koretz introduced a motion Friday that calls on two banks to either renegotiate contracts with the city at no cost, or for the City Council to terminate business with the banks altogether if they refuse.  "New York Mellon Bank and Dexia need to do what many others have done for the sake of this city, and that is to make sacrifices, not obscene profits," Koretz said.  In 2006, the city entered into an interest rate swap deal with Bank of New York Mellon and Dexia for its Wastewater System Revenue Bond that was initially issued in 1988. The...