-- Connecting the dots between our economy, government and business --
Comment: If you know anything about stock offerings, read this and weep.
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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Wow.BJ and his handlers set up more massive waste of taxpayer money on the mountain of lawsuits that will be prompted by this obvious criminal discrimination and SEC violation. Maybe if he thought of it as CTU’s money in lieu of the taxpayer’s money he’d care.
Bally’s is small potatoes compared to Churchill Downs, Wynn Resorts, Penn Gaming and so on. Add in the fact that gambling is quickly moving to slots everywhere and sports betting/ games can be had on phones and the Ballys ploy seems like a sleight of hand hiding behind “ equity “.
Sounds discriminatory to me. Imagine that in Chicago. It also makes me wonder about the financial health of a large corporation like Bally’s. Why do they need these small investors. Bally’s is not doing this out of the kindness of their heart.
“After Bally’s won the bid for Chicago’s sole casino license, The TRiiBE reported on the importance of displaced Black residents of the Cabrini-Green neighborhood having involvement in the casino plans and reaping economic benefits.”
What’s being a former Cabrini-Green resident have to do with this casino project? The city began to demolition two decades ago and the people who lived there were not “displaced” to make way for a casino.
Aside from the regulatory issues, which are substantial, imagine how poor the payouts are going to be for the visitors to the Chicago Bally’s casino. This casino seems to be focused on a sort of reparations angle, with an 11% kicker for the monied interests. I do not see much discussion / focus on it being an excellent experience for the patron. Like many things in the city these days.
When this all goes up in smoke, the “investors” need to remember who sold them this pile of sh!t. I’m guessing however, this will all be the fault of the people with privilege (you know who you are), who are behind all things evil. You have to love an investment opportunity that provides you with the benefit of an 11% interest rate.
Good God. SOS to the SEC.