Denver Public Schools Pay $216 Million To Wall Street Banks To Unwind Swaps

You can move from New York City to Colorado, but it seems you can never escape the all encompassing tentacles of Wall Street parasitism and theft. I recently covered a similar situation back in March in my piece Wall Street: $474 Million, Detroit: 0. In both cases it seems clear that public officials had no idea what they were getting into and there was a great deal of irresponsibility, but that is beside the point. It’d be one thing to say these communities should suffer the consequences of their actions if Wall Street had to as well, but we all know that isn’t the case. So it is highly immoral and culturally destructive to say it’s ok that Wall Street gets bailed out from all their mistakes and then is able to turn around and impose austerity on everyone else. That’s the way America works today and we can thank Ben Bernanke and Barack Obama for that reality. We must never forget the enablers in chief of all of this. Oh, and did I mention that the $216 million paid by Denver represents two-thirds of annual teaching expenses? USA! USA!

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