Santa Cruz County Votes To Cease Doing Business With 5 TBTF Mega Banks

Tyler Durden's picture

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

This is impressive. Very, very impressive.

It appears that Ryan Coonerty, the Supervisor of the Third District of Santa Cruz County, wrote a letter back in June to the rest of the Board of Supervisors, in which he bravely pleaded the county cease business operations with five of the TBTF Wall Street Mega Banks. Why you ask? Well, because they are criminal felons. Considering Eric Holder refused to punish them (see: Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job), someone has to take a stand.

Here are a few choice excerpts from the letter:

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.”

Incredibly, the board went ahead and voted in favor of Mr. Coonerty’s proposal. AllGov reports that:

The board, acting on a request (pdf) from Supervisor Ryan Coonerty, voted to “not 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.”

 

That means the county won’t buy the banks’ commercial paper or investment services, and will withdraw whatever funds it can from them.

 

The banks made untold billions using a private electronic chatroom to manipulate the spot market’s exchange rate between euros and dollars. The fifth bank, USB, manipulated the London Interbank Offered Rate (LIBOR), the benchmark interest rate that banks charge to borrow from each other. One Barclays employee said in a chatroom, “If you ain’t cheating, you ain’t trying.”

 

No one went to jail.

I’d like to think this could be the start of a much bigger movement, but I’m not holding my breath. Well done, Ryan Coonerty.

Here’s a screenshot of the full letter:

Screen Shot 2015-07-14 at 2.54.36 PM

Screen Shot 2015-07-14 at 2.54.54 PM

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
roisaber's picture

Hey, that's where I live!

HAHA SUCK IT BANKERS. We're taking our ball and going home.

On the other hand, maybe this is just the excuse needed to send in Israeli "trainers" to teach our local police how to successfully snipe both sides of a protest until a neo-Nazi regime is established in Santa Cruz...

UndergroundPost's picture

International Banksters must be destroyed

SumTing Wong's picture

I'm sure Ryan Coonerty must read ZeroHedge. So whatever your handle is here, we all thank you.

Muddy1's picture

Lets send him an email with a word of thanks, or make a phone call, or.....

Does he know who he is effin with????

Ballsy

0b1knob's picture

 Ryan Coonerty gets audited by the IRS and investigated by the FBI in 5...4...3...2...1

Coonerty?  THAS RAY CYST!

TahoeBilly2012's picture

Rasta Cruz....wish I was eating egg rolls at Kongs market right now!

 

 

El Oregonian's picture

I also used to live in the county. It is one of the most liberal/ progressive socialist counties in America. Although their pledge is altruistic and has merit, their motives are far from it. I agree that the Banksters deserve to serve out their criminality behind bars. But. I also believe that the liberal progressive parasites need to be removed off the teat of a productive society.

Eirik Magnus Larssen's picture

For a brief moment, the article made me believe there may yet be hope for American society.

Then I read Donald Trump had featured a photograph of Waffen-SS troops in his ad campaign, and continues to lead in the polls nonetheless.

wendigo's picture

You could speak the truth directly from God and I would still downvote you. Always have, always will. Just thought you should know. 

Why? You worship the 'progressive' left slavishly, and fail to look at the innumerable crimes committed by such people. You are worse than a fool, you are a coward. 

TeamDepends's picture

This just in, Santa Cruz county has just been labeled "hostile" by the Jade Helm psychopaths.

DanDaley's picture

I bet somebody, somewhere is loading nail guns as we speak.

drendebe10's picture

Holy cow..... who woulda thunk it......  a tiny microisland of sanity and reasonable judgement in a massive ocean of politically correct progressive liberal democraps....

PartysOver's picture

yep, choke on my samich reading that.  More confirmation of the bizarro world we live it.   Suppose it is the circle of life where progressives become libertarians.  And Republicans become Progressives.

847328_3527's picture

Is that a Fuki Pacific Salmon samich?

SilverDOG's picture

 Where can you buy... dem samiches.

 

 

stacking12321's picture

it is foolish to play up the repub/dem divide, it's an irrelevant distraction.

there's people on both sides that do things that help the world, and people on both sides who do shitty things

the only real divide is between those of us who insist on living our lives as free, sovereign people, and those who want to oppress and control others and take their wealth.

http://www.freedomforceinternational.org/

rosiescenario's picture

As a long time resident of this "tiny microisland of sanity"....Santa Cruz may be many things, but sanity has never been high on its 'to do' list.

 

I am disappointed that there was a 5 year sunset provision.....30 years sounds more reasonable to me.

 

The county should go one step further and have the DA see if there was any financial harm done to the county through either the LIBOR rigging or the currency fixing. The county is entitled to treble damages if that is the case. If the county purchased any interest rate swaps SWAPS, then it was damaged by the LIBOR rigging since rates were artificially depressed to make the SWAPS sold by the banks become worthless....meaning the banks made a 100% profit on the SWAPS sold.

