Angelenos to Pay for Bank’s Mismanagement
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Re: “Bank’s Woes Could Cost L.A. Millions,” April 1.
Once again it would seem that the people of Los Angeles will be called on to pay for a project that was mismanaged and lacked oversight from its inception.
Not being able to make loans to create jobs in the target areas, the bank decided to be creative and play high-risk stock investments, only to find that they were caught holding the bag as the bottom fell out of that market.
Those charged with general oversight turned their eyes away from this scheme, and now the people of Los Angeles are called on to make good the losses. The poor are poorer and guess where the money went?
Richard B. Pridham
Downey
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