Useless fishwrap rag alert: LA Times tries to equalize Meg Whitman's and Jerry Brown's Goldman ties

[marmar]

Whitman, Brown have ties to Goldman Sachs
The Republican was on the Wall Street bank’s board, and the Democrat was mayor of Oakland when the city was involved in a complex financing deal with the firm.

By Michael Rothfeld, Los Angeles Times
April 24, 2010


As a main theme of his campaign for governor, Jerry Brown has attacked Wall Street bankers for fueling the nation's economic troubles.

But he has avoided mentioning Goldman Sachs, the bank that is a recent focus of scrutiny, even though it is one of the biggest liabilities for Meg Whitman, the leading Republican candidate for governor, who sat on the company's board.

Brown, a Democrat and California's attorney general, also has connections to Goldman, which was charged with civil fraud last week by the Securities and Exchange Commission. The links are his sister and a complicated financing deal made by the city of Oakland, where he served as mayor for eight years.

That deal, known as an "interest rate swap," was supposed to guarantee Oakland stability in its debt payments but is now costing the cash-strapped city $5 million a year. The agreement, which goes until 2021, has an estimated cancellation cost of $19 million. The city is trying to renegotiate it, and union officials representing government employees are calling on Goldman to let Oakland and other municipalities out of such agreements. .........(more)

The complete piece is at: http://www.latimes.com/news/custom/topofthetimes/topstories/la-me-jerry-brown-20100424,0,6744492.story