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Charge ‘toxic rate swaps’ cost CPS millions

With budget deficits on every horizon, there’s new attention on banks that are raking in exorbitant windfall profits from their business with public entitities.

A couple weeks ago community groups targeted JP Morgan Chase, demanding the bank renegotiate “toxic rate swaps” which are costing the state hundreds of millions of dollars (see previous post).

Tomorrow the Chicago Teachers Union will demand that banks end interest rate swap agreements with CPS – some of which run through 2036, according to the union.  They want four banks to return $125 million they’ve made from the deals since interest rates plummetted following the financial crash in 2008.

Cook County Clerk David Orr with join CTU president Karen Lewis at a press conference at 9:45 a.m., Wednesday, May 25, outside the Bank of America Building, 135 S. LaSalle.

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Category: banks & credit, CPS

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