New Research Finds Wall Street Banks Owe Millions to California

Families across California delivered invoices to major banks on Tuesday, Aug. 10 calling on banks to pay up.

Community residents and education leaders armed with a giant bill itemizing some of the ways in which Wall Street banks are cheating California residents will deliver it to a major bank in Downtown Los Angeles while simultaneous events happen in Sacramento, Richmond, San Francisco, San Jose and Fresno.

Banks must: 

• Renegotiate toxic interest rate swap deals that cost California cities and state agencies a total of $500 million annually;
• Increase lending to small businesses to aid in job creation; and
• Change loan modification policies to reduce foreclosures that are costing the state billions in lost wealth.