-- Connecting the dots between our economy, government and business --
Illinois Supreme Court agreed to hear Philip Morris USA’s appeal of a $10.1 billion verdict accusing the Altria Group Inc unit of misleading consumers about the risks of smoking “light” cigarettes. http://news.yahoo.com/illinois-top-court-review-altria-10-1-billion-200700798–finance.html;_ylt=AwrBT8IQMCNUVOwAIXvBGOd_
“This measure violates the principles of responsible state budgeting; provides a special, self-serving exemption from budget review to the legislative leaders; tests the limits of constitutionality; received no public review or consideration prior to enactment; and was motivated by power politics rather than public service.” Bad blood makes for bad policy in General Assembly’s budget exemption
Sandwich restaurant chain Jimmy John’s said there was a potential security breach involving customers’ credit and debit card data at 216 of its stores. The Champaign, Illinois-based company said stolen information may include the card number and in some cases the cardholder’s name. http://finance.yahoo.com/news/restaurant-chain-jimmy-johns-reports-201041730.html;_ylt=AwrBT7dRKyNUNKsAnxDBGOd_
By: Nancy Mathieson* Among the many reasons Chicago’s police and fire pensions are grossly underfunded are inadequate long-term planning, legislated benefit increases, pension holidays and overall kicking-the-can-down-the-road. Another factor working against Chicago is the imbalance between active and retired public safety officers. The New York City police pension received some unwelcome attention recently because the number of retirees it supports exceeds the number of active police on the streets. Little known fact: Chicago has the same upside-down relationship between its active and retired public safety departments. Policemen’s Annuity and Benefit Fund reports for 2013 show participants in the pension plan
Mayor Weisner said while police and firefighters deserve more generous pensions than most workers because they risk their lives, the legislature has gone beyond providing “generous” benefits to those that are “unsustainable” and “are about to create a statewide financial crisis.” via Aurora mayor talks public safety pension reform in Chicago speech | Aurora Beacon-News.
U.S. Rep. Cheri Bustos, of East Moline pledged to give up 10% of her salary even if a Congressional pay cut in that amount was not passed. Now, she’s keeping it. via Old pledge gives Rep. Cheri Bustos a new headache – Chicago Tribune.
State Farm agents will sell health policies both on and off the new insurance marketplaces, allowing consumers who qualify to take advantage of federal subsidies. http://www.mercedsunstar.com/2014/09/23/3863518_auto-insurer-to-market-blue-cross.html?rh=1
Advocates seeking to change how Illinois draws its legislative districts are following through on a promise to keep trying, even after getting knocked off of this year’s ballot. http://wuis.org/post/redo-redistricting
Chicago-area AbbVie is among eight U.S. companies planning inversions and has large amounts of foreign earnings held in cash; the new Treasury rules would restrict inverted companies’ access to those funds. http://www.bloomberg.com/news/2014-09-23/u-s-rule-targets-medtronic-tax-free-use-of-foreign-cash.html
http://www.galesburg.com/article/20140924/News/140929867
Illinois’ spending about $2.94 per eligible voter — an amount that trailed only Pennsylvania and the less-populated states of Rhode Island, Maryland and Nebraska. via Illinois among top in US for campaign ad spending – SFGate.
http://politics.suntimes.com/article/chicago/ex-mayor-daleys-firm-profits-lollapaloozas-promoters-deal/tue-09232014-105pm
What you aren’t being told about a state-based exchange in Illinois
CF Industries, fertilizer manufacturer and distributor, has started discussions about a merger with Yara International. CF Industries may have sought a tax-inversion deal, with the new company’s headquarters located in Norway. http://www.bizjournals.com/chicago/news/2014/09/23/cf-industries-said-considering-merger-with-yara.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed: industry_8 (Industry Manufacturing)
The Illinois Commerce Commission held the second of three meetings to gather input on a plan that must be submitted to the E.P.A. outlining how the state will contribute to a sweeping Obama administration proposal to curb carbon dioxide. http://posttrib.suntimes.com/news/30068189-418/illinois-hearing-focuses-on-nuclear-renewable-energy.html#.VCKokhbCecx
As petitions began circulating to add the president of the Chicago Teachers Union to the mayoral ballot, the head of Chicago Public Schools reminded employees that engaging in improper political activity on the job could cost them their jobs. http://politics.suntimes.com/article/chicago/cps-reminds-employees-restrictions-political-activity/tue-09232014-1055am
A children’s hospital official in central Illinois faces a charge of embezzling $500,000 from the institution since 2008, according to a published report. http://www.stltoday.com/news/local/crime-and-courts/director-of-illinois-children-s-hospital-accused-of-embezzling/article_30de3887-1a34-592f-b957-4ebf82863de6.html
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