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They’re investors in a firm cashing in on the Cook County Land Bank Authority, financing rehabbers who flip properties for double, triple, even 50 times what they paid the county.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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In fairness, I didn’t see anything too untoward here. I will reserve judgment until something comes out that shows the rules were broken, or “bent.” We have to stop treating profit as a dirty word in this country. We can’t give in to the left’s narrative. Business is all about relationships, and working with people to achieve a positive result. It becomes a bad thing when someone cheats the system, but the market is working well for everyone when something of value is created. It appears here that all involved just have a good knowledge of the system and how… Read more »
I’d like to think that what you post is accurate. And if all these properties were publicly marketed and auctioned then good for the people that made the money. However being run by politicians I’d also have to think there’s some way that someone is getting an inside advantage or doing something improperly.
For the Daley crime family stealing money from the citizens piggy bank never goes out of style.
Once a crook always a crook
Ahh, the good old days when crooked politicians weren’t also leftist nut jobs.
Yeah, back when they just stole money for personal gain. Now they steal your money and give it to someone who’s not even here legally in the first place.