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12:17 PM Eastern - March 9, 2010

Stop the Swaps

Stop the swapsIf you thought taxpayers were done funding payouts for Wall Street, think again.

Sunday's New York Times ran an article blowing the lid off a Wall Street scheme called "interest rate swaps" that are sucking money from cities and states across the country. The swap deals were originally sold to communities as a way to shield against unpredictable interest rates. But, when the banks crashed the economy, the rules of the game changed.

Now, all these swap deals are doing is generating pure profit for the big banks - and it's being paid for with our tax dollars.

Help stop the swaps. Demand a public investigation into these shady deals: http://action.seiu.org/stoptheswaps

These swaps deals amount to the biggest Wall Street bailout you've never heard of - around $28 billion nationwide. The city of Oakland, CA alone is paying $5.2 million annually for a swap deal with Goldman Sachs. That's enough to completely resolve the city's outstanding budget gap - and avoid cuts to critical services. Instead, it's being used to fill Goldman's profit pool, while city services go on the chopping block.

Help expose swap deals in your community; demand an investigation: http://action.seiu.org/stoptheswaps

Taxpayers have already given enough to bailout Wall Street. But that hasn't stopped them from taking more. With communities feeling the squeeze in a tough economy, the last thing we can afford to do is send billions of our local tax dollars to Wall Street.

Click here to contact your attorney general and demand a public investigation into interest rate swaps: http://action.seiu.org/stoptheswaps

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SEIU

Service Employees International Union
Change to Win Federation USA
Canadian Labour Congress
1800 Massachusetts Avenue NW
Washington, DC 20036
© SEIU | Privacy Policy

SEIU

Service Employees International Union
Change to Win Federation USA | Canadian Labour Congress
1800 Massachusetts Avenue NW, Washington, DC 20036
© SEIU | Privacy Policy