-- Connecting the dots between our economy, government and business --
Trial testimony revealed that a 2016 law passed by dint of a massive ComEd bribery scheme was worth $1.8 billion to the Chicago-based electric utility. Add $2.3 billion in nuclear power plant subsidies for Exelon, and ComEd’s illegal conduct produced a $4.1 billion corporate windfall.
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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The $4.1B ComEd scheme is chump change compared to the $200B + Illinois Public Sector Defined Benefit State and Local Ponzi Scheme Pensions & Retiree Healthcare Paid First scheme.