Thursday, November 06, 2014

Profits for Pensions

A modest proposal, covered here by our readers and ourselves on numerous occasions.

The only impediment to a Chicago casino in the past few years seemed to be Quinn. That obstacle was removed - by voters or by design of the Combine, no one knows.

The casino has been proposed to be licensed to the city, that is to say, the mayor and his chosen lackeys. No doubt it will turn a largish profit and there will be plenty of money for a lot of connected people to wet their beaks with - food, drinks, security, construction and contracting, maintenance, connected transportation, hotel and restaurant linens, amenities of all sorts, etc. Shady mob-type accounting would ensure a decent cash flow.

Rahm has also stated the money generated will go to the schools "For the children" and all that crap. We all know how that worked out with the lottery - every dime that the lottery made, substituted for a dollar coming from the general fund and was then spent on something else, mostly not government pensions.

That shouldn't happen again. Instead, the FOP and others should be gathering strength and votes for ALL the profits from a casino be diverted to lagging pension obligations until such time as the pensions are funded at or above 90%. All of the connected will still get their cuts via third party contracting and stuff, but the profits generated by this city owned casino license would go to city owed obligations.

Start making some calls boys and girls.

Labels: ,

95 Comments:

Anonymous Anonymous said...

I'm calling myself clueless on this so please explain something. If the city is legally obligated to make the balloon pension payment, why hasn't the FOP taken the matter to the courts?

11/06/2014 12:08:00 AM  
Anonymous Anonymous said...

If they dare to plunk a casino down in Chicago, you can bet the last of your ass that Rahm wants "pension reform" and a provision that not one penny of casino profit is diverted to making our pension whole for the monies stolen from it for the last quarter century by mayors and aldercritters.

11/06/2014 12:17:00 AM  
Anonymous Anonymous said...

The time for a casino is past. Existing ones are hurting, not just because there are too many, but also because those video poker machines are skimming off the bettors. The latter are always closer to home, just down the street.

Just take a look at all the casinos that have folded in Atlantic City.

11/06/2014 12:27:00 AM  
Anonymous Anonymous said...

Chicago Casino...it'll never happen. The same caste of characters have been in power for the last 20-30 years since its been discussed and we still don't have it.

11/06/2014 12:33:00 AM  
Anonymous Anonymous said...

There already is support for this. Ald. Tunney stated in 2011 that casino profits should go to pensions. This is from the Chicago Tribune:

Chicago’s four employee pension funds have a total unfunded liability of $14.57 billion. All four funds could run out of money by 2030. What steps do you recommend to make those funds solvent? Would you support higher contributions from employees? Higher retirement ages? Reduced benefits for future or current employees?


"A one-size fits all remedy will not work to address this crisis, there need to be several remedies. Among them, a land based casino, the profits of which would go solely towards the unfunded pension liability is one option I’d be willing to consider."

11/06/2014 12:37:00 AM  
Anonymous Anonymous said...

That's the problem. The money from a casino will go everywhere but the pension. Politicians are the biggest liars in the world. The city has had the money all along but spent it on BS pet projects.

11/06/2014 01:07:00 AM  
Anonymous Anonymous said...

Risky business, one's pension, depending on the continued profits from a gambling den. Too much that can go wrong.

11/06/2014 01:15:00 AM  
Anonymous Anonymous said...

Thank you for saying what I have been saying for about twelve years now. With your help the idea might finally get the attention it deserves.

Sgt. Gerry Majerczyk, 010th District
(former board member of both the FOP and CPSA)

11/06/2014 02:53:00 AM  
Anonymous Anonymous said...

I'm afraid it's just too logical therefore it won't hapen.
That coupled with the fact that Rahm hates our current pension system, says its flawed , broken etc. and said he will not work on revenue solutions until he gets reform( aka cuts and givebacks).In fact the slimy prick has said he's not contributing to a broken system.... so this egotistical bastard feels he can avoid doing legally required funding simply cause he doesn't like the system.
Talk about arrogance and ignorance!

11/06/2014 03:29:00 AM  
Anonymous Anonymous said...

Yup. That's why I voted For Rauner.

11/06/2014 04:22:00 AM  
Anonymous Anonymous said...

Anybody remember when they first pitched the Illinois Lottery. I remember something about "full funding for public education" More bullshit.

11/06/2014 05:52:00 AM  
Anonymous Anonymous said...

