Ryan Coonerty, the Supervisor of the Third District of Santa Cruz County, has had an impressive win over the five Wall Street mega banks, after writing a letter in June to the Board of Supervisors. In his letter, he outlined why banks such as JP Morgan Chase, Barclays and Citigroup should be abandoned due to their “felonious financial” behaviors, by “rigging” the Wall Street markets and undermining foreign currency.
The breakthrough here, is that his supervisors have listened and voted in favor of Mr. Coonerty’s recommendations, thus winding down existing relationships with the big five banks.
Some of Ryan Coonerty’s initial letter read:
“The banks have agreed to plead guilty to felony charges of conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange spot market… The behavior of these banks is offensive and signals a Wall Street culture in which several big banks broke the law even after years of strong criticism and increased regulation following the economic crisis.
There seems to be no limit to the greed in some our nation’s largest banks. I believe it is critical that the county only work with the most trustworthy institutions as we invest and protect the public’s tax dollars. Santa Cruz County should not be involved with those who rigged the world’s biggest financial markets.
It is important that we send a message that if you want to do business with the county, you need to play by the rules. Therefore I recommend that the board direct that the county’s investment policy be modified to reflect that the County of Santa Cruz will not do new business with these felonious financial institutions for a period of five years and further that the county unwind existing relationships with these five banks to the greatest extent feasible.”
AllGov reported that the board acted on the request and have voted, “not to do new business for a period of five years with Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland and UBS as specified, and further direct that the county unwind existing relationships with these five banks to the greatest extent feasible.”
It’s a step in a hopeful direction that other large companies and regions will follow before the next big financial meltdown.
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WAYYYYY TOOO GOOOOO Santa Cruz,
This is by far the greatest news to come out of any media platform in over 2 decades. I’m so happy with the choice the Board of Supervisors of Santa Cruz made. Now if only the rest of America and the rest of the world would only make this same exact choice, the world would be in a better place and not just for the 5 years but total removal of these banks and wall street would do the world good too.
SANTA CRUZ I LOVE YOU ! I bought my first home there wish I had the last fraudclosure took everything. Hey can you get the rent down so I can come home to die if not expect my ashes!