Feb 1, 2016
Chicago Public Schools is trying to borrow another 875 million dollars from the banks.
Of this loan, 200 million dollars will go right back to the banks to make payments on old debts.
And because CPS is rated three levels below “junk bond” status, the Chicago schools are offering the ungodly interest rate of 7.75 percent – while your bank offers one tenth of one percent or less on your savings. And just who is it that rates the Chicago bonds? None other than the banks themselves, who will benefit from these outrageous rates.
But even that wasn’t enough – the banks wouldn’t loan CPS the money. They’re holding out for an even sweeter deal.
The banks are holding the education of Chicago’s children hostage. Their ungodly profits come first – which can only mean that Chicago’s children come last in their world.