Thursday, August 20, 2015

CPS Board of Ed = Bernie Madoff

Can someone please explain how those who raided the Chicago Teachers' Pension Fund are any different than Bernie Madoff?

  • The pension fund was close to 100% funded in 2000.
  • Between 1995-2005 and 2011-2013 CPS collected more than $2 billion in pension revenue from CTU members and paid none of that money into the pension fund
  • The School Board itself sanctioned the pension holidays, periods during which the district was exempt from putting teachers' pension money into the pension fund
  • The district does not account for where the pension money was spent; instead, new CEO Claypool lies and refers vaguely to the teacher pension system as "unfair"
  • Daley and Rahm's banking buddies are making big $$ from CPS's lucrative pension debt
To add insult to injury, Rahm + Rauner's media machine continues to paint teachers as greedy pigs by distorting the truth about pensions and publishing a useless reporter's desire for a Chicago Katrina.

The biggest insult, however, is Claypool's insistence that CTU members contribute 7% more of our salary into the pension fund.  So we're supposed to reimburse ourselves for the money that the district stole?  No thanks!  Although CPS thinks we're idiots, we're not.  

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