Saqib Bhatti Talks Chicago Swap Deals with Bloomberg

By Roosevelt Institute |

Roosevelt Fellow Saqib Bhatti talked with Bloomberg after the city of Chicago announced that it would need to pay at least $270 million to get out swap deals the city had entered. Meanwhile the city is facing a significant tax increase to cover a budget shortfall.

We’re paying these fees at the same time the city is looking at the biggest tax increase in its history. Working residents of the city are going to have to sacrifice for the city to pay these fees to the banks.

Read Chicagoans’ Cost to Exit Swap Agreements Approaches $300 Million.

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