-- 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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I can literally hear all the shredder’s running overtime
Cue the “I was following orders” like excuses from the state Democratic party in 3,2,1…
“I had no choice to accept his money.”
“Where else was I going to go for campaign support?”
They built the beast. While a tiny fraction of people elected him, it was the Democratic political party that anointed him party leader and empowered him. They are all culpable.
Unfortunately this is circling around not only the Democratic Party in Illinois but Republicans and all that were and still are involved with Madigan, sad sad day for all.
At Madigans age nothing will come of this…it’s just unfolding to plan.
George Costanza, 1995
He will claim that he is suffering from “Feditis” (thanks John Kass) and be excused from testifying.
Time to throw this slimy bum out office and State?
On all the news shows, its hypocrisy on steroids listening to all the machine players from JB, to Welsh, to fake progressive Preckwinkle condemnation of papa Madigan. On WGN they’re saying Madigan has $10.5 million in his Friend’s of Madigan war chest and other campaign funds to fight charges for years, all contributed from everyone from big time realestate to millions in decade’s of union dues from all are public sec heroes. They’re all guilty…
Sickening–mikes $10.5 mil war chest, he can fight charges for years. https://illinoissunshine.org/committees/friends-of-michael-j-madigan-665/
So after all these years something is going to happen.
Madigan will die of old age or get off on a sentence because of his age.
Much ado about nothing and life in Illinois rolls on
There’s a saying that the stress of the process of a federal criminal indictment is worse than the punishment itself. Madigan turns 80 next month, this indictment will break him.
Any chance of bringing down Father Durbin and son?
Trib c. 2010 “Other firms get work The village was still looking for more legal help in September when Madigan agreed to serve as a sponsor of a fundraiser for Streit, a staunchly conservative trustee who acknowledges never before in his 19-year political career has he enjoyed the speaker’s political support. “He was supportive of the local trustee,” Brown said. “He has a general recollection that the trustee does a good job.” … The other bond counsel recommended by Streit was Miller Canfield, an international law firm represented by Chicago partner Paul Durbin, the son of U.S. Sen. Dick Durbin,… Read more »
For a list of contributions by the “Miller Canfield” law firm, see Search for ‘Miller Canfield’ – Illinois Sunshine — the main objective was clearly to leverage the connections of Durbin’s son, Paul, to get lucrative municipal bond engagements in Illinois. This firm been doing the same thing in Michigan for decades. Paul was hired because of his links to Madigan. “Pay to Play” is the name of the game for bond lawyers, actuarial firms, consultants and rating agencies. Another tactic is to “split fees” with local counsel who does nothing except to smooth the way to yes votes from… Read more »
There is a God!
Plenty of happy people out there after this news broke. I imagine Bruce Rauner’s wine will taste very good tonight.
And then there’s all the people shaking in their boots over whether a line can be drawn to them. The terminated lady CEO of ComEd will turn on him quickly now, if she hasn’t already.
Then there are the fine folks over at CrapFax who defended Madigan for decades. Rich and all the kids in the playpen are crying in their beers tonight.
Rich is probably $*****g his pants right now. I supposed we’ll find out sooner or later if he traded something – other than his soul – for his access. The entire IL political system is rotten to the core and this will likely result in dozens and hundreds of charges against dozens of politicians. Madigan isn’t being charged with mere corruption. He’s being charged with racketeering which is the nuclear bomb. He has a choice: keep quiet and die in the United States Medical Center for Federal Prisoners (he is 79 or something), or, squeal like a pig and sing… Read more »
I was thinking the same thing. Fraud? Meh. Embezzlement? Been there… Racketeering? You’re talking Capone-level sh*t.
I don’t think he was doing it while his daughter was Attorney General though.
She probably would have said something.
Sarcasm….
Nice one…
Thanks. Looks like the first time on the internet for a few.
Funny he still got caught even though he took extra efforts to cover his trail. The rest of the corrupt pols should be getting nervous right about now.
Name a Democrat in Illinois that isn’t corrupt.
You stay in power for long stretches of time, you get arrogant. You get old, you get sloppy or forgetful.
