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Financial Fraud
Quick Hit
by Ellyn Fortino
3:07pm
Thu Jul 7, 2016

Chicago Activists, Lawmakers Deliver Petitions To SEC For Action On 'Toxic' Interest Rate Swaps (VIDEO)

Chicago community activists and local elected officials delivered 88,000 petition signatures to the U.S. Securities and Exchange Commission's (SEC) regional office Thursday morning, urging the agency to investigate complex financial agreements called interest rate swaps.

Those who delivered the petition signatures, collected online by the Grassroots Collaborative and several other organizations, say cash-strapped local and state governments are being squeezed by the "toxic swaps" they entered into with banks before the Great Recession. The complicated deals, which come with hefty penalties and termination fees, were intended to save taxpayer-backed organizations money, but they backfired when the economy crashed.

PI Original
by Ellyn Fortino
3:25pm
Tue Jan 19, 2016

Report: Illinois Interest Rate Swap Deals Squeezing State Budget

Progress Illinois details the findings of a new report from the ReFund America Project about the financial costs associated with the state's interest rate swap agreements.