CBS just recently conducted an interview with CEO Jim Mullen of MGM Resorts "When gambling in Vegas isn't a sure bet." Gambling revenue is down 12% in September and Mullen said that Vegas is trying to reinvent itself, looking for other sources of revenue, such as concert venues and dance clubs. At this point, "a dollar is a dollar" Murren said. As a previous poster commented, Atlantic City's Boardwalk is nearly abandoned.

11/06/2014 06:35:00 AM  
Anonymous Anonymous said...

There will be no casino (if ever at all) in Chicago until AFTER "pension reform." I will bet my next paycheck on it (irony intended).

11/06/2014 06:35:00 AM  
Anonymous Anonymous said...

That's too good to happen. To start getting the tourists right away, they could float in a couple of those big gambling boats and dock them right next to McCormick place while the connected kill each other for the actual casinos.
It would be a big win for everyone except the greedy big ego mayor!

11/06/2014 06:44:00 AM  
Anonymous Anonymous said...

Tact has always been 4th Watch. Why are they picking furlough with 2nd Watch?

11/06/2014 06:50:00 AM  
Anonymous Anonymous said...

They would use that reasoning if it helped get a casino and then they would divert the money to cronies to get re- elected.

Face it. We will be taking this battle to court. That why it's imperative to take advantage of dept./city opportunities.

11/06/2014 07:02:00 AM  
Anonymous Anonymous said...

You think it'll have a sports book?

11/06/2014 07:05:00 AM  
Anonymous clancy the bartender said...

he will get his casino.it will be built and mortgaged to the hilt. it will be run by a insanely bloated management staff earning six figure plus salaries. when it ultimately fails block 37 will become a brightly lit neon food court.

often heard the odds are better beyond the border. good luck getting any money for pensions out of that dog.

11/06/2014 07:23:00 AM  
Anonymous Anonymous said...

Bill Cunningham proposed that same idea.

11/06/2014 07:38:00 AM  
Anonymous Anonymous said...

For the last couple years, I and a few others in Springfield have talked about a city of casino where the 5 city pension funds owned the license which becomes an asset that they can use to write down the liability.

next any profits from the casino go to the funds as a way of paying down the rest of the unfunded liability.

Rahm can't rouch it, and the funds win.


oh and who was it that turned DOWN 5 licenses and called them put puts?


Todd V

11/06/2014 07:57:00 AM  
Anonymous Anonymous said...

Here is the problem.........you are going to fight the casino's in Gary and East Chicago.. now in every tavern ( at least in downstate) there are slot machines. The day of going to one place to gamble are over with....there is a 10 slot gambling machine at at Super Pantry down the street......

11/06/2014 07:58:00 AM  
Anonymous Anonymous said...

Rauner is going to do 3 things immediately:

1.) Attack the public unions, including FOP to weaken, or even completely de-ball them for the pension fight.

2.) Make a deal with Madigan to amend the current pension law to get Rahm off the hook. It will be a shit "fix' that cuts benefits and still doesn't save the fund.

3.) Give Rahm a casino for all the reasons you listed.

The combine wants a casino to enrich itself and provide money to bribe various constituencies. Cops will never see one fucking dime from it.

Wake up.

11/06/2014 08:00:00 AM  
Anonymous Anonymous said...

SCC, Don't have any idea who you are , but this post could have been written by me, seeing that it exactly mirrors my thoughts and sentiments. However, I must take exception with the end statement. Having lived in this corrupt sewer of a city, county, and state all of my life, you might understand my cynicism. 99% of all politicians are LIARS who are only interested in their own interests. If the public's interests somehow help theirs, all the better for them. The remaining 1% are helpless to make a difference. All the phone calls in the world make no difference. Elections replace the current LIARS with new ones. When the revolution comes, make sure you're on the right side, whatever that may be.

11/06/2014 08:03:00 AM  
Blogger SpankDaddy said...

It's a good idea. That's why we won't see it.

11/06/2014 08:03:00 AM  
Anonymous Perry F'ing Mason said...

Please stop asking for FOP to do something. They had their chance - for years - and failed.

The pension fund should have NEVER gotten so far out-of-whack.

The question is - How useful has FOP been in protecting and promoting the benefits of the rank-and-file?

If you are going to be a union-based group, at least have a union that does something.

As a non-LEO, FOP looks like an organization that just takes care of its elected leadership (fancy cars, expense accounts, clouted promotions after serving, etc) and does nothing right for the rank-and-file.

Don't agree? Numbers don't lie. The pension is WAY underfunded. Who was supposed to be watching the store?

