Is LA being duped by Wall Street?
By Sean J. Burch, Posted 3/26/14
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- Fix LA WH.mp3
Dozens of protesters lined up outside the Bank of NY Mellon in downtown LA on Tuesday with the Fix LA Coalition, claiming the city has been paying millions of dollars in unnecessary financial fees.
According to Fix LA, the city spent more than $200 million last year on superfluous fees, as well as $5 million to NY Mellon in complex "swap" deals.
The demonstrators wanted to see that money being reinvested into the city, whether on repairing the streets or trimming trees.
NY Mellon and the City of Los Angeles could not be reacehd for comment.
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