20
August , 2017
Sunday

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CHICAGO, IL – State Representative Andrade, Chicago Alderman Ramirez-Rosa, and community leaders met with Federal Securities and Exchange Commission Regional Director David A.Glockner and asked that the SEC investigate predatory interest rate swap deals that have caused taxpayers to pay out billions of dollars to Wall Street banks. 

“Right now we have Chicago students who are not getting the investment they deserve as a direct result of these interest rate swap deals,” stated Alderman Rosa. “Chicago and CPS together lost $1.4 billion after being sold these potentially fraudulent Wall Street gimmicks. I sincerely hope that the SEC will listen to us and do what Mayor Emanuel refused to do by taking the necessary legal action to protect our students and our city’s taxpayers.”

For years, Wall Street banks pitched cities and local governments on complicated financial deals called interest rate swaps promising big savings over simple loans. When their promises proved false, cities, states and school districts cut public services and vital programs in order to pay back Wall Street banks. 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.

“Predatory swap deals have a devastating cost in our communities. Every dollar that cities and states are forced to send to Wall Street banks is money not going towards essential community services. We must intervene to make sure that people are protected over the ill-gotten gains of large financial institutions,” said Amisha Patel, Executive Director of Grassroots Collaborative, following the meeting. 

Action by the SEC could provide much needed relief to the city of Chicago, Chicago Public Schools, and the State of Illinois. Interest rate swap deals have already cost the state $684 million and could cost taxpayers an additional $870 million if Governor Rauner does not renew letters of credit on these deals before November this year. 

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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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