-- Connecting the dots between our economy, government and business --
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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Follow the money, the consultants who devised the deal, the investors who bought into the deal, the bankers and lawyers who papered the deal. Common denominator: Daley Family!
I love the anti-trust angle on the lawsuit. I am anxious to see how that plays out.
I am not enthused over the prospects of the anti-trust claim. The investors would not have done the deal without exclusivity. The City entered into a stupid deal.
What’s the big deal? The situation was brokered by the Daley family that are Chicago’s most beloved citizens. There sure are a lot of people that voted for Daley like it or not.