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Wall Street Accountability

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Across the country, big wall street banks and financial institutions are making billions off of our cities, states and school districts through predatory (and potentially law-breaking) lending deals. In Illinois, big banks have taken more than $2.4 billion out of our state funds. These funds could have fixed the 2016 CPS budget crisis, provided domestic violence services for 31 years or funded child care for 102,000 Illinois families.

Rahm and Rauner have given the banks a free pass and looked the other way. Neighborhood leaders, parents, seniors, students, and teachers are standing up and demanding an end to this giveaway of our public money. Join us in an exciting campaign to win back hundreds of millions of dollars – we’re taking our money back and putting it into the communities we deserve!

CAMPAIGN NEWS

fundyouth

Governor Rauner Leaves Public in Dark on Swap Agreements

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Illinois was in the national spotlight this week for taking action to hold Wells Fargo accountable for defrauding millions of customers. Illinois state Treasurer Michael Frerichs, Chicago City Treasurer Kurt Summers, and the Chicago City Council took action by withdrawing city and state funds and financial business from Wells Fargo. The move received coverage in […]

Gov. Rauner’s announced agreement on swap payouts to Wall Street banks lack details

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  October 4, 2016 Contacts: nathan@grassrootscollaborative.org Gov. Rauner’s announced agreement on swap payouts to Wall Street banks lack details Coalition of educators and human service providers skeptical, demand disclosure of agreement terms SPRINGFIELD, IL – This morning, Gov. Rauner reacted to Illinois educators and human service providers who had gathered for a press conference to […]

10644697_1114068615278304_226691550029644110_o(1)

Wall Street Accountability

by
News Source:

Across the country, big wall street banks and financial institutions are making billions off of our cities, states and school districts through predatory (and potentially law-breaking) lending deals. In Illinois, big banks have taken more than $2.4 billion out of our state funds. These funds could have fixed the 2016 CPS budget crisis, provided domestic […]

Illinois faces further credit dings and interest rate swap crisis

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Adding yet another blow to the moribund finances of Illinois, two major credit rating bureaus, Moody’s and Standard and Poor’s, last week gave the midwestern state another financial downturn; this time to just two levels above junk status, in view of the continued lack of a budget and the growing gulf between Republican Gov. Bruce […]

Monday Marks Second Hearing On Illinois’ Controversial Interest Rate Swaps

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An Illinois House committee will hold a second subject matter hearing Monday morning in Chicago on the issue of interest rate swaps. City of Chicago Treasurer Kurt Summers is among those expected to testify before the House Revenue and Finance Committee. Last month, Summers urged three Chicago employee pension funds to consider joining class action lawsuits against banks in an effort […]

Experts Sound Alarm: Wall Street Banks Set to Shakedown Illinois for $870 Million Unless Springfield Acts Fast

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Mayor Emanuel Paid Out Hundreds of Millions to Wall Street Banks on Swap Deals that Torpedoed Chicago and CPS budgets, Governor Rauner Urged to Not Repeat Mistake with State Swaps CHICAGO, IL – On Monday, the Illinois House Revenue and Finance Committee held a second subject matter hearing on interest rate swap deals that have […]

EndBadBankDeals

Failure of Emanuel Administration to Push Through Swap Payments a Victory for Working Families

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The House failed to bring the Fair Tax Amendment (HJRCA 59) to a vote, missing the deadline for placing it on the ballot for the upcoming November elections. The Fair Tax amendment, that would have allowed voters to vote on a constitutional amendment to implement a progressive income tax enjoyed massive public support in both Democratic […]

Financial Experts and Social Service Providers Challenge State, Municipal, and CPS Payments to Wall Street Banks

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Chicago, IL – On Wednesday, a set of financial experts and social service providers gave testimony before the Illinois House Revenue and Finance Committee detailing how Wall Street banks have soaked all levels of government in Illinois for hundreds of millions of dollars through interest rate swaps and other complex financial deals. “In essence the […]