-- Connecting the dots between our economy, government and business --
A venture capitalist who bankrolled City Hall deals that secretly benefited Patrick Daley while his father Richard M. Daley was mayor has agreed to a court settlement that will see him repay less than 10% of the $290,596 he owes the U.S. Small Business Administration.
After eight years of legal wrangling, the SBA has given up on trying to collect the money from Patrick Daley’s friend Joseph M. McInerney, whose firm Cardinal Growth was seized by the federal agency eight years ago.
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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