To: Chicago Board of Education and Mayor Rahm Emanuel
Chicago Public Schools, Stop Giving Away $35.7 Million to Big Banks While You Close 54 Schools
Banks like JP Morgan Chase and Bank of America locked Chicago Public Schools into paying 4-6% interest rates, while they crashed the economy and got billions from taxpayers for free in the bailouts.
Chicago Public Schools Board of Education must demand these Big Banks renegotiate these toxic interest rate swaps. CPS and Mayor Emanuel, fight for our money back from these greedy bankers. INVEST in our schools, don't close them.
Why is this important?
Every year, Chicago Public Schools pays $35.7 million to Bank of America, JP Morgan Chase, and other Big Banks in interest - money that those same banks got for free when they crashed the economy and WE bailed them out.
The proposed school closings largely impact black schools, at a time when our communities need more support, not less. 1400 homeless youth are facing school closings. 2400 special-ed children with IEPs will be affected. 1/3 of all schools will be fed into lower-performing schools.
CPS and Rahm Emanuel, stand with Chicago children, not with Wall Street. Paying Big Banks $35.7 million in interest every year is immoral. Demand the Big Banks renegotiate these toxic interest rate swaps, invest in our children, and keep our schools open!