National Outcry on Same Bad Bank Deals That Could Cost Illinois Taxpayers $870 Million in November if No Action Taken
On Thursday, Grassroots Collaborative will join with organizations across the country including Americans for Financial Reform, CREDO Action, and Rootstrikers to deliver a petition in which more than 80,000 Americans asked the Securities and Exchange Commission (SEC) to investigate the toxic swap deals squeezing cities and states across the country.
These toxic swap deals contributed to budget shortfalls that led to schools closing in Chicago, water shutoffs in Baltimore, and devastating environmental and health issues in Los Angeles. These same bad deals also helped lead to the bankruptcy of Jefferson County, Alabama and Detroit, Michigan. The state of Illinois has already lost over $684 million to Wall Street banks on these deals and could be on the hook for an additional $870 million on November 27th if action is not taken.
In many cases, it appears that banks misrepresented the risk of these deals to cities, or omitted key information, in violation of fair dealing rules. The SEC has the power to order Wall Street to give back any ill-gotten gains if it finds evidence of wrongdoing. On Thursday, taxpayers and elected officials will ask them to do just that.
WHEN: 10:30am, July 7th, 2016
WHERE: SEC Chicago Regional Office, 175 W. Jackson, Chicago, IL 60604
WHAT: Press conference followed by petition delivery
State Representative Chris Welch
State Representative Robert Martwick
Alderman Carlos Rosa
Saqib Bhatti, Director, ReFund America Project
Erica Rangel, Ceasefire, Enlace Chicago
Kimberly Johnson, Teacher at Emmett Till Elementary