There is no defense for the guilty.

Next case.


11/06/2014 08:09:00 AM  
Anonymous Anonymous said...

Why not do a public-private partnership and create RIVERVIEW II AMUSEMENT PARK ?

Put the amusement park on the old US Steel site on the south side. Charge $40-50 per person. Make it clean and safe and keep gang bangers out. Then use half the profits for pensions !

11/06/2014 08:22:00 AM  
Anonymous Anonymous said...

Too little too late. How about all the taxes collected from Fracking in southern Illinois going to the pensions until the pensions reach 90%. Estimates in the Wall Street Journal a couple of years ago said Illinois could rake in $1 billion in taxes a year. Of course Quinn and the Democrat/Greenies have busted their humps to stop 'Fracking'...

11/06/2014 08:23:00 AM  
Anonymous Anonymous said...



Illinois and Chicago have spending problems, not income problems. Just like the "temporary" income did nothing, a new casino will do nothing. Because whatever new money is generated gets wasted on the corrupt giveaways of the Democratic party.

Illinois/Chicago need to get their spending under control.

Casino market is saturated....even Atlantic City is shutting down.

And do you remember how Atlantic City casinos were going to be great financial savior of Atlantic City? Didn't work.

11/06/2014 08:24:00 AM  
Anonymous Anonymous said...

I'm afraid it's just too logical therefore it won't hapen.
That coupled with the fact that Rahm hates our current pension system, says its flawed , broken etc. and said he will not work on revenue solutions until he gets reform( aka cuts and givebacks).In fact the slimy prick has said he's not contributing to a broken system.... so this egotistical bastard feels he can avoid doing legally required funding simply cause he doesn't like the system.
Talk about arrogance and ignorance!

And this is something new? Hes only continuing what the Daleys and other democratic mayors have been doing for years. Avoiding paying into our pension.

11/06/2014 08:30:00 AM  
Anonymous Anonymous said...

All of the money given to the public school system and it still churns out dummys.

11/06/2014 08:30:00 AM  
Anonymous Anonymous said...

I'm afraid it's just too logical therefore it won't hapen.
That coupled with the fact that Rahm hates our current pension system, says its flawed , broken etc. and said he will not work on revenue solutions until he gets reform( aka cuts and givebacks).In fact the slimy prick has said he's not contributing to a broken system.... so this egotistical bastard feels he can avoid doing legally required funding simply cause he doesn't like the system.
Talk about arrogance and ignorance!

And this is something new? Hes only continuing what the Daleys and other democratic mayors have been doing for years. Avoiding paying into our pension.

11/06/2014 08:30:00 AM  
Anonymous Anonymous said...

The sticking point has been who will govern the Chicago casino, either the State Gaming Board, appointed by the Governor, or a Chicago-only gaming board appointed by the Mayor. Quinn refused to sign the gambling bill unless the Chicago casino was subject to the same board as all the other casinos in the state.Citing the need for "local control",Rauner will give Rahm his own board, in exchange for consessions he will need from the Democrats. Rauner is a two edged sword, he will give Chicago the casino and more revenues will go to pensions, but he will make employees contribute more, cut retiree benefits,and expand a two tiered retirement system where new employees (including police and fire)are in 401ks, not state supported pensions.Eventually, public pensions will be a thing of the past.

11/06/2014 08:36:00 AM  
Anonymous Anonymous said...

The time for a casino is past. Existing ones are hurting, not just because there are too many, but also because those video poker machines are skimming off the bettors. The latter are always closer to home, just down the street.

Just take a look at all the casinos that have folded in Atlantic City.

Couldn't agree more,but a casino in Chicago would probably do great because of all the businessmen in town for the week and residents on the weekend.
It won't happen because of all the lobbying from the other casinos,racetracks,video poker,etc. There is only so much gambling revenue around and the others don't want to share it with the Chicago casino. Chicago wouldn't have the problem like Atlantic City because there would only be one casino, not the competition like in Atlantic City wehere there are probably 10 or more casinos

11/06/2014 08:37:00 AM  
Anonymous Anonymous said...

If you think that any money from a city gambling operation will go to any pension fund ( maybe the teachers) then you are out of touch with reality and with the thought process of our political class.

11/06/2014 09:10:00 AM  
Anonymous Anonymous said...

Just take a look at all the casinos that have folded in Atlantic City.

