Went to Oakland City Council Meeting with Kate last night where the council unanimously voted to terminate a swap agreement with Goldman Sachs. They passed a resolution that authorizes the City Administrator to negotiate the termination of a swap agreement that the City of Oakland entered into in 1998. The resolution stipulates, in part, that "if Goldman Sachs refuses to terminate the swap agreement without termination fees or penalty within 60 days, then they will be excluded from any future business with the City of Oakland."
The council members and activists at the meeting said that they were the first city in the country to stand up to banks in this way. Word is that other cash-strapped cities who have not, unlike the banks, received government bailouts, may make similar moves.