J.P. Morgan Chase Anounces Plans to Launder Tax Payer Money

The Chicago Public Schools are facing a financial crisis.  Now, all the evidence points to this being a largely manufactured crisis to pry concessions from their employees and dollars from the state.  One thing is certain and that is that $250 million dollars that should be going to the Chicago Public Schools have been siphoned off this year from property taxes for Mayor Daley’s TIF fund.  This fund is basically his personal nest egg to spend where he sees fit.

One of the beneficiaries of this program is J.P. Morgan Chase.  Now, the use of the TIF fund is generally kept hush hush, but in December of last year, the developer of the $100 million Cabrini-Green redevelopment found himself unable to pay back a construction loan from J.P. Morgan Chase and the city came to the rescue so that he would not have to default on the loan.   The amount that J.P. Morgan Chase made on this deal was in excess of $8,000,000.

J.P. Morgan Chase, which is no stranger to corporate welfare has partnered with the city on a large number of projects using TIF funds and has benefited enormously.  Whether we’re talking about the $50 million Wilson Yard Project or sweetheart deals with individual alderman.   The big question though is what is J.P. Morgan Chase doing with that money that should have been directed to public school students in Chicago?  I’m glad you asked.

Today, J.P. Morgan Chase announced that they would be setting up a $325 million dollar program to fund charter schools.  In the ultimate indignity, public school students are now subsidizing charter schools with J.P. Morgan Chase basically serving as middle man.   With up to 300,000 public school teachers expected to lose their jobs next year and many others making big salary concessions it may be very tempting to live off the credit card a little.   If you are a teacher and you do have to do that, I just hope it’s not a Chase credit card.

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2 Comments on “J.P. Morgan Chase Anounces Plans to Launder Tax Payer Money”

  1. Maria Pacheco Says:

    Can you provide context of “300,000” public school teachers expected to lose their jobs.” In the State? Nationally?

  2. thatsrightnate Says:

    The number is a worst case scenario nationally. In Chicago, we’re talking about very severe cuts with class sizes going up to 35, but nationally there are very similiar things happening everywhere.


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