The Los Angeles Community Development Bank (LACDB) is a bank that was created after the LA riots to help create jobs in the enterprise zones of LA. The LACDB was run
By a large group of misfits who had no business running a bank.
This bank is controlled by the Los Angeles city counsel. I was one of many business damaged by the bank. Over two weeks ago I sent the following email to Mayor Hahn, and all the city counsel members, as of today no answer.
Mayor Hahn,
I would like to know what kind of help I could get from the city of Los Angeles; I was a businessman in the city of LA for over 32 years.in 1998 I made the mistake of getting involved with the Los Angeles Community Development Bank.
In February I laid off 175 plus employees and filed Chapter 11. A majority of the issues that forced me into BK where at the hands of the LACDB. There was more effort and money spent by the LACDB to put me out of business than to keep me in business.
Even when they where offered $200,000.00 for the company's assets, and an agreement to keep the business in place in Pacoima, they said no. I even asked for help from Alex Padilla, it seemed to have fallen on def ears. Now I'm stuck with IRS and EDD taxes of over $400,000.00 I have no business, no home, no money, no job and a young family to support.
This wasn't right the city should help in my financial recovery. What was the cost of that first law suite the bank faced $9,000, 000,00, the bank has been lucky to date a class action has not been filed on behalf of the many business they hurt.
George
Thousand Oaks, California
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