Published on Jul 2, 2014
PROVIDED BY CNNNEXT.COM
Hundreds of Los Angeles city workers are protesting outside the offices of Wall Street banks.
The protest comes in response to a report that shows Los Angeles spends more than 200 million dollars each year in bank fees.
Workers say this means Los Angeles city officials spend more on fees to the banks on Wall Street than on the communities that desperately need public services.
The fees are the result of a deal city officials made before the economy crashed.
Since then, the city has been paying millions in what workers call "predatory fees." The workers are targeting the Bank of New York Mellon, which was part of the deal the city made several years ago.
Workers say they're angry that city officials have allowed the deal to continue, while workers are facing pay reductions and citizens are getting public services cut.
The protest was organized by the Fix LA Coalition, which is made up of workers and community activists.
The Coalition wants the city to renegotiate the deals and use the money to fix LA's streets and neighborhoods.
Workers marched outside Los Angeles City Hall where they demanded new deals.
For their part, city finance officials say the deals are actually saving the city money.
They say it would be cheaper to wait until the deals expire, then to pay the termination fee.
