Capitol Fax reports:
“The state has a crisis, the city has a crisis. I’m concerned that [CPS] is going to have to go bankrupt,” he said during a moderated discussion at a Chicago Public Education Fund luncheon. “Bankruptcy code exists to help the organization get out of financial trouble. There’s a reason for the bankruptcy code.”Imagine that.
Then he told the sympathetic audience – which minutes later gave him a standing ovation – that unions are partly to blame for why municipalities and school districts in Illinois can’t file for bankruptcy in order to renegotiate debt.
“Insiders in our system currently have made bankruptcy in government units illegal because some people never want to restructure contracts – contracts brought into place through insider deals,” said Rauner, who also advocated for right-to-work zones.