Column A, Column B.
This should give plenty of material for IL GOP campaign ads — plenty of video with Dem Candidates cozying up to an indicted racketeer
48%+ of the state will still vote straight D anyways. Those FBI tapes of Lardo trying to buy a seat from Blago were quite damaging, as were the toilet commercials, and the amazing commercials where the surrounding state R’s gov all said “Thanks Mike Madigan!” But none of it mattered when 800,000 new voters materialized, seemingly out of nowhere in 2018, to vote for JB instead of Rauner. The incumbent Rauner only lost 100,000 votes from 2014 to 2018 but the Democrat Party gained 800,000 between those years. This is what the Feds should be investigating. I sincerely hope and… Read more »
Biden and Garland to memory hole.
Look at that. Madigan working to save money by reducing pension obligations. What a guy.
[his own] pension obligation…
You can have your Soap-On-A-Rope gift box to him wrapped and delivered! https://www.amazon.com/Natural-Soap-about-Ounce-each-foreverLily/dp/B0924M2L5G/ref=sr_1_4?keywords=soap-on-a-rope&qid=1646259737&sr=8-4
ouch!
79 years old. About 30 years too late.
He’ll get fined a fraction of the grift he’s profited from over the years and spend his remaining days in comfort.
After that, hopefully justice is served.
he won’t talk. But, hopefully the entire Democratic Party apparatus goes to jail
including pritzker
Die in prison, or, squeal like a pig and maybe spend his last few years in a nursing home.
He’ll squeal like a pig.
Dozens and dozens of indictments will come out of this.
What does he have to lose? He’s 79 years old!
Maybe the *fear* that he *might* talk will prompt others to try to make a deal to save themselves…??
You took the words out of my mouth. 30 years too late!
Capitol Fax comments are interesting. It is difficult to take the site seriously because it essentially is an inside baseball site with the same group of like minded people passing narratives back and forth. I can’t take them seriously, especially since they shrink from data and numbers. (There is some aggregate value to understanding the culture, I guess). The commenters main concern is how the indictment will impact them politically. No reflection on how the man who ran Illinois politics for over 30 years has been credibly accused of running a criminal enterprise through state government—. – racketeering charges! Madigan… Read more »
One commenter there, and we all know who he is, posts the dumbest and most ignorant commentary on the internet. And the commenter is so arrogant, he doesn’t even realize how stupid and uninformed he is.
Yes, the guy who uses the word “prolly” as opposed to probably, and does so as you say with a deep sense of arrogance. I have said this before, and frankly Debtsor you appear to know more about higher education than I do, but our education system is failing us, Wokeism is what matters, unfortunately, So many don’t have a clue about basic economic principles, and certainly don’t comprehend that adults should live within their means and that we should elect adults to do the same with Government. Those of my generation were fortunate to have grandparents who survived the… Read more »
ISU is our state’s teacher factory minting more teachers than any other state school IIRC, so it’s scary that our teachers these days are a bunch of radicalized nutjobs who are more concerned with Tik Tok gender identity videos than teaching basic literacy.
He’s likely too young to have an interest in anything related to his eventual retirement. We were all there once. What was important then was what was happening this weekend and the next. Beyond that, they either had no interest or didn’t care to focus on it.
James – I think you are wrong. I live in an area with more government employees (including military) than anywhere else in the nation. They care deeply about deferred compensation and it is a crucial component of their career decisions. They constantly attend seminars over the subject. Now you may have a point about education majors, who learn nothing about economics or scarcity and expect money to show up at the door because they are engaged in a noble cause. You exhibit almost no understanding of economics or finance so the lack of concern about future finances among educators may… Read more »
I am fully aware of the problems with IL and its underfunded public pension systems, but other than griping there isn’t a thing I can do to make one iota of difference on that topic. As to the larger issues of economics I am reasonably knowledgable on most of the issues of everyday concern there, too, despite your presumed characterization otherwise. Again, what can I personally do to change that trajectory for anyone but myself? Nada. I, too, invested in 401k’s since their inception circa 1975, and am now in the withdrawal phase, glad to say. Like you, I suppose,… Read more »