Pension Help Coming?
- With two bidders still on the runway, a top mayoral aide on Thursday appeared to lay the groundwork for privatizing Midway Airport to help solve Chicago’s pension crisis and rebuild the city’s neighborhoods.
In a meeting with the Chicago Sun-Times editorial board to discuss the city’s financial crisis, Chief Financial Officer Lois Scott refused to discuss specifics of the competition or the potential for a $2 billion windfall. Nor would she say when final bids are due or even confirm that only two bid teams remain.
But her lengthy explanation of the benefits that could be derived by privatizing Midway strongly suggested the project would soon be cleared for takeoff by Mayor Rahm Emanuel.
This won't fix everything - Rahm is still going to try to jam "reform" down everyone's throat. And who knows what other goodies are hidden in this contract to fleece taxpayers over the next 40 years.
Labels: money questions, pension
posted by SCC at 12:03 AM
30 Comments:
Hey SCC Midway as part of the agreement will be getting rid of aviation police, the bidders want only armed Chicago police, so another 60 spots get your calls in now,I already called my chinaman! Also call the alderthieves and the union to keep on them to fund the pension with the proceeds! Another bonus all the shit restaurants in that airport will be replaced, how can 1 man claim disadvantaged minority and own 12 spots in midway? Who does he payoff? Yep the Chicago way!
Chicago Tribune Uncovers Pension Scams of Ex-Mayor Daley and Friends
Written by Bob Adelmann
On May 2, Jason Grotto of the Chicago Tribune penned his experience in ferreting out how former Mayor Richard M. Daley and his friends were able to milk the city’s pension system for millions and hide it from public view for 20 years.
We’ve been exploring the pension crisis in Chicago and Illinois for about two years now: it takes that kind of time to understand how the pension system and individual pensions work.
Illinois pension laws are like a giant jigsaw puzzle. Without the time our editors have given us to figure out how the pieces fit together, we probably wouldn’t have been able to [figure out] how individuals [like former May Richard Daley and former Alderman Thomas Allen] are able to use Illinois’ convoluted pension laws to dramatically boost their pensions.
The scam began in 1991 when Daley was just two years into his first of six terms as mayor of Chicago. He resurrected a bill that his predecessor, Mayor Harold Washington, had rejected as being too costly and frivolous. That bill, designed to boost Chicago aldermen’s pension benefits, served to provide the circuitous route that Daley himself manipulated into a retirement benefit far above what it would have been, while saving himself the trouble (and the expense) of contributing $400,000 to his own plan. As Grotto noted:
Here's a very important legal question for the readers....does an asset that becomes part of the 'Infrastructure Trust' (like an Airport or Water Department) become shielded from seizure (like a trust fund) by creditors if the owner (city) declares bankruptcy? If so, is this the reason Rahm is pushing to have more and more of city assets fall under this mechanism? Perhaps a legal eagle, or two, out there can enlighten us.
And of the $2billion in sales I can almost guarantee not one dime goes to any pension fund! Fuck you rahm and most all fuck you daley since you created this mess!
In a bankruptcy assets are sold off to compensate the secured creditors.
Many of the assets of the city of Chicago have already been leased or sold.
Pensioners are unsecured creditors. In Detroit they may get 10% of what they are owed.
By filling bankruptcy an entity can eliminate "legacy" costs and steal the pot of money that was pensions.
Still think this will end non violently ?
Who the fuck lent any credibility or legitimacy to the editorial board of a used bowel rag like the sun-times?
Who the fuck says THEY get to weigh in on a damned thing?
They're carrying the water for "Pension Reform" translated as "We willfully looked the other way while Daley Inc. looted Police and other pensions funds for years."
When are they going to stop pretending not to know anything about the shit shortshanks pulled?
decayed-ass, collusive motherfuckers!
NOT A SINGLE ONE of these worthless fucks would connect the dots with Vanecko & Davis being gifted with pension money and the money shortshanks flew to Rio with to grease the skids for the 2016 Olympic bid!
"It's just coppers pension money... They don't support us so fuck 'em!"
These dirty fucks at the sun-times were at the forfront of the Miriam Santos lynch mob when crime king shorty set her up for a fall because she was interfering with da boys at Daley Inc. getting their hands on all dat free Copper Pension money just layin' around doin' nuttin'!
Rahm knows this foul shit but he wants to say "fuck you Cops" and walk the city backwards fron it's legally mandated obligation to it's Police Officers?
We wonder how Rahm would feel if he had to endure a snatch-back of that $18 Million he got from Freddie/Fannie and whatever interest income he's made on that money?
Winner/Loser picking prick!
Little shit-ass never had to deal with bagging dead people, fighting for his life in a pissy high rise stairwell, having a deranged asshole blow his fucking brains all over the wall or the exquisite joy of pondering doing society a solid and choking the life out of another deranged asshole who murdered a toddler because he wouldn't stop crying?
SERIOUSLY!
WHO IS THE ONE WITH THE FUCKED-UP PRIORITIES HERE?
"You Coppers are the problem..."
The people jaw-jacking about "Pension Reform," (Translation: We're gonna make sure you coppers don't get shit. Now go away and die bravely or something like a good cop!") haven't had two seconds of hard time in their collective lives but they're all in on putting Policemen and their families to the sword for politics and spite...
These vile bastards are so afraid that there will be a full accounting and real justice if they don't go all out to destroy the evidence of the largest municipal financial crime ever perpetrated.
No matter how many Policemen and their family members get hurt.
Just think of what Gov.Daley
could sell if we are dumb enough to elect him.
