By The Chicago Teachers Union
On Thursday, the Chicago Teachers Union ran an ad in the Sun-Times highlighting predatory bank deals that take hundreds of millions from our schools.
The mayor and the Chicago Board of Education refuse to fight schemes like the toxic “interest rate swaps,” even as they claim they are broke, lay off educators, and cut from special education.
CPS is about to make a massive payout of up to $228 million to Bank of America and other big banks. This is banker profit on the toxic swaps they sold us – and almost the exact same amount as cuts to school budgets announced so far this year! The mayor and Board of Ed are broke on purpose, choosing to lay off special education teachers to pay Bank of America profits.
(ENLARGE)
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The mayor and his board are protecting their banker friends at the expense of CPS schools, ignoring the advice of legal and financial experts who have given them options for challenging these deals. The Tribune has detailed others around the country taking action against these types of schemes and winning back money, yet Rahm won’t budge.
If Rahm won’t act, we will. We are asking people to call Tim Maloney, Illinois President of Bank of America, to demand they return the toxic swap money they have taken from our city and schools. B of A has already taken tens of millions in profits from these deals with CPS and the City – and they expect an estimated total of $219 million before they are done!
Please call Bank of America Illinois President Tim Maloney: (312) 904-8262
Tell him that Chicago’s students, families and educators cannot watch our schools suffer to pay his profits. Ask Bank of America to return the toxic swap money they have taken from CPS and Chicago. Our schools have sacrificed too much already. It’s unacceptable for bank profits to come before students’ needs.
You can also e-mail Maloney & Bank of America at their fraud tip line: abuse@bankofamerica.com
Let them know: Bank of America profiting from the risky toxic swaps that they sold to our schools is a fraud that must end.
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See also:
* Lake Forest Resident And Bank of America Illinois President Tim Maloney Accepts Award From Youth Guidance.
* Guest Post From Tim Maloney, Bank of America Illinois President: Celebrating Local Partnerships That Develop And Empower Our Communities.
* Tim Maloney, Comcast Newsmaker:
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Comments welcome.
Posted on October 9, 2015