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
