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Occupy San Fernando Valley Targets Major Banks

About 20 people carrying signs marched along Van Nuys Boulevard after gathering at Van Nuys City Hall. Police on bikes and motorcycles monitored the protest.

The Occupy San Fernando Valley movement, with about 20 people, began its protest on Saturday by targeting major banks in Van Nuys.

After forming up outside Van Nuys City Hall at 12:30 p.m.,the protesters marched north on Van Nuys boulevard, and stopped in front of the Wells Fargo Bank branch on the corner of Vanowen Street.

The group, composed of men and women, began shouting slogans and holding up signs that said things like," Stop The Greed," and "Capitalism Must Go."

The leader of the group, David Klein,who said he was a mathematics professor at California State University Northridge told the crowd," People should take their money out of the large banks. They are totally corrupt. The democrats and the republicans are in bed with these banks, " he added.

About 10 police officers on bikes and motorcycles monitored the crowd.

Next stop was the Bank of America branch at 6551 Van Nuys Blvd.

The group stood in front of the closed bank doors, held up signs and several began making speeches as the police looked on.

Twenty-seven-year old James Delaloza held up a sign that said,"Stop Corporate Greed."

"I'm doing this because we just can't stand by and let the banks get a hand-out after losing so much money because of their own corrupt practices. People are hurting all over the country, and the only people who get major help from the government are the big banks," said Delaloza, a graduate of the University of California at Santa Cruz, who works part-time as an English tutor.

A common critique of the Occupy movement is that protesters are not offering solutions.

"That's not true," Delaloza said," We want to see many more regulations on the big banks, they need to be held accountable for their failure to work with people who are facing foreclosure," added the Pasadena resident.

"We're asking depositers to take their money out of greedy big banks, they should put their money in credit unions," said David Klein to the crowd as police stood and watched.

After the rally at Bank of America, the group headed back to their starting point at City Hall Plaza.

Earlier in the day,Los Angeles Police Department officers handed out notices to the protesters. The police-handout was a long list of rules entitled, "Rules For Community and Expressive Events-Van Nuys Civic Center Complex."

The "General Property Rules," indicated that the Civic Center Mall would be open from 6:00 a.m. to 7:00p.m. daily, and the area would be closed from 7:00 p.m. to 6:00 a.m. daily.

Other rules include," No tents, no camping, no cooking, no blocking buildings."

When asked if the police would be strictly enforcing these rules, LAPD Captain Paul Snell replied, " We 're going to handle this on a case by case basis."

As for the protesters, both David Klein and James Delaloza said they were not sure if they would attempt to spend the night at the City Hall Plaza in Van Nuys.

"I don't think so," said Klein.

