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Protesters Demand Fewer LA Dollars Go to Wall St.

A coalition of union and political groups released a report stating Los Angeles City Hall is spending too much money on Wall Street.

Protesters held signs urging the city to reinvest in the community, rather than Wall Street Firms at a branch of the Bank of NY Mellon in Los Angeles today. 

The Fix L.A. Coalition claims the city could reduce the 204 million dollars in management fees it paid last year to financial institutions.

The group's "No Small Fees" report did not reveal how much the city might save, but the Coalition believes the extra funds could be better used to pave, clean up the streets and improve traffic control. 

"The city isn't doing enough, we feel betrayed and misinformed by city officials," Martha Sanchez, a protester, said.

Some bankers outside the protest declined to comment on the coalition's report.

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