CITY COUNCILMAN Jim Kenney is threatening to pull nearly a quarter of a billion dollars in city deposits from Wells Fargo.
Following the economic downturn several years ago, the city and school district dished out millions of dollars to end financial deals known as "interest-rate swaps." Now, elected officials are looking to help close the school district's $304 million budget hole, and Kenney says it's time big banks step up.
"They should want to help us through this school issue," Kenney said, noting that Wells Fargo is one of several that arranged bad interest-rate swaps for the city. "You would think as one of their valued customers they would want to step to the plate and say, 'How can we help?' Instead of, 'How can you pay?' I want them to come to a hearing and explain what is it about their priorities and activities that says we should continue to do business with them."