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.

Former Chicago CFO Carole Brown

“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.

-Mark Glennon

12 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Poor Taxpayer
3 months ago

Despite the 2019 bull market, Illinois’ official state pension shortfall grew to a record $137 billion in 2019, up from $134 billion the year before. COGFA now projects that official pension costs will devour more than a quarter of the state’s budget for the next 25 years.
The problem is, Illinois’ pension crisis is far worse than even the official numbers show. The state’s rosy actuarial assumptions make the funds look better-off than they really are.

Chiraq2020
3 months ago

That’s why PNC is a “B-“ bank at best…

Poor Taxpayer
3 months ago

Ponzi Scheme.

s and p 500
3 months ago

I just watched a youtube vid “JP Morgan documentary,the man who financed america”. I hadn’t known anything about the Panic of 1893, when the USA almost ran out of money. Our lawmakers have to stop the can-kicking but since our history is being tampered with the only lesson we can learn is–we will never learn our lessons.

I’m
3 months ago

I t to try

3 months ago

Same old, same old? Carole is simply the latest example of the Chicago Way. That is, the Combine is alive and well- Dem and Republican Party establishments pursue and use government power to work with the titans of business to share in personal wealth gains. Ex-Con Governor George Ryan and Mayor Richard M. Daley perfected the system, which started decades before, thus the name Daley-Ryan Combine, bestowed on those pols by John Kass. Like all Dem pols, Lightfoot and Pritzker would surely join with Carole & PNC in saying,”Move on, folks. Nothing to see here. We, your government & corporate… Read more »

mqyl
3 months ago

You can list whatever accomplishments you want in your resume. It’s up to the prospective employer to figure out the legitimacy of the claims. You can say you solved world hunger, cured cancer, prevented any future wars from occurring, etc.

Lyn P
3 months ago

Dear PNC and other corps – this is what occurs when you replace a meritocratic HR department with that directed by Diversity and Inclusion Officers. Big enough swings in this direction will hit the Annual Reports, dividends, and shareholder value. But maybe no one cares about those anymore.

benicia
3 months ago

Hey, it was stabilized – junk rating in, junk rating out. It got neither better nor junkier. Stabilized. Done.

UnclePugsly
3 months ago

Makes you question the common sense of PNC. But people know what’s going on.

Mike Marek
3 months ago

mark…don’t confuse me with the facts… its all about the headline

Actuary1058
3 months ago

She is lucky the city was not downgraded while she was CFO. By any metric the city is further in debt after her tenure. Chicago and the state as a whole are already bankrupt by any metric that the private sector would use to deem a corporation bankrupt.