City Treasurer’s scorecard seeks diversity, social responsibility from financial firms – Chicago Sun-Times

Financial firms looking to manage the city’s $8.5 billion portfolio must now demonstrate commitment to diversity hiring and social responsibility under a newly launched scorecard system to be unveiled Tuesday by City Treasurer Melissa Conyears-Ervin. That scorecard resulted in 40% of the asset management firms that contracted with the City Treasurer’s office last year being dropped.

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What was left unsaid in Pritzker’s speech spoke volumes – Editorial – Crain’s

“The graduated income tax proposal that forms the basis of so many of Pritzker’s plans requires a constitutional amendment—creating an opening to push through a pension fix at the same time. Pritzker won’t walk through that door, no doubt because the unions that helped him win office wouldn’t like it much. But the responsibility Pritzker won was to represent the interests of all Illinoisans, not just those who carry a union card.”

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A Huge Mess – Points & Figures

“Last week I moderated a discussion at the University Club of Chicago on the Illinois and city of Chicago pension crisis…. To say that it was a depressing conversation was an understatement.”

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Reforms May Be the Downfall of Pension Funds – Opinion – Bloomberg

“I’ve argued before that it is shorter-term cash considerations that pose a danger for pension funds, and that the system will not suddenly blow up, but rather slowly unravel. Looking at aggregate numbers is misleading…if enough of the 6,300 state and local pension plans fail, it will cause legal and political changes that will likely end the current system of partially funded defined-benefit plans for public sector employees. That could happen in the next recession.”

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Disgraced state Sen. Martin Sandoval aided a political donor by pressuring IDOT to use asphalt material suspected of causing new roads to crack – Chicago Tribune

One of his biggest campaign contributors, asphalt magnate Michael Vondra, had cornered the market on recycled roof shingles for use in road projects. But questions were mounting about whether the eco-friendly pavement material was causing roads to crack more quickly, and the Illinois Department of Transportation tightened the rules over its use.

Sandoval, the chairman of the Senate Transportation Committee, sent a threatening letter to the acting head of IDOT criticizing the move. The senator accused her of breaking the law, told

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