A reader in the financial world sent us a note and a link.
The note said, “I was unaware that Carole Brown restored financial stability to the City of Chicago…did I miss something?
We must have missed something, too, and pretty much everything we have written about Chicago must be wrong.
He was referring to a press release announcing that former Chicago CFO Carole Brown joined the Executive Committee of PNC Financial Services Group.
“During her four-year tenure,” it says, “Brown worked closely with the mayor and his senior management team to develop and implement a series of financial reforms to restore financial stability to the city.”
Really? Moody’s had the city’s credit rated as junk in 2015 when she came and at the same level when she left last year.
The announcement also cites, among her credentials, chairing the TIF Reform Panel under former Mayor Rahm Emanuel and chairing the Chicago Transit Authority.
The best thing you can say about Chicago TIFs is that they are among the few things on which there is nonpartisan unity, which we recently wrote about: They are slush funds. They were when Brown was there and they still are.
And it was during her tenure that CTA issued a pension obligation bond with stupendously bad timing. She led the charge for trying the same thing for Chicago while CFO but, mercifully, the proposal died.
Come on, PNC. Financially smart people will read your release. They know.