Feinstein blasted a proposed law to aid Citicorp.
San Francisco Mayor Dianne Feinstein said she would “staunchly oppose” state Assembly Speaker Willie Brown’s proposal that would allow New York-based Citicorp to bid for ailing BankAmerica or “any proposal that threatens to remove Bank of America’s headquarters from San Francisco--particularly out of state.” Brown is considering legislation to open up the bidding for BankAmerica to boost the value of millions of shares of B of A stock owned by state pension funds. First Interstate Bancorp of Los Angeles has offered a package of securities that it values at $3.4 billion for BankAmerica.
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