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Peak6 Investments will transfer its global headquarters to Austin from Chicago, making it the latest finance firm to dial back its operations in the Midwestern city.
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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i’d shit in austin tx from a safe altitude & speed, & on the way out of it. another place controlled by a shitholer soros da.
How about the sale of Michael Jordan’s home for 9 million buck$? 7 acres 55,000sqr ft. to which he wanted 29 million in 2012. Couldn’t happen to a better bunch of libs who’ve helped make this the one party Beephole that it’s become. I love it.
Another one leaves with a lot of taxable income. As you raise taxes more high-income people and job creators leave for Texas and Florida.
Chicago, Cook County, State of Illinois have been controlled by democrats for how long? The blame for the financial problems lays squarely in their lap yet try and talk to a hard core democrat about this and you’ll get a wave of the hand and told you don’t know what you’re talking about.
Or they’ll say we’re recovering from the mess that Rauner made.
Is it just me or does anyone in Springfield not give a damn as to what is happening in Illinois , I’m just bedazzled by the lack of professionalism from these politicians let alone any skills to do there jobs. It’s time for term limits and new laws to prosecute them for not representing we the people, everything they do is for the better of themselves.
Sorry, but ya missed it. If you’re one of the Leftist Dems, part of their posse, or a pubic unionist, life is good in IL. It’s the rest of us paying their freight.
They do care. They want these companies to leave. You either bend the knee to Springfield, or you leave, and then they mock you on the way out. They laugh at you. People don’t seem to understand that a one-party state where the party elders ‘appoint’ Democrat primary candidates – who always win their races – has lead us to a system of crazy people being in charge. They intend to turn Illinois into a Zimbabwe-like utopia, except they intend to do it ‘right’ this time. Just look at the pictures and backgrounds of the people in Springfield – they… Read more »
Kifowit sneaking thru Martwick TIER II fix in lame duck is what machine cares about while Illinois credit rating is still a notch above horrible due to ARPA -COVID fed $bucks. All the phonie “new machine” progressive/ pseudo-marxist anti-trump sthick is just a distraction. ..and the last thing anyone in Springfield cares about is private sector gdp decline. (https://www.wspynews.com/news/local/kifowit-preparing-legislation-for-upcoming-lame-duck-spring-legislative-sessions/article_ba884d24-c46d-11ef-abc5-8fd55f7503a9.html)
I have no life..so I read BEA stats. here’s resent release from 12/4–Gross Domestic Product by County and Metropolitan Area, 2023(https://www.bea.gov/sites/default/files/2024-12/lagdp1224.pdf) showing Cook County Ill with an anemic GDP growth of 1.5% while Travis TX County (Austin) has 3.6% GDP growth for ’23’. And overall TX an astounding 7.4% GDP growth compared to Illinois 1.0% GDP growth for “23′—ABSOLUTELY SHELL SHOCKING MIND BLOWING!!!…..look at any of the GDP growth in TX, FL, NC, etc county’s and it’s absolutely mind blowing how horrible Chicago/Illinois looks.
Thanks for the link to those stats! These deserve more discussion.
For a given small county, the outcome could be explained by one company — useful information if you’re in that county — but for big ones, it is a valuable look at regions of a state or country. For example, is Lake County losing so quickly because it is so close to Wisconsin, and so easier to escape? The state-by-state comparisons are invaluable, and should be discussed in the press.
No state income tax. No enormous public debt. Better weather. Less govt BS. Much lower crime. Vibrant social scene. Morons not running the show.
And once in a while criminals are put to death in Florida!
better weather?
The to the liberal, Texas has no abortion, and therefore is hell on earth.
Already they have a majority of their workers in Texas, and some workers will remain in Chicago. The article doesn’t really tell us how big a move this is. Still, it’s not good news.
They have a spectacular office in the CBOT. It’s a portion of the original CBOT trading floor.
But what good is a spectacular office in a Third World location?
Brandon’s “ rich, diverse tapestry “ unraveling very quickly.
At some point Chicago will have to put in a transaction tax or declare bankruptcy but the former will drive them out faster a job fair in a homeless shelter.
The beauty of electronic trading is that you can connect from anywhere.
Every Chicago trading firm has contingency plans to leave, along with the Chicago exchanges.
The average Chicagoan has no idea how much money is infused into the local economy because of the trading firms, most of which they have probably never heard of, like Peak6. There are many others.
Chicago will never recover if the trading firms leave. It’s one of the few homegrown industries remaining, so you can be sure the Marxists will kill it.