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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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One would have to come from Scandinavia to think Chicago costs are reasonable.
There is more than likely a bit of under the table movement to get them to go to Chicago.
I wonder if we will know what incentives/enticements/property tax abatement’s/etc were given. Tax rates will go up on everyone else regardless.
It’s a 30 person crew that is currently focusing efforts on getting a drug approved. Think regulatory employees, medical writers, senior management. I doubt they even bought any property. I’m thinking they are leasing office space considering how cheap it probably is right now. They don’t manufacturer anything as of yet. Many of their employees already worked in the Chicago area so you are not adding much in terms of tax revenue. They currently have very little to offer to cut any deals. When they get their drug approved will they build out their own sales force or will they… Read more »
Thank You!
They are all robots
First thing that comes to mind, “Why?”
Probably because the person running the US based operation has been working in the Chicago area for some time. I’m guessing her time spent at Takeda, Baxalta, Lundbeck etc… has caused her to develop relationships with people in the Chicago area thus allowing her to build her management team with individuals that have the talent she desires. It’s in early phases of building out and won’t show a profit for some time. Taxes are not their primary concern and they have plenty of strategies to minimize or avoid when they are profitable. Finding talented people with experience will be more… Read more »
Thanks. That was a serious question. Seems like there are many other places like Atlanta or Houston. Starting small with personal comfort level does make some sense.