The Libor interest rate determines lending rates for trillions of credit dollars, from loans between financial institutions to adjustable-rate mortgages and credit cards. It's also forms the basis of how the big banks trade an estimated $350 trillion in derivatives worldwide. The manipulations may have cost pension funds and local governments billions of dollars.
Federal prosecutors in Chicago contend that longtime Illinois powerbroker William Cellini deserves to go to prison for up to eight years.A federal jury convicted Cellini in November of conspiring to shake down the Oscar-winning producer of Million Dollar Baby for a contribution to
Officials have released details on three possible routes for a proposed highway linking Interstate 65 in northwestern Indiana and Interstate 55 in Illinois south of Chicago.The Illiana Expressway routes are included in a draft environmental impact statement released by the Indiana and
Schools with admissions policies—charter, magnet and selective enrollment—see an increase in both funding and positions. About 87 percent of the city’s 100 charter schools will get more money from CPS, compared to just 30 percent of traditional public schools.
Mitt Romney and the Republicans have swept the fundraising floor with Barack Obama and the Dems for the second month in a row, beating them this time by a whopping $35 million. Achy Obejas argues that the president’s fundraising letters aren’t helping his cause.