Chicago Teachers Rally for Public Education
On February 4, 2016, about 3,000 teachers, retired teachers, parents, students and supportive organizations gathered in sub-freezing temperatures at 135 S. LaSalle St., in front of Bank of America's headquarters. The show of force comes after The Chicago Teachers Union unanimously rejected the latest contract offer by CPS. In addition 16 teachers were arrested in the lobby of Bank of America by CPD.
The teachers were arrested for civil disobedience because they were demanding a meeting with Bank of America IL. President, Tim Maloney. The group is asking for a return of losses from toxic interest rate swaps with CPS. Bank of America and CPS entered into a swaption agreement on their interest rate securities in 2007. Please read the following Chicago Tribune article: Banks Kept CPS in Shaky Bond Market, on November 10, 2014.
Fast forward to the current situation. Illinois Governor Bruce Rauner has now said the only option is for CPS to file bankruptcy right now. Amazingly Gov. Rauner made this proclamation before CPS had to go to the bond market for operating funds. To no surprise CPS had to pay an usurious high rate of 8.5% on $725 M bonds. Please read the Crain's Chicago Business article: Rauner's dangerous talk of Chicago school bankruptcy. Once again just prior to CPS going to the bond market Rauner repeated his bankruptcy option and as a result the bond auction was very expensive to CPS.
Rauner hates labor unions so much he is trying to force bankruptcy on CPS by jawboning their rate higher to bankrupt CPS even quicker. This is immoral and is a valid reason to recall Governor Bruce Rauner. Rather than looking for alternative sources of revenue to support Chicago public school kids Rauner is looking to collapse the system. Rauner's solution after bankruptcy is to open all charter schools that are run with public money by private corporations, of course with no teacher unions.
Most discussion from the Rauner/Rahm crowd centers around SCHOOL CUTS only, additional revenue is never seriously considered. Addtional revenue for CPS schools could come from many sources; FTT (Financial Transaction Taxes), return TIF funds (Tax Incremental Finance) to the school district, increase real estate taxes to support public schools and of course renegotiate toxic swaps with BofA.
Following are some of the many folks that clearly see Rauner/Rahmbo's true intention of destroying public education and came out to say: THEY SAY CUT BACK, WE SAY FIGHT BACK:
The teachers were arrested for civil disobedience because they were demanding a meeting with Bank of America IL. President, Tim Maloney. The group is asking for a return of losses from toxic interest rate swaps with CPS. Bank of America and CPS entered into a swaption agreement on their interest rate securities in 2007. Please read the following Chicago Tribune article: Banks Kept CPS in Shaky Bond Market, on November 10, 2014.
Fast forward to the current situation. Illinois Governor Bruce Rauner has now said the only option is for CPS to file bankruptcy right now. Amazingly Gov. Rauner made this proclamation before CPS had to go to the bond market for operating funds. To no surprise CPS had to pay an usurious high rate of 8.5% on $725 M bonds. Please read the Crain's Chicago Business article: Rauner's dangerous talk of Chicago school bankruptcy. Once again just prior to CPS going to the bond market Rauner repeated his bankruptcy option and as a result the bond auction was very expensive to CPS.
Rauner hates labor unions so much he is trying to force bankruptcy on CPS by jawboning their rate higher to bankrupt CPS even quicker. This is immoral and is a valid reason to recall Governor Bruce Rauner. Rather than looking for alternative sources of revenue to support Chicago public school kids Rauner is looking to collapse the system. Rauner's solution after bankruptcy is to open all charter schools that are run with public money by private corporations, of course with no teacher unions.
Most discussion from the Rauner/Rahm crowd centers around SCHOOL CUTS only, additional revenue is never seriously considered. Addtional revenue for CPS schools could come from many sources; FTT (Financial Transaction Taxes), return TIF funds (Tax Incremental Finance) to the school district, increase real estate taxes to support public schools and of course renegotiate toxic swaps with BofA.
Following are some of the many folks that clearly see Rauner/Rahmbo's true intention of destroying public education and came out to say: THEY SAY CUT BACK, WE SAY FIGHT BACK: