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Mayor Lori Lightfoot had attended the opening ceremony on FTX.US’s glitzy, 9,000 square foot office space in downtown Chicago, and touted the benefits of FTX’s presence in the Windy City – especially a pilot program sponsored by FTX that would provide supplemental income and financial education for underbanked Chicago residents.
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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CME Group is next
I’ve been waiting for that. A new home for the price of corn would be devastating.
Glitzy 9,000 foot office? That’s a portion of a floor if the building is a big tower.
Hmm, if a snowplow truck throws enough snow on you can you become “underbanked?”
Hmmmm…..I bet Herself used some salty language when she heard this! I wonder if any small pieces of furniture were launched.