11/06/2014 12:27:00 AM
Atlantic City is hurting because of the neighborhood surrounding the Boardwalk, slums and crime.However, people in the know are saying that gambling has reached a saturation point where the number of people who like to gamble has not grown or has been effected by the bad economy and cannot support any new gambling operation. But, I think a Chicago casino would draw away frommanron places Indiana and Joliet

11/06/2014 09:13:00 AM  
Anonymous Anonymous said...

The state income tax hike was supposed to be used to fund the state's pension system and how much of that got spent elsewhere? We will see the same amount of the casino money go to ours!

11/06/2014 09:14:00 AM  
Anonymous Anonymous said...

A gambling based economy (as opposed to one based on the production of goods and services) is a recipe for disaster. The only way a Chicago casino should be allowed is if 100% of the proceeds go to incarcerate hard core felons out-of-state far away from their homies as part of a program of stiffer penalties for repeat offenders. Any surplus should be donated to United Way. Any shortfall should be made up from the pensions of convicted Illinois politicians.

Chicago should not be allowed to fund or run any part of the gambling operation. Any money Chicago makes should be from increased revenue from existing hotel and restaurant taxes due to tourism.

11/06/2014 09:21:00 AM  
Anonymous Anonymous said...

The money is already there but it will never to to pensions, not glamorous enough. You can call till you're blue in the face but if there ever was a casino you can bet the farm that not a red cent would to to pensions.

11/06/2014 09:45:00 AM  
Anonymous Anonymous said...

What have the Pension Trustees done to safegard our fund? Isn't that their job? Lappe hasn't done shit either!

11/06/2014 09:58:00 AM  
Anonymous Anonymous said...

Who are we supposed to call and exactly how would that help? When's the last time a pol listened to a niche crowd?

11/06/2014 10:12:00 AM  
Anonymous Anonymous said...

FOP, Lawsuit!!!! This is the only way! Tiny Dancer will do everything in his power to let the Pensions go bankrupt, not the city, the Pensions can go bankrupt if we have another collapse like 2008.

11/06/2014 10:16:00 AM  
Anonymous Anonymous said...

R/O heard that the FOP, Sgt's Association and others hired an attorney and an expert in Freedom of Information Forensics to dig into the TIF's. Is this true, and for what purpose? Will they be successful? Oh, the Fireman's Union is also involved!?

11/06/2014 10:20:00 AM  
Anonymous Anonymous said...

Several of the retired guys have been quitley working on promoting this idea. They have visited several aldermen who all liked the idea.
It should be noted that the 41st ward alderperson would not talk to the guy.

11/06/2014 10:21:00 AM  
Anonymous Anonymous said...

I agree with 12:27 AM.............the time for a money-making casino in Chicago has passed.
I am a retired PO who has visited more than 110 gaming halls (national/international) and find that the current slots are not giving the player the wins that the older machines was did. Even Vegas sucks!
Nowadays, these so called "penny" machines gives the player more entertainment than profit. Moreover, the once profitable high-limit slots are not paying off as they used to either. I have noticed less and less people playing real money amounts.

Chicago's casino will be plagued by crime and dregs and will not produce a decent profit without nefarious accounting.

11/06/2014 10:25:00 AM  
Anonymous Anonymous said...

You mean "The pensioners money will go to the Casino".

11/06/2014 11:08:00 AM  
Anonymous Anonymous said...

Yeah...good luck with that ha ha ha

11/06/2014 11:13:00 AM  
Anonymous Anonymous said...

Quinn would not allow a Chicago casino unless a large percentage of the profits were earmarked for municipal pensions. Rahm wouldn't agree, so he didn't get a casino. Quinn was a friend, not an enemy on the pension issue.

11/06/2014 01:21:00 PM  
Anonymous Anonymous said...

Yup. That's why I voted For Rauner.

11/06/2014 04:22:00 AM

Hope you enjoy your reduced pension benefits.
Once Rahm gets his good buddy Bruce to implement
Rahmenomics we're fucked.
Rahm and Bruce have strong disdain for public servants and their pensions. I forgot to mention they're both Union busting assholes too.

11/06/2014 01:49:00 PM  
Anonymous Anonymous said...

I am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.

11/06/2014 01:53:00 PM  
Blogger It's all power politics said...

The real problem with the Chicago Casino is: "who is going to run the thing?"

"The traditional model is the state and city collect tax revenue, the state regulates and then there is a clear line with the owner-operators running the casino with no connection other than the collection of taxes," said Mark Clayton, a Las Vegas casino regulation expert and former member of the Nevada Gaming Control Board. "In this case, that line is more blurred ... and raises legitimate questions about oversight."

