Labor Unions Urge Emanuel To End 'Toxic' Interest-Rate Swaps
Three major labor unions in Chicago want Mayor Rahm Emanuel to end ‘toxic’ interest-rate swaps with banks — deals they say cost the city and the public school district more than $100 million annually.
The Chicago Teachers Union, AFSCME Council 31 and SEIU* Healthcare Illinois sent a letter to the mayor Wednesday, urging him "to immediately file for arbitration" under the Financial Industry Regulatory Authority "to seek a refund of sums expended on fraudulent interest-rate swaps."
The city should act "immediately," because the option for filing for arbitration could end as early as next month, the unions said.
“Ending these deals would generate additional revenue that would help the city meet a wide range of vital needs—mental health services, early childhood education, public safety and the growing pension obligation,” CTU President Karen Lewis, AFSCME Council 31 Executive Director Roberta Lynch and SEIU Healthcare Illinois President Keith Kelleher wrote in the letter.
http://progressillinois.com/news/content/2014/09/17/labor-unions-urge-emanuel-end-toxic-interest-rate-swaps