Posts in category "Finance"

Brother, can you spare another $6 billion?

Illinois is heading toward a catastrophe. Public employee unions get stiffed, along with others. Illinois Comptroller Leslie Geissler Munger has warned  that “the State of Illinois is on pace to spend an additional $6.2 billion more than it receives in revenue this fiscal year alone if the state continues its current rate of spending without... Read more »

Chicago SHOULD declare bankruptcy

For some analysts, bankruptcy would be a disaster for Chicago. For others, it would be impossible because it isn’t permitted (yet) by state law. But here’s a school of thought asserting that bankruptcy for Chicago (and Chicago Public Schools) is not only possible, but advisable. It is proposed by Center for Pension Integrity (CPI) is a not-for-profit, non-partisan... Read more »

The Chicago Way: City knifes Moody's for junk bond rating

That’ll teach Moody’s Investment Services to downgrade Chicago’s bonds to junk level. Mayor Rahm Emanuel’s administration decided not to hire Moody’s to rate the city’s latest, $800-million general obligation bond issue. Instead, it is giving the lucrative business to Moody’s investors–Standard & Poor’s Ratings Services, Fitch Ratings and Kroll Bond Rating Agency Inc., reports the... Read more »

Anyone who invests in Illinois bonds needs to have his head examined

The Securities and Exchange Commission has finally caught up with the Illinois Way of doing business. The law requires Illinois to fully disclose any risks to investors who buy its bonds, but it should come as no surprise that Illinois failed to do so. Not like “failed because it forgot,” but more like “failed because... Read more »

Stunner: Obama doesn't know how much the U.S. owes

How can this be? Asked about the national debt on David Letterman’s show, he couldn’t say and shrugged off the question. Is Obama ignorant or a fool? It doesn’t seem to bother America’s mainstream media, but at least one overseas commentator was shocked: Asked by David Letterman on The Late Show to explain all those... Read more »

Fact checking Obama and Romney on Bain Capital

Most candidates — Republican, Democrat or Independent — inevitably say things during their campaigns that are wrong, stupid or deceptive. President Barack Obama, I’m sure, wishes that he could take back his boast during his 2008 run that he had campaigned in “57 states.” Former Vice President Dan Quayle’s “potatoe” misspelling plagued him the rest... Read more »

CME's political contributions to Illinois' power brokers pay off

Steve Bogira  at the Reader details how the some–shall we say?–farsighted campaign contributions by CME to House Speaker Michael Madigan, Chicago Mayor Rahm Emanuel, Gov. Pat Quinn and Ald. Ed Burke might help explain why the financial giant successfully–dare I say–extorted a bribe from Illinois not to move out of state. Explains Bogira: Just since 2010, CME’s... Read more »

Cost of Illinois tax breaks grows as support for them wanes.

That’s according to the Illinois Statehouse News which reports: A tax break package meant to boost a business community hit by the Great Recession could cost the state $848 million in just three years. The only funding source specifically outlined to date for the package is a change to the Illinois tax code that would bring in $571... Read more »

Book: Rahm Emanuel dumped $250,000 in Freddie Mac stock days before it collapsed

Insider Trading? Is it illegal? It might not be because: While by no means illegal; lawmakers are exempted from the insider trading laws they impose on private traders. At the least there are all sorts of potential and serious conflicts of interest, demonstrating that even Democrats are not immune from financial hanky panky. Read the... Read more »

CME, Rahm Emanuel and new bailouts?

This is from Newsalert. Very interesting. The new Dodd-Frank bill has an usual provision in it. Never before could a U.S. financial exchange get a bailout from the Fed. But, now thanks to Dodd-Frank : America’s largest futures exchange can get a direct line of credit from the Fed. Former CME board member Rahm Emanuel was... Read more »
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