David October 31, 2011 at 02:33 AM
A paid demonstration to distract from Obama's failures? That is the stupidest thing I've ever read? Where did you hear that one, on Fox news? Or from Newt Gingrich or Boll O'reilly or all the other idiots you people think are gods but in fact are the biggest liars ever. Reading things you've written, I have to feel sorry for you.
Momlee October 31, 2011 at 02:46 AM
David...you and all your liberal friends couldn't recognize the truth if it bit you. I feel sorry for you. Obama has been a complete failure but you keep defending him. The country is hurting and he's out grabbing money to get reelected. He needs every distraction available. His union buddies and George Soros paid these protesters. Whether you admit it or not he's a one term president. Your support for him is in the minority. Check the polls lately? We don't need your vote anyway.
Jim October 31, 2011 at 02:52 AM
You said it perfectly Momlee...But I am afraid that he will win.. some people never learn.. The Dems have been promising things for years by giving entitlements away..and buying votes.. and then when a program has toi be cut because it is unaffordable, they blame the heartless Republicans...People like David are best ignored.. They have no factual basis for their arguments so they resort to name calling...They think that FOX news is the devil because they have been brainwashed to think that because another viewpoint is presented, they are awful people.. the fact is, the "tolerant" ones are only tolerant if you agree with them...I doubt any of them have ever taken a course in macro economics...They have absolutely no concern for cost controls...
Bill George October 31, 2011 at 09:44 AM
One of the big problems I see with the "Occupy Wall Street" activists is that they seem to want to restructure how contracts work. For instance, they want cram downs, and / or forgiveness on their mortgages and they want banks to dishonor employment contracts with executives which the banks and executives negotiated and which outlined incentive bonus arrangements (which were memorialized in employment contracts) and they want some person or some entity in the government to revise all past arrangements they've entered into (arrangements which were fully-disclosed and arms length). They want all this revision done based on some subjective abstraction they have in their minds about "fairness". However, they don't want anybody tinkering with collective bargaining for union contracts, and they don't want public employees to suffer any changes to their pay and benefit packages, and they squeal like a stuck pig if anybody infringes on their "right" to behave like a 'community activist mob' and abuse the rights of others by loitering on and abusing taxpayer supported public property.
Bill George October 31, 2011 at 09:45 AM
Contracts and contractual relationship define how individuals and groups interact and they provide some predictability of expectations flowing from the agreements outlined in the contract. If we agree with Occupy Wall Streeet crowd, that every contract that has been freely and not fraudulently entered into, is later re-interpretable based on some subjective "fairness" arbitrator who ignores the terms of the contract, and only considers the "changed environment" we as a society will have moved a giant step closer to anarchy, mob rule, and commercial unpredictability.
Bill George October 31, 2011 at 10:00 AM
Michael Moore has admitted he is one of the 1% that he and the Occupy Wall Street crowd are organized against. I would assume that Occupy Wall Street celebrity supporters Susan Serandon, Roseanne Barr, Tim Robbins and Kenye West would also qualify as, at, or close to the despised 1% 'class'. Would any of these named celebrities be comfortable having their contractual relationships (agent agreements, movie deals, investment advisor contracts, and household help arrangements) audited based on some abstract, and situationally subjective, standard of "fairness".
trojan2002 October 31, 2011 at 02:27 PM
As Jim and a few others have expressed my opinions on the OWS movement, I won't add to it. But I will say this, OWS should be taken seriously. This is the first time in DECADES (I can't find anything close to this) when two diverging spectrum of political/American values, are angry and willing to protest. This is not a good time for our country. Our political class will not lead us to unity, or and level of calmness. Special interest groups on both sides are pushing for no compromise and our political class is not willing to say no to their money.
Leigh Datzker October 31, 2011 at 03:14 PM
The sanctiity of the contracting process has long gone by the wayside. Courts have intervened into this 'legal inner sanctum' for years, especially when a public policy issue was breached, such as discriminatory covenants in real estate. The problem with many of these ARM loans is that all peramaters were not disclosed by lenders including their involvement in manipulating certain indecies used to establish loan payments. The ARM's were endorsed by Fed Chairman Greenspan and people relied on his word giving this 'product' credibility. It seems that if it is in the best interests of the borrower and perhaps the community, then loan modifications and forgiveness of loan amounts makes sense. The fact is that the old 'legal models' of the sanctity of contracts shouldn't prevent us from using various tools to save a person's home and credit. The banks clearly have a part in this economic debacle and the collective references to various articles really does not change the reality of their own participation in the demise of our economy in the last 4 years or so. Our economy will not recover until the housing market rebounds and consumers start spending again. The consumer is being victimized and the OWS movement is an expression of our anger. Americans are clearly angry and frustrated with the actions of the banking community as is evidenced by the allmost 40 comments on this site.
Bill George October 31, 2011 at 04:23 PM
Mr. Ditzger: Under the law all contracts for real estate must be in writing, therefore any undisclosed (i.e. unwritten) 'parameter' in the contract would not be a legal consideration. The fact that it is in the best interest of the borrower to change the terms of the agreed contract does not take into consideration the best interests of the investor who in good faith purchased the mortgage or the taxpayer who is now holding-the-bag for Fannie and Freddie. Greenspan was very concerned about Fannie and Freddie's involvement in low quality loans (See: YouTube "Bush McCain Warn Dems of Financial Housing" at 2:20 seconds. I would like to see any examples evidence of discriminitory covenenants in real estate contracts, to which you have access. Beginning in 1978 CRA forced home lenders to discontinue red-lining but those policies were not written into contracts.
