We're telling Philadelphia School District Superintendent William Hite and School Reform Commission Chairman Pedro Ramos that they need to sue big banks for money the banks cost our schools by manipulating the London Interbank Offered Rate (LIBOR). Big banks conspired to manipulate rates that affect the costs for cities and school districts to borrow money. They've paid huge fines, been sued, and are under more investigations for manipulating rates to increase their profits at the expense of everyone else. The City of Philadelphia recently announced a suit against nine banks and subsidiaries, claiming bank behavior "was nothing short of naked price-fixing."
We want the School District of Philadelphia to introduce their own suit, getting back some of the money banks took from our schools, our kids, teachers, and staff. It's time to make big banks pay!