-- 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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“Still, there’s risk on Oak Street’s end: the leases are typically for 15 to 20 years, and there’s a good chance the companies can’t survive a recession.”
Yeah right, private equity is just looking to help out struggling businesses in these tough times.
You know the end is neigh when the business is forced to sell assets and lease them back from a bunch of vulture private equity vampires. BB&B, Big Lots, soon these two will join the ranks of Circuit City, HH Gregg, Service Merchandise….