-- 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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Bad, bad, bad for a public company. Something isn’t right here. Here comes the shareholder lawsuits.
Unlike Waddles when he tries to play games with the budget, a corporation is held accountable by the shareholders and if no answers are forthcoming, there will be hell to pay as the price of the stock drops like a rock and eventually gets delisted.