Thousands take over downtown in protest for Chicago Teachers Union - photo gallery

Thousands of protesters took over the downtown Chicago Loop streets Thursday afternoon in a rally staged by the Chicago Teachers Union to show opposition to the district's decision to slash school budgets and stop paying the bulk of teachers' pension contributions.

The marched started at the Bank of America Building located at 135 S La Salle St, Chicago. Marching south on Wells Street, chanting, "Get up, get down, Chicago is a union town!" The protest was closely monitored by a large contingent of police officers, while news helicopters hovered overhead.

CPS just sold $725 million in bonds as a Toxic Debt' Wednesday, a Debt that has a lower chance of being repaid with interest"  the CPS rate was at an 8.5% interest rate; that's 141 times the rate paid on a typical bank savings account.

Chicago taxpayers will ultimately pay that cost. The Chicago Teachers Union states: CPS has now lost over $502 million dollar in bank toxic swap deals. By some accounts there is anywhere from $300 million to $700 million in a TIF fund that could be declared a surplus, this could help prevent banks like Bank of America who has profited over $77 million on their toxic swaps with CPS.

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  • Though I am no longer a CPS teacher, I was out there supporting my brothers and sisters, and there was a great energy out there. I was super impressed with how many people were out there, in the cold, on relatively short notice. I hope the CEO board, Rahm, and Forrest took note. We're all ready for a fight if that's what it comes down too.

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