Chicago Junk City update: Public schools, park district downgraded to junk

Chicago's Indian
Boundary Park

On the day after Moody's Investor's Service dropped the credit rating of the city of Chicago two notches--which means any bonds it issues are at junk status--it did the same thing to the Chicago Park District and the Chicago Public Schools.

Chicago resident Barack Obama is of course president of the United States. His secretary of Education is Arne Duncan, the former CEO of CPS. Obama's first chief-of-staff is Rahm Emanuel, the mayor of Chicago.

See a pattern?

In somewhat unrelated news, news broke that that four people were arrested for their role in an alleged fraudulent billing scheme involving CPS--bilking taxpayer for over $800,000.

Related post:

Coincidence? Obama chooses Chicago for his library same day city downgraded to junk bond rating