Chicago Public Schools’ pain is these financial firms’ gain

“Struggling to make payments for pensions and pay down billions of dollars in debt, the Chicago Public Schools last week announced 1,050 layoffs and $200 million in spending cuts to keep the school system afloat.  Dozens of financial and legal firms have been paid $18.1 million in fees from CPS borrowing and debt-refinancing deals since 2011, according to records obtained by the Chicago Sun-Times.  CPS still owes billions on borrowing deals dating to the mid-1990s, when then-Mayor Richard M. Daley took formal control of the school system, which then began renovating and building schools using borrowed money.”

http://chicago.suntimes.com/news/7/71/740413/watchdogs-cps-bond-fees

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