Reports Crain's Chicago Business: "College Illinois bailout now tops $500 million"
That's the fund, established years ago, to allow parents to pre-pay for their kids' college education in Illinois schools. Not surprisingly, the politicians fiddled away the money.
Now parents who put their savings into the fund are in danger of being stiffed. Illinois taxpayers will have to come to their rescue.
Here's another reason that the money is owed:
ISAC under Gov. Rod Blagojevich compounded the woes with a risky plan—revealed in a March 2011 Crain's investigation—to plow hundreds of millions into hedge funds, private equity, real estate and other “alternative” investments. It lost nearly $20 million it invested in ShoreBank, the South Side community bank that went belly up in 2010, and Fisker Automotive, an ill-starred hybrid-car maker.
Blago. Again. The gift that Illinois voters gave themselves that keeps on giving and giving.
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