 

I also hope that the county board reads this entire Zero Hedge article and all replies

froze25's picture

Good for them.

djsmps's picture

When you pass into the city limits of Santa Cruz, a sign says "Nuclear Free Zone."

Freddie's picture

Cool but weird town with lots of insane libs.  Arnold's buddy Dave Draper the body builder had a gym there.  Also crazy surfing close by with Steamers Lane.

I applaud them for this.  They need to add Bank America to that list of scum banks.

Dixie Flatline's picture

And on the back of that sign it says "Murder Capitol of the World."

Bloppy's picture

It's all the damn vampires!

Paveway IV's picture

Vampires with mullets. 

They're the worst.

MayIMommaDogFace2theBananaPatch's picture

It's all the damn vampires!

+10 Very obscure and very funny reference.

Budnacho's picture

Ahahahaha!....brilliant...

 

Too bad this guy will be killed by a falling 747 in the next week...

Meat Hammer's picture

He'll be "eaten by a shark".  They won't find any remains.

That shark was so damn hungry, he ate all of him.  Weird!

Budnacho's picture

"....Investigators are still wondering why the victim would put on a swimsuit made of steak and fish heads and then go swimming....and now here's Bob, with the latest antics from the Kardashians!"....

Pure Evil's picture

Just bring him down to Florida. The gators will eat all of him, lock, stock, and barrel. And, if the gators have no stomach for him we've got some pythons down in the Everglades that'll have no problem swalling him whole.

Meat Hammer's picture

And then he went out to his Prius with the obligatory COEXIST and OBAMA-BIDEN bumper stickers and drove away.

But seriously...nice job, brah.

Froman's picture

Wearing his "We are the 99%" shirt and his hemp huarache sandles...

Meat Hammer's picture

Undoubtedly sporting an intellectual's neck beard and thick-framed glasses.

roisaber's picture

How dare we buy things made of locally available materials and manufactured in the local economy unstead of blindly buying an infinite quantity of poor quality trash assembled in Bangladesh....

roisaber's picture

Hey California-hating flyover state fake conservative assholes... when will your county stand up to the banksters with the same vigor as a bunch of fag-loving hippy dippy stoners? Oh right never LOLOLOL

roisaber's picture

6 Trucknut-Americans voted down.

Guess all the weed and acid really DOES expand consciousness, including awareness of our exploitation by the financial-industrial complex.

Bunghole's picture

Too bad you cant turn that weed and acid into drinking water.

Enjoy the dust bowl and your 50 latin american next door neighbors.

roisaber's picture

The rest of California is a different story, but in Santa Cruz, our reservoirs are around 75% capacity due to the area's unique hydrodynamics. That's why we have 300 foot tall trees after all.

pupdog1's picture

"... and your 50 latin american next door neighbors."

 

And that just counting the garage.

MayIMommaDogFace2theBananaPatch's picture

Enjoy the dust bowl and your 50 latin american next door neighbors.

Feel the hate.  Divide and conquer is in full effect.

disabledvet's picture

Is interesting all the negative stories about CALPERS of late.

Talk about the best pension plan in history.

I'm sure the serial looters would love to get their hands on that thing and create billions in taxable evets for everyone but the pensioners.

Meat Hammer's picture

The same CALPERS that divested out of all gun-manufacturers stocks as they were going through the roof just to make a political statement.

WE'rE smArT!

Bay of Pigs's picture

Not sure what Kool Aid you're drinking but the state of CA is in a world of hurt going forward. Teachers pensions alone will cost $80 billion dollars.

http://www.mercurynews.com/california/ci_24998205/californias-wall-debt-...

Hoi_Polloi's picture

I predict that kiddie porn will be "found" on Coonerty's computer.

CunnyFunt's picture

First Duffy, now Coonerty. I didn't realize that the 'RA hates TBTF.

Superdave532's picture

This is outstanding. But until more people start telling their reps they want the same, meaning they have to pay attention, this won't be a big deal. 

eatthebanksters's picture

I love this!  I used to live in Santa Cruz County and I actually wrote to my Supervisor asking him to do the same thing back in 2011.  I also asked him to put a huge transfer tax on all properties foreclosed by the TBTF banks as well.  People were't going to get their homes back but it would have taught a lesson to the TBTF banks and put some money in the county coffers.  Fuck those banks, while many people who were foreclosed on should never have bought homes, there were plenty of innocent and responsible people who lost jobs and then their homes becasue of the ensuing depression.

Freddie's picture

Lib city and area but I support this. I am more conservative but too many conservatives think big business is good.  It "ain't."  I support small and med sized businesses.  Too many people especially conservatives think people foreclosed on were deadbeats.

Let me tell you "it ain't' usually true.  Many banks are freaking predators.  Even when you are fully paid up on a loan, they will try to play games.  Commercial real estate loans are even worse.  I never had a problem thank God.  I had a commercial loan, never missed a payment. This smaller bank tried to scam me.  Banks are scum.