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Police arresting a protestor against police brutality. Photo: Bastiaan Slabbers/NurPhoto via Getty Images

A new study has found that police brutality in cities like Chicago, Cleveland, Los Angeles and Milwaukee has cost taxpayers $1.87 billion by accruing bonds from financial institutions.

The big picture: Beyond the ethical and legal issues it presents, police brutality and misconduct is also a financial problem, and communities across the country are left to pick up the tab.

Methodology: Researchers at the The Action Center on Race and the Economy followed up on a Wall Street Journal story identifying the cost of police misconduct, and used Freedom of Information Act Requests (FOIA) along with documents from local and state governments to calculate how much departments were spending in settlements and interest payments to banks.

  • The report isn't comprehensive, said Carrie Sloan, a research director at ACRE. But to focus their research the team looked at cities and counties with high settlement costs, a high number of investigations from the Department of Justice, and high accusations of police abuse.

The findings: Banks like Wells Fargo, Goldman Sachs, Bank of America, and other smaller regional banks are profiting from growing interest on police brutality bonds. Cities often have to put out bonds, the study says, because they face big, unexpected payouts.

  • Many of the communities involved are over-policed, said Maurice Weeks, co-executive director of ACRE, and they end up losing money that could be put elsewhere.

Be smart: This report offers a new perspective on the issue of police accountability. Despite policy brutality being a hot-button issue in the U.S., officers' misconduct has yet to be reined in.

The bottom line: The study recommends that officers be mandated to take out individual liability insurance policies to clear settlement expenses. It also advises that governments hold officers accountable by being transparent about settlements, including identifying the officers responsible and how they're paid for.

Go deeper:

Go deeper

10 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.