-- Connecting the dots between our economy, government and business --
"Caught in the act by Lausch’s expansive corruption probe, ComEd now must pay a $200 million fine...Large as those figures may sound, they smell small...A utility that last year reported $700 million in operating income doesn’t obscenely break the law over a scheme that nets it, on average, only about $15 million a year. That extra 2% in income would not be worth the risk."
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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