Bill George October 31, 2011 at 04:34 PM
I Imagine the indecies you mention might be indeces like the the London Interbank Lending Rate (LIBOR), can you show that private investment banks or commercial banks were any more involved in effecting these indices than the fed's low interest rate policies, or other countries central banks' interest rate manipulations? Your comment about what is necessary for the housing market to recover. The housing market will not begin recover until home prices reach equalibrium at the intersection of supply and demand. All the 'propping-up' just delays the process. In Japan they called it The Lost Decade.
Bill George October 31, 2011 at 04:36 PM
Key-words-search: The Shadow Inventory
Leigh Datzker October 31, 2011 at 05:52 PM
I suspect many do not recall that there was and is ample evidence of predatory loan practices going on with WAMU, IndyMac, and Countrywide wherein loan consutants received higher commissions for touting ARM's even though the Fixed Rate was better long term. So, if we take this into the contractual context as you opine, this is fraud in the inducement, is it not? Also the loan consulatant was a fiduciary obliged to disclose material facts which most failed to do. The facts are that this is not a matter of politics but a matter of fundamental concern about our political system, when the Congress is in gridlock and the government is paralyzed by the four-year election cycle. We need to think outside the box for solutions for the betterment of our country, and I think it is clear that despite the trumpets of 'Free Market Capitalism," there needs to be intervention to escape a 'Lost Decade,' mentality as many here have discussed. This is not the time to expouse on the left or right, it is a time to be a Patriot and work to getting our country out of the economic duldrums. We can postulate all day about corruption and poor govenment policy, but the situation is getting worse and sitting on old-time political haunches just is not productive.
trojan2002 October 31, 2011 at 07:26 PM
fancy pants, you can use all of the well thought language you want. However, no matter how much you try to obfuscate, the foundation for the financial earthquake of 2007/2008 is dems in congress. Frank and Dodd, those who re-wrote the rules by the way, are the ones who broke our country. As referenced above, it was people like BUSH who said fannie and freddie are out of hand. WAMU, indy, country wide, they sold their mortgages to the whales of fannie and freddie who were hand tied and pushed to buy these worthless bonds because of the Frank ilk. So at the end of the day when Frank and his left wing philosophy screw the country and the tax payers over, he looks for cover and you, and other lefties, who HATE anything and everything W, buy his story that the W team and free markets are to blame. Free markets are to blame bec. W said FREE MARKETS and not the government should handle mortgages. Keep finding the facts and truths that suit your argument. But anyone with functioning neourosystem can see with Frank and his ilk were up to, how they are to blame, and how Frank/Dodd revision is no different than being a 911 truther. which I wouldn't be surprised if you were. It's W fault. it all is. So let's find a way to say it's his fault, then say Obama inherited it, then say lets move beyond partisan rhetoric. Right?
Bill George October 31, 2011 at 08:30 PM
Mr. Datzger: If there was provable 'fraud in the inducement' I believe the courts would provide monitary damages to the borrower who was induced fraudulently to use an adjustable rate mortgage rather than a fixed rate mortgage. Or, the courts would force the mortgage company that employed the loan 'consultant' to refi-the loan to the fixed rate that the mortgage borrower would have received at the time he or she had been 'fraudulently induced'. I think the problem is people in the situation described don't want to get a judicial settlement, they want to get a free house. Did the Countrywide salesman actually say he was a fiduciary? You should have got that in writing! Also, Mr. Datzger:The shrillnes of your argument indicates to me that you might a person who bought a home at the peak of the bubble, and freely chose an adjustable rate mortgage (or maybe an Option ARM), whose home is now deeply "underwater" and you are now faced with an indexed rate increase and you can't refi-the loan because you have no equity. So you are claiming that you wanted to get a fixed rate loan, but the loan salesman fraudulently induced / convinced you to use the ARM. . . . Just my guess.
Leigh Datzker October 31, 2011 at 09:07 PM
Bill, The discussion started off as whether the occupancy forces had a legitimate claim against the banks. I commented on the fact that the banks were found to have engaged in predatory lending practices and other conduct making them a prime culprit in destorying the housing economy. Dodd-Frank and other legislation did not justify the 'boilerroom aspect' of the mortgage business pursued by these banks, including sending solicitations in the mail. Most of these institutions went into bankruptcy early on with no real redress for borrowers, that is why loan modifications and balance reductions make sense. The argument is not shrill, but pointed at your assertions and attempts to pigeonhole them. The irony here is that the ARM loans will adjust to 2 or 3 per cent as many are based on the LIBOR numbers or the 10 year note. This is why existing HELOC's have been at lower rates and, why banks cancelled the further use of them, also in bad faith. It would be better protocol to halt making points by trying to personalize them against the writer. I trust we will not need a search party to find some civility in your future contributions.
Bill George October 31, 2011 at 09:57 PM
Mr. Datzker: To paraphrase William Shakespear, "Me thinks the gentleman is guilty, for he doth protest so much". MY GOD! They sent solitatians to you in the mail! They must have known that you could read, but that you could not think. Or, maybe they just send out junk and dupe those that respond ( a practical method) . Do you read all your junk mail? Shame on you. You claim people have exercised bad faith by not being willing to renegotiate written contracts. In response I ask you, have you ever loaned a significant amount of money to anybody, then had that person not repay the loan? On that loan, Did you have collateral that you could take in recourse? Did you decide you would just forgive the loan and not take the collateral? If you feel I personalized my points that may be your admission that they are true. If you have a search party lined-up have at it.