"The process set up for Chicago definitely is unusual, and I think for something like this where you've got a lot of money at stake, the more transparency, the better," said David Schwartz, director of the Center for Gaming Research at the University of Nevada at Las Vegas. "It raises a lot of concerns, and if this is how it was going to be selected in my state, I would want some more transparency."

http://articles.chicagotribune.com/2013-05-19/news/ct-met-chicago-casino-0519-20130519_1_chicago-casino-development-authority-casino-bill-casino-operator

Because you know, letting Madigan & Blagojevich play with McPier (Navy Pier & McCormick Place Convention Center) worked out so well:


"Between 2005 and 2010, Mr. Madigan stopped five refinancing bills, ignoring declining interest rates that would have saved hundreds of millions. At the time, he never explained why, but his reasons seem petty and political: McCormick Place CEO Juan Ochoa, an appointee of then-Gov. Rod Blagojevich, had fired a Madigan ally at the convention center, and lawmakers from both parties say the speaker wanted retribution."

http://www.chicagobusiness.com/article/20111112/ISSUE01/311129979/crains-investigation-the-high-price-of-political-payback-at-mccormick-place

Boston on the other hand, is getting a World Class casino developer:

http://www.boston.com/business/gallery/stevewynn_casinos/

11/06/2014 02:33:00 PM  
Anonymous Anonymous said...

anthracttom tunney for mayor he likes the police

11/06/2014 02:34:00 PM  
Anonymous Anonymous said...

A casino in downtown Chicago will only help the city, tourism is up with all the free shit out of towners can see and the money saved will be spent at the tables.

But the city being in charge is the only negative I see, the city unions need to bind together to ensure the profits will be used to fund the pensions.

11/06/2014 03:18:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
I am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.

11/06/2014 01:53:00 PM

And just where is that new supposed 'stadium for DePaul' being built?

11/06/2014 04:48:00 PM  
Anonymous Anonymous said...

Who made money on that Wallenda deal last weekend? For the City to go along with that-something stinks!! And it ain't the Chicago River?

11/06/2014 05:47:00 PM  
Anonymous Anonymous said...

Anonymous said...
Anonymous Anonymous said...
An order came out yesterday. Tactical and mission teams pick furlo with the 2nd watch. Looks like there will be no tact teams working the 1st 3 months of the year.

11/04/2014 11:27:00 AM

wrong buddy. check out the language on the directive before you spread rumors - "District tactical officers and foot officers assigned to Unit 001 and Unit 018 are deemed a separate watch for furlough selection purposes."
////////////////////////////////////////////////////////
Ok idiot, so the 1st and 18th dist tact and foot teams will pick amongst themselves. So all other district teams will pick with the 2nd watch? Both of you idiots need to explain more when trying to make a point.

11/04/2014 11:34:00 PM

DISTRCIT tactical teams AND foot officers assigned to 001 and 018 will have their own watch. That means, ALL district tactical teams will have their own watch.

11/06/2014 05:49:00 PM  
Anonymous Anonymous said...

I am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.

Keep dreaming. Nothing political in Chicago starts up in 6-9 months. Takes years to do all the scamming in Springfield and years in Chicago to decide who gets all the lucrative contracts.

11/06/2014 06:02:00 PM  
Anonymous Anonymous said...

RINO Bruce appointed Bill Daley to his transition team.
We're fucked!!!

11/06/2014 06:23:00 PM  
Anonymous Anonymous said...

My pension could be funded by blood diamonds for all I care

11/06/2014 06:55:00 PM  
Anonymous Anonymous said...

To the media trolls, get a scanner and listen to each shift change. See how many times you hear people saying they are waiting for a car. Listen to the areas that have the most violent crime. I think even the actual troll Pam Zekman could come up with an expose on this. They could even tie in the attempt to put buying new vehicles into the contract to show how low we are on cars. Except for the headquarters dollies and the ocd phone call kids. They have plenty of take home cars. And the one unit that should have take home cars, SWAT, doesn't. How backwards is this department?

11/06/2014 07:21:00 PM  
Anonymous Anonymous said...

It will need a sports book to fully fund the police and fire pensions. Put it at McCormick place East.

11/06/2014 07:39:00 PM  
Anonymous Anonymous said...

I am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.


