-- Connecting the dots between our economy, government and business --
Last year, former 36th Ward Ald. William J.P. Banks wrote himself a $291,708 check when he shut down his campaign committee, and former Senate Republican Leader Christine Radogno of Lemont took $36,157 from her still-active campaign fund.
Some other big beneficiaries of campaign cashouts: former state Sen. James DeLeo, D-Chicago, who took $271,681, and ex-state Rep. Angelo “Skip” Saviano, R-Elmwood Park, keeping $219,093. Each took the money in 2013.
Then there’s former state Rep. Ralph Capparelli, D-Chicago, who walked away with $583,357 between 2006 and 2010 — more than anyone else has pocketed in this legalized money-grab.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The corruption and graft in this state is so dizzying that I don’t even know how to respond.
I used to think it was just the Democrat Machine. Now I know that it’s all of them.
Given that there are almost no good people in government here that would step up and fix these things, it’s easier to just close up shop and leave.