-- Connecting the dots between our economy, government and business --
It’s been more than five years since federal regulators shut down a tiny bank in Chicago, in the process exposing deep connections to the Daley family and its political army. So far, the FDIC has recovered about $59 million from insurance companies for the bank and its auditors as well as from the sale of 135 loans and repayments of delinquent loans - but it's still out about $81 million, and it can’t say how much more it might still be able to recover.
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