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Thompson blocks Chicago school bailout plan over risk share
Gov. James R. Thompson rejected Mayor Jane Byrne's bid to rescue Chicago public schools, saying the plan would shift too much burden and risk onto the city and state without bank participation. He cited credit ratings and noted Moody's and S&P warned Illinois could remain stable without drastic moves. The board accepted Superintendent Joseph Hannon's resignation effective Jan. 25 amid calls for a broader funding solution.
MENTIONED IN THIS ARTICLE
Chicago
James R. Thompson
Jane Byrne
Thompson
New York
Joseph Hannon
Byrne
Jerome Cosentino
Board of Education
Cosentino
Moody’s Investors Service
Standard and Poor’s Corp
Illinois