-- Connecting the dots between our economy, government and business --
In 2016, Stancak, described as a hermit and a recluse by the few who knew him, died at 87, leaving behind no will, no immediate relatives and $11 million in the bank — the largest unclaimed estate in the nation’s history.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The only thing that would have been newsworthy about this “news story” would be if the Government seized the assets and cheated the legitimate heirs of their rightful inheritance.
Actually, Chicago pols should study this man’s entire life from birth to death. Perhaps they’d learn something about hard work, delayed gratification, prudent investing and leaving a legacy — not a mess.
If!? How about when.