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Police Brutality Bonds Raise Questions About Investments by Federal Reserve and UN

By Matthew Russell Lee, Patreon Soundcloud
BBC - Guardian UK - Honduras - The Source

SDNY COURTHOUSE, June 6 – Amid the protests of police brutality triggered by the murder of George Floyd in Minneapolis, U.S. cities' use of municipal bonds reduce the cost of their abuse of residents has come into focus.

   Holders of issuances such as Chicago, IL 7.045% 2029 bonds have been petitioned to acknowledge their role in enabling and reducing the costs of brutality.   A former attorney for the City of Chicago admitted, "When you had to budget more for police tort liability you had less to do lead poisoning screening for the poor children of Chicago.  We had a terrible lead poisoning problem and there was a direct relationship between the two.  Those kids were paying those tort judgments, not the police officers."

 Chicago’s lawsuit payouts required the city to sell $1 billion in bonds in 2011 and to issue $100 million in bonds in 2014.111  Yet the spokesman for the Chicago  Police Department made clear that “the police department isn’t forced to cut back on things like OT [overtime] or equipment purchases due to litigation costs Email from Roderick Drew, Freedom of Info. Officer, City of Chi. Law Dep’t, to author (Oct. 9, 2013), on file with Joanna C. Schwartz of UCLA School of Law. See, 63 UCLA L. Rev. 1144.  

But what about the Federal Reserve, which is taking credit for its purchase of municipal bonds as for its involvement in the increasingly disparate Paycheck Protection Program? Any screening on issues of police brutality and others by the Fed is not apparent. And what about the United Nations and its UN Pension Fund? Inner City Press will have more on this. 


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