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Group protests L.A. loan rates by dumping trash at downtown bank
Group protests L.A. loan rates by dumping trash at downtown bank

A coalition of city workers and community groups delivered debris from a South Los Angeles alley to the front door of a bank downtown Wednesday to protest what they call "toxic" deals between the city and large Wall Street firms. In 2006, the city entered into an interest-rate swap deal with Bank of New York Mellon and Dexia, a Franco-Belgian financial institution, for its 1988 Wastewater System Revenue Bond. The city wanted to take advantage of what were then historically low interest rates. But as rates dropped even lower during the recession the city was left paying more than the market rate.   The coalition, known as Fix LA, wants the city to renegotiate the...

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