Ethics probe clears Madigan in Metra scandal because state ethics act is a ‘disgraceful fraud’ – Tribune

News that comes as a surprise to no one: An investigation by Illinois’ legislative watchdog has found that House Speaker Michael Madigan did not violate the state’s ethics act when he pressured Metra officials to give one of his Democratic foot soldiers a raise. It’s not because the speaker didn’t intervene on behalf of Patrick Ward, who has donated generously to the campaigns of both Madigan and his daughter, Attorney General Lisa Madigan. And it’s not because there’s nothing wrong with that, either. It’s because the state ethics act is a disgraceful fraud, designed to provide cover for politicians’ corrupt

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Illinois millionaires’ tax dies, but other tax plans very much alive – Watchdog.org

Democratic Rep. Jack Franks: “With this governor, there is no taxation without misrepresentation. He would like to portray this as an issue of fairness, but I am confident that no one who is currently out of work would consider our state’s tax policies fair.” Franks and another Democrat, Rep. Scott Drury,  defied Speaker Madigan and voted against the millionaires’ tax, leaving the Democrats two votes shy of the 71 they need to move it forward. http://watchdog.org/138274/illinois-millionaires-tax-dies-tax-plans-much-alive/

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Chicago bottles up freight by train – Bloomberg

“Come to the west side of Chicago to find out why a power plant in Michigan is short of coal and a biodiesel maker in Brewster, Minnesota, can’t get enough grain.”   http://www.bloomberg.com/news/2014-04-10/chicago-30-hour-tie-up-for-buffett-s-trains-slows-coal-freight.html

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CPS ‘accounting adjustment’ ; watchdog warns it’s ‘financially irresponsible’ – WBEZ

The district says it’s making an “accounting adjustment.” It plans to give itself a 14-month window to take in revenue next fiscal year, so state and county tax payments that come in during August will still be counted as if they came in before July 1, allowing the district to balance the books and avoid what it says would be “draconian cuts.” Comment:  Brushing up on our financial literacy skills might bring up more challenges to these accounting “gimmicks.”  Too bad we can’t treat our household budgets this way. http://www.wbez.org/news/education/cps-accounting-adjustment-will-increase-funding-schools-slightly-watchdog-warns-its

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TIFs: The myth of Chicago’s “shadow budget” – MuniLand

Even if all state and local government corporate giveaways were uneconomic, public monies directed to corporate subsidies does not come close to what is needed to adequately fund public pensions across the nation. That’s especially true in Chicago, where the fire and police pension funds have about 25 percent of the assets necessary to fulfill their promises, and the Chicago teachers’ retirement fund has about 56 percent of the necessary assets.   http://blogs.reuters.com/muniland/2014/04/09/the-myth-of-chicagos-shadow-budget/

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