No, really. I have signed this petition from the Denver County Teachers Association, and so should you.
Wall Street banks have taken more than $300 MILLION from Denver Public Schools. This is money that should have reduced class sizes, prevented program cuts, and provided the best possible education for our kids.
Denver Public Schools entered into three toxic interest rate swaps in 2008 with JPMorgan Chase, Bank of America, and Royal Bank of Canada. From 2008-2011, our schools lost $105 MILLION to these banks. From 2011-2013, we lost another $38 MILLION.
…and why should you sign this petition? Well, guess whose fault it was that this happened? Hint: he’s running for re-election in 2016. Take it away, Colorado Peak Politics:
[Michael] Bennet was superintendent of Denver Public Schools from July 2005 through January 2009, when he was appointed to fill the Senate seat vacated by then-Sen. Ken Salazar. In the spring of 2008, DPS needed to raise funds to plow back into classrooms (or so the story goes). Bennet and now-superintendent Tom Boasberg struck a deal with JP Morgan to create some kind of “exotic” funding mechanism. Literally weeks before the entire market bombed.
Colorado Peak Politics went on to note that [mc_name name=’Sen. Michael Bennet (D-CO)’ chamber=’senate’ mcid=’B001267′ ] pretty much sold the school board on the idea. Now, don’t get me wrong: I understand the argument that a deal is a deal, and that the school board shouldn’t have made this deal in the first place. But they did make the deal, and the reason that they made the deal is currently sitting in the US Senate – and is sweating his re-election bid. Blow this story up, and you maybe catch [mc_name name=’Sen. Michael Bennet (D-CO)’ chamber=’senate’ mcid=’B001267′ ]’s re-election prospects in the blast zone. Under the circumstances, I will sign that petition* with a glad heart, and an untroubled brow…
PS: What’s really amusing here is that the Denver County Teachers Association apparently doesn’t know the story behind the swaps: otherwise, they might not have written the petition in the first place. And they probably wouldn’t have addressed their complaint to… Tom Boasberg, who was one of the guys who set up the whole thing in the first place. Ach, well: live and learn, right?
PPS: Wall Street does you no favors, by the way. Strictly pay-for-play, is their motto. …Reciprocate.
*I might feel differently if change.org petitions ever, you know, worked or anything.