-- 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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Damn Traders! Always looking ahead.
Once CME goes, the rest of Chicago’s finance industry will disappear — and you will be able to fire a cannon down LaSalle Street and not hit anyone
It’s kind of like that already now. The Board of Trade itself is in foreclosure.
I still don’t understand how Chicago could implement a FTT because even if CME did stick around, their servers that execute the trades are leased from a data center in Aurora. Unless they’re still on Cermak and Aurora is the backup?
CME is headquartered in chicago, that’s how they’d get around the tax. Two decades ago, they’ll just threaten to move to the suburbs, Rosemont would welcome them with open arms. Today? Companies leave IL entirely, they don’t move to the suburbs.
Most people have no idea how easy it would be to move an electronic exchange like the CME to Texas or Florida. It would be harder to move your family out of state than it would be for the CME to move. Plus the CME employees are savvy and most would probably welcome the move, just like the Citadel employees. The Marxist mayor has zero real world experience so has no idea how much influence the CME and its employees and its member firms and their employees have on Chicago financially. But, then again, as a Marxist, he doesn’t care.… Read more »
Wake up Mayor and City Council Duffy is not bluffing.
They’re already gone, these interviews to the press are the forewarning of what is to come, so that no one acts surprised when they leave. This is 1971 all over again, three years after mass riots and city in steep decline. Property prices in Lincoln Park and the West Loop will tank as the traders pack up en mass and put their million dollar condos and homes up for sale.
Take note Chicago, you have been warned by the CME.
Ken Griffin warned you and you chose to ignore him.
He is now the richest man in Florida (happy).