CHICAGO - SEIU-funded Progress Illinois carries a report on protests held at Chicago Bank of America branches last Saturday. For Bank of America customers, it was probably difficult to connect Chicago School closings to the protestors, who blame the bank for not keeping loan interest rates down.
A group of protesters pushed back against the Chicago Public Schools' plan to close and consolidate schools this weekend, taking their fight to Bank of America on Saturday where they rallied against the price of costly interest-rate swaps.
Carrying signs and chanting “banks got bailed out, children got sold out,” a group of about 30 protesters, organized by theGrassroots Collaborative and Pilsen Alliance, marched from Pilsen Elementary Community Academy to two Bank of America branches hoping to get a letter sent to the bank’s Illinois president.
“Big banks sold school districts and government ‘interest-rate swap’ agreements on the premise that they would reduce the costs of borrowing. But the opposite has happened,” the letter to Tim Maloney, Illinois president of Bank of America, said. “In Chicago, even though the city just announced 54 school closings, the most ever shut down at once in the nation’s history, banks like Bank of America are gouging the Chicago Public Schools for $35 million a year."
Here's a Progress Illinois video of some of the Chicago protests - more are expected.