One would think as they do in third world countries, that it would not be wise to mess with the pensions of 10 thousand plus individuals that are armed and trained. In most other countries those with the guns have the power and are seldom messed with, but that is because they also have balls to go along with the guns. Too bad some of us gave our balls away for political reasons and favors like merit promotions and the rest are just followers. Like William said, " we should all hold our manhood's cheap" Shame
It is the job of Lois Scott, who sits on our pension board, to sell off city assets. This will be done in a way to enrichthe connected, while stealing our pensions. She is President of Scott Bailess, a financial consulting firm, and got her start in government under Gov. Blago
The muslim terrorist on our pension board resigned 2 weeks ago , because he was outed by SCC. This financial terrorist, Lois Scott, needs to be outed as well, and driven from office, and off of our pension board.
FOP , PBPA demand a forensic audit of city hall
Anonymous said...
Who the fuck lent any credibility or legitimacy to the editorial board of a used bowel rag like the sun-times?
From douchenozzle to bowel rag. Those two descriptions mean we're in big trouble. I can't stop laughing. The visualization is too funny.
I see them stealing their piece of the pie then taking whats left and then sending it to the schools.
They'll change the name of the airport to the direction most of the money will be wasted... Kidway.
After all, 'it's for da' children.'
OT--sort of:
I guess Detroit PD are making money any way they can:
http://jobs.aol.com/articles/2013/08/01/detroit-cops-allegedly-use-off-hours-to-rob-beat-up-citizens/?icid=maing-grid7%7Cmaing10%7Cdl28%7Csec1_lnk3%26pLid%3D352570
Just read this about Detroit thinking of taxing city workers who live outside the city. Rahm will be on this like a monkey on a cupcake if outside residency is ever granted. In fact, maybe he'll agree to it knowing that he could do this:
Residents Who Work Outside The City
Orr's report proposes levying an income tax for reverse commuters -- those who live in Detroit but work outside the city (Page 81). The City loses approximately $30 to $45 million of income tax revenue every year, claimed to be 15 to 20 percent of the total tax collected, from reverse commuter non-filers. Expect new legislation to tax these residents.
--then of course he'll tax those who work in the city but live outside the city.
Wanna bet?
The same corporate business members who are loudly squawking about how the city needs to get pension costs under control are strangely quiet when huge corporations shield their proffiits in tax havens like off shore accounts. These corporations who get tax break after tax break for their buildings and properties, all at the taxpayers expense hide their proffiits from the very states and cities they get breaks from. I will support pension reform when we have corporate tax reforms that correctly tax the proffiits of these large corporations who are constantly getting tax breaks and pointing the finger at us as the problem.
JR KMA club I/F
Save cpd pension
get rid of gold braid pensions , recalculate gold braid pensions to retirees civil service rank , raise minimum age to 55 and maximimum to 67 .
Sell Englewood instead.
Anyone remember when Midway was owned by the Chicago Board of Education. That was until mayor Byrne bought it for the city and paid $16 million. Looks like the property appreciated a little.
Rahm will be on this like a monkey on a cupcake if outside residency is ever granted.
8/02/2013 12:01:00 PM
That's a new one. You made spit out my apple juice! Funny!
The infrastructure trust insulates creditors from any financial failings. If the company doesn't meet expectations on any deal at CTA, CHA, CPS or Midway types, the taxpayers are totally on the hook for ALL the payback. Happened in SanDiego and the private company walked away without paying a dime. Welcome to the Emanuel family racket. Will it really be privatized to pay pensions? Will you buy this Rolex for a dollar?
"...raise minimum age to 55 and maximum to 67"
8/02/2013 01:50:00 PM
Thanks for your imput Rahm...
How about the City honoring their obligation instead of having the media outlets run a shameless propaganda campaign saying it's ok for the city to renege after stealing from us for all these years?
>Crickets<
STFU please...
Anonymous said...
It is the job of Lois Scott, who sits on our pension board, to sell off city assets. This will be done in a way to enrichthe connected, while stealing our pensions. She is President of Scott Bailess, a financial consulting firm, and got her start in government under Gov. Blago
The muslim terrorist on our pension board resigned 2 weeks ago , because he was outed by SCC. This financial terrorist, Lois Scott, needs to be outed as well, and driven from office, and off of our pension board.
8/02/2013 08:28:00 AM
Louis Scott is one of Rahm's appointments. Good luck getting one of the mayor's appointments off the board. She lives in 013 and got burglarized earlier this year. She pulls the famous "Don't you know who I am" shit and gets a beat car to sit on her house 24/7. She complained to whoever she could call and try to intimidate, except Rahmfather.
She is your classic piece of shit. Waiting for bigger and better things. Others can get burglarized but not her. Jesus H Christ I loathe these people.
CHEM TRAILS one thing you have to see, to see populate humans, animals, and is killing our planet, OBAMA and his thieves.
Tell us what happened to the skyway and parking meter money first.
Sell the Peotone airport and lease it back to its airport authority, who will be contractually bound to put all proceeds toward police/fire dept. pensions. All jobs to be created go the least cost/highest quality bidder with extensive experience in building and construction of small airports. No political cronies or faux minority companies.
Anonymous Anonymous said...
CHEM TRAILS one thing you have to see, to see populate humans, animals, and is killing our planet, OBAMA and his thieves.
8/02/2013 09:33:00 PM
Could we have that in complete sentences, conveying an actual thought or assertion, please?
They need to prove the own it. There is some who think that proprty is owned by bedford prk.
The Detroit pension mess was in the $20 Billion range, Even if all $2 Billion from Midway privatisation went to pensions (and none was siphoned off into other projects or people's pockets), I got a feeling that wouldn't be enough cash to solve the problem.
So the city might get 2B to blow through, then what? It will be right back to the present situation in no time. Private investors would not be buying if Chicago was not going to give it away for a song.
With all of this chaos regarding the pension and crime in this city,how can anyone advise a family member or friend to take this job?
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