Oakland’s Treasurer Recommends Terminating Goldman Sachs Deal

In a recent memo, Oakland’s Treasury Manager Katano Kasaine advises that the city council approve a negotiating effort to terminate Oakland’s costly interest rate swap deal with Goldman Sachs no later than the end of the next fiscal year. The swap currently costs Oakland taxpayers about $4 million per year and has put serious pressure on the city’s budget. As such, Kasaine is recommending that the city attempt to terminate the swap “at a below market value cost.”

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