The City of Los Angeles paid over $109 million in fees and interests to commercial banks in 2016. 

Our tax dollars are extracted from local economies by big multinational banks and used to finance socially and environmentally destructive business practices. Some of these banks have been downgraded by authorities for their risky or fraudulent practices. Many of the city’s investments finance direct harm to the public, including over $70M invested in tobacco companies alone. The firms who help manage these funds seek the highest possible fees for themselves, extracting the financial power of taxpayers to perpetuate bubbles in housing and capital markets, instead of economic development here at home.