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Alliant/Mesirow Insurance Services and company executive Andrew Madigan — neither of which has been accused of any crime — add an intriguing link to people federal authorities appear to be interested in.
Among them: Cook County Commissioner Jeff Tobolski, who doubles as the mayor of McCook and whose office was raided Sept. 26. McCook village records show Tobolski invited Andrew Madigan in 2011 “to submit a proposal” to help secure liability coverage.
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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