Is Lehman claim tip of CPS debt iceberg?…
John Kugler – December 30, 2009 In a strange twist of fate where the “market forces” are coming back to haunt and expose the dealings of the Chicago Board of Education in the derivatives market, lawyers for the now bankrupt Lehman Brothers are accusing to Board of Education of the City of Chicago of not holding up its part of a complicated financial agreement to speculate on future interest rates with a SWAP agreement totaling $95,350,000. The complex agreement was entered on December 8, 2003. The investment in question took place during the time Arne Duncan was CEO of the Chicago Public Schools and Michael Scott was Board President. Substance has been unable to find any public record in the Board agendas and proceedings that noted the controversial investment, or any record (other than a footnote in the annual Comprehensive Annual Financial Report) as to how CPS was investing in the controversial investment deals known as “derivatives”. According to a Brief filed (Lead Case Number: 08