Jim October 31, 2011 at 10:04 PM
Bill, Like I said yesterda...You are a breathe of frsh air.. I think that you and I are only 2 of about 6 people in this region that get it... Look at the top..I was the first post and I was the idiot that was taking the heat..Thanks for taking the pressure off of me.. Keep the faith..unfortunately, we can not educate those that are unwilling to be educated...plus, they thinkthat they are smarter than the rest of us.. But I would venture to guess thast none of them have been respoonsible for a P&l, know anything about macro economics, nor know how many branches of government that there are or what each branch is reponsible for.. People blame George Bush for congress's mistakes... Everything changed in January 2007 When Pelosi and company took over...
Bill George October 31, 2011 at 10:30 PM
Jim: When, In a democracy, you have more people voting than you have paying taxes you have a significant problem. The ballot becomes the pursuit of the politicians, not the well being of the economy, or of the general well being of the society (as a whole). The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. Alexis de Tocqueville
Jim October 31, 2011 at 10:42 PM
You are absolutely correct. I was the CEO of an aircraft company for 30 years traveling every city in the world.. I have seen the results of what these people think that they want... and it is not good....They have been sold a bill of goods by a bunch of uneducated ideologues.. I am now the CEO of a record label and you can imagine what I have to deal with....LOL.
Bill George October 31, 2011 at 10:48 PM
@Kevin ("the expert") Are you going to use your personal assets to clear the lenders' liens? Borrowers in default don't build equity, they build liabilities.
kevin October 31, 2011 at 10:48 PM
" ...listen, don't worry about it. In five years your house'll be worth....By then, you'll have either already sold it, or, you can just get into a new loan with all equity from apreciation, no problem!" -expert(formerly) advice
Bill George October 31, 2011 at 11:05 PM
Kevin: Are you going to use your personal assets to clear the liens that borrowers have accumulated while they didn't pay their mortgage payments? Mortgage borrowers in default don't build assets, they build liabilities.
kevin October 31, 2011 at 11:26 PM
I don't think so..I believe they(my assets) went to bail out the banks, not the borrowers. So, let me ask you this: why would you( not "you" personally)loan money to someone if you know that they're gonna default?
Bill George November 01, 2011 at 01:05 AM
Kevin: The answer to your question is contained in a brief video-clip on YouTube. Go there and search for: "Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet" williamtgeorge
LA Momma November 01, 2011 at 05:13 AM
Thanks Leigh for offsetting the vitriol.
LA Momma November 01, 2011 at 05:17 AM
Here we are fighting about contracts - why we should enforce them; meanwhile MF Global files for bankruptcy because their bet on European debt did not work out the way they hoped. I would say the banks probably worry more about Europe than they do about the OWS folks ... but I do think the OWS people are on to something. I don't think any of us can take our current financial position for granted - at all -
Bill George November 01, 2011 at 03:57 PM
Key words search: Ed DeMarco: Public Enemy Strassel
vonjo27 November 03, 2011 at 07:46 AM
Jim- you, and anyone who would cosign your b.s. have been misinformed. You get your "facts" from the relentless, agenda-driven propaganda delivery systems (mainstream media) that have labeled us as nothing more than Marxists with a Socialist agenda. You're failing to realize that its the very organizations who own those networks that feed you that crap that we as a movement are aiming to defeat. That's like referring to O.J.'s defense team for a fair, unbiased account of what happened that night. This movement is about preventing unlimited amounts of money from being thrown at politicians by big corporations so that we, meaning everyone, can vote into office who we think would best serve the people. We're sick of funding fake wars that kills millions of innocent people, only to put trillions of dollars into the hands of a few investors- the same investors who threw untold amounts of money into campaigns to elect these corrupt politicians who, after taking office, started these wars. That's why I became involved with the movement. We're not after wealth redistribution- we're after ending the privatized central banking cartel (Federal Reserve) that continues to depreciate the value of our dollar by bailing out corrupt "bad investment firms" (big banks), and funding trillion dollar "wars" that have destroyed millions of lives.
vonjo27 November 03, 2011 at 08:00 AM
How can you be so close-minded? How can you so harshly judge people who obviously care so deeply about this country? You have a disgusting attitude and your ignorant comments make me nauseous. You don't have the balls to seek the change you know is needed. You're either too scared or in denial. I'm not begging for attention, I'm begging for change. I've been married for five years and I refuse to bring children in to this corrupt, disgusting country without at least fighting for real change. I truly feel sorry for people like you. You're so blind to reality. I bet you actually think we're fighting "terrorists" in the middle east to "preserve our freedom". You've been misinformed your whole life Jen- wake up!!
trojan2002 November 03, 2011 at 01:16 PM
MF is NOT and was NOT a bank. It was a broker/dealer, clearing house and trading outfit. Why would MF have to worry about OWS? I could get into how banking works and why Europe is a big deal for you and me and the US banks, but you probably wouldn't get it. I would encourage OWS and occupy supporters to go and protest the teacher's unions and state capitals. They have failed you. Not the banking sector not the rich people. They guided you into a worthless degree (if you went to college), they provided you with a failed education. The banks and the 1% only provided the funding. The unions and state legislators misappropriated the funds. Asking the 1% to give me more without having fixed the problem of a corrupt system where unions peddle a cycle of failed policies will NOT change anything.

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