-- 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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Like father/like son.
Does that really surprise anyone ? Big Jesse shook down Wallstreet for years. Young Jackson spent time in prison. It’s a family affair
More Democratic corruption.
Another crooked Jackson, following in daddy’s crooked Operation PU$H footsteps. Wonder if junior still is collecting 148K / year in disability benefits for his ADHD?
Don’t forget that the Honorable Jim Edgar was also a leading grifter in these programs.
If I’m not mistaken isn’t this the program that the people/companies that buy the debt owed to vendors and after 90 days they get 1% per month in late fees from the state? If it is I spoke to my local rep many times but nothing could be done since it would not be brought up in Springfield. How many hundreds of millions/billions over the years were spent by the state to those who are politically connected? The worst part is we were in a zero percentage rate environment and the state is paying the buyers 12% per year after… Read more »
Yup. We and others wrote a number of stories about the clout-heavy Vendor Assistance Program in years past.
The concept of fronting for vendors who are owed money by the State of Illinois and various of its departments started way back in the early 1990’s with a program to finance health care receivables owed to hospitals and nursing homes. It quickly got expanded into many other areas, and just as quickly got cornered by a few insider lobbyist/insider/connivers who have made fortunes off of the concept. Started out as a great and legit idea for cash short vendors who needed to “factor” their receivables in order to stay in business, because at the time the State was months–… Read more »
Old Spartan, I know who you are, and your comments are especially welcome and I hope you continue to provide them in detail. I will respect your intention to remain anonymous, though you told me who you are, and I know for a fact how close you have been to the deepest and darkest secrets of IL government. Readers here, you should know that.
We need more brave Old Spartan’s to spill the secrets for us chumbalones living under the yoke of are pay-to-play scam government! Thanks!!
Is the vendor grift unique to Illinois only?
The 100% match is nice, but the free spins are where I really won!