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by Ashlee Rezin
Mon Mar 25, 2013

Education Activists Take School Closure Fight To Bank Of America (VIDEO)

A group of protesters pushed back against the Chicago Public Schools’ plan to close and consolidate schools this weekend, taking their fight to Bank of America on Saturday where they rallied against the price of costly interest-rate swaps.

Carrying signs and chanting “banks got bailed out, children got sold out,” a group of about 30 protesters, organized by the Grassroots Collaborative and Pilsen Alliance, marched from Pilsen Elementary Community Academy to two Bank of America branches hoping to get a letter sent to the bank’s Illinois president.

“Big banks sold school districts and government ‘interest-rate swap’ agreements on the premise that they would reduce the costs of borrowing. But the opposite has happened,” the letter to Tim Maloney, Illinois president of Bank of America, said. “In Chicago, even though the city just announced 54 school closings, the most ever shut down at once in the nation’s history, banks like Bank of America are gouging the Chicago Public Schools for $35 million a year.”

PI Original
Fri May 20, 2011

Interest-Rate Swaps: The Truth About Chicago’s “Rotten Deals” (VIDEO)

Progress Illinois is breaking down the truth about the complicated interest-rate swaps with big banks that costs the city of Chicago $74.2 million each year.