-- Connecting the dots between our economy, government and business --
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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Burke has been a corrupt politician for decades. Now in his 70’s, worth millions, a wife who is an Illinois Supreme Court justice, has a thriving legal practice (driven by years of extortion and political connections) and enough money and investments to last for 3 lifetimes, he is out trying to extort money from a businessman. He, along with 90% of the elected officials in the city, county, and state deserve to be in prison. Our honorable governor, Jabba the Pritzger, should have gone to prison for bribery when he was making offers to Blago but no, his sister Penny… Read more »
“His personal campaign fund showed it still contained more than $286,000 in cash available as of April 1, and despite liquidating $500,000 in investment funds, it still had $7.9 million in investments available”
Wow. $7.9MM remaining. Does he get to keep whatever is left once he “retires” from politics?
Since when can you use a campaign account for personal stuff? Learn something new every day I guess.
Agreed. He is being accused of extortion and wire fraud. Meaning some of his legal bills could end up being paid from the funds in question. How is this permissible? I recall reading about the Outcome Health founders fraud case, the government did not allow them to use personal funds in question for their legal defense bills.
I think you can use campaign funds as long as you report it as income and pay any income tax on it. Lot of money for someone that really doesn’t need to spend much to get re-elected.
Sorry to say this but by the time the feds are done with there investigation Burke will be long gone.
That’s an awful lot of money for a guy that says he’s innocent.