I've been saying this for years about McCormick East. Turn it into an adult gaming and entertainment complex. Casino, clubs with different themes or types of music, sports bar, maybe OTB, restaurants, and you already have a music venue at Arie Crown Theater. Maybe build a smaller venue like they have at the Horseshoe in Hammond with moveable seating. Of course, who's gonna pay for it all, but at least the shell of the building and the building infrastructure is already there. Any trade shows at McCormick West or the Auto Show would bring in additional customers.

11/06/2014 08:10:00 PM  
Anonymous Anonymous said...

The problem with "profits" is that they're subject to manipulation. Witness the funny math that makes up the Movie Industry's accounting.

There's a reason why Actors get paid a cut of the GROSS, instead of the Net. The net was always ZERO due to expenses.

So extrapolate: "Oh gee CPD, sorry. No profits this year. No Pension Contribution"...

11/06/2014 09:09:00 PM  
Anonymous Anonymous said...

I am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.

11/06/2014 01:53:00 PM

Assigned to 022 CAPS office so not the police. Option 4: empty Borders at Leavitt and 95th. Great 19th Ward location, plenty of free parking, indoor plumbing with hot/cold running water. No Shell but a BP at Rockwell. Start up next week at latest.

11/06/2014 09:30:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
Who made money on that Wallenda deal last weekend? For the City to go along with that-something stinks!! And it ain't the Chicago River?

11/06/2014 05:47:00 PM

I asked some friends about that the night of the walk. One, in construction, said there were probably permit fees and security fees, which makes sense. Since it was carried by Discovery Channel, that's probably where to start following the money trail.

11/06/2014 10:03:00 PM  
Anonymous Anonymous said...

Anonymous said...
FOP, Lawsuit!!!! This is the only way! Tiny Dancer will do everything in his power to let the Pensions go bankrupt, not the city, the Pensions can go bankrupt if we have another collapse like 2008.

11/06/2014 10:16:00 AM


The pension fund needs to be invested way more in US Treasuries and much less in equities. They won't make as much in a booming economy but will lose much less in case of a downturn. The custodians take too much of a cut for their fees. Our pension fund would do much better if it simply had 60% in Treasuries and 40% in Vanguard Index Funds. Vanguard charges 1% management fee.

If anyone understands the magic of compound interest for an investment, the reverse is also true for fees in the 4% - 5% range; it is called the tyranny of compounding costs. The compounding costs work like compound interest for the management company charging the fees. That makes a huge difference to our fund over one's lifetime.

11/06/2014 10:07:00 PM  
Anonymous Anonymous said...

Anyone read about that mope "lil Durk" getting busted with 2 pistols? Turns out you can get convicted of uuw and sentenced to probation while currently on parole for the same offense. Pretty messed up.

11/06/2014 10:12:00 PM  
Anonymous Anonymous said...

Wowww is this what our pension funding has come to. A legalized vice to support our pension. Why don't we build a brothel and opium den too?

11/06/2014 10:25:00 PM  
Anonymous Anonymous said...

OT,

I can't find the results for z cook County judge retention. Did they all get retained?

11/06/2014 10:57:00 PM  
Anonymous Anonymous said...

Put a casino in the heart of Chicago, won't happen.

The surrounding casino's especially the one in Hammond have greased the palms of the power brokers for years to keep Chicago from having one.

And it's true we have hit a saturation point across America as far as casino profits.

But New Jersey just approved sport gambling and will join Nevada as the second state to do so.

East coast covered, west coast covered, NOW is the time for us to legalize sport gambling and have the mid west covered.

This is where the really big money is at. Football alone could erase our debt in 2 years. Never mind what baseball, basketball,hockey, boxing, soccer, future odds, and all the gimmick wagering that Vegas offers.

Again though, there are many people who would and will do all they can to protect their domain.

11/06/2014 11:04:00 PM  
Anonymous Anonymous said...

Who ever mentioned the 41st Ward earlier is right, the current Alderman is a piece of shit, Rahm supporter who has zero use for Police and Fire. We better get smart and elect people who have our interests at heart. Their is a fireman running in 41, who was a cop and comes from a huge Police family, Anthony Napolitano. Elect one of our own, come to vote, send OConnor back to the Salvation Army, where she buys her cloths.

11/06/2014 11:18:00 PM  
Anonymous Anonymous said...

>Snicker!<

Speaking of stolen pensions and other such...

Ron Huberman is on Rauner's transition team...

The Gold Coast and North Shore financial lick-hitters and fiscal bojank artists wasted no time putting a mole close to Rauner to make sure he doesn't go rogue and do something helpful for the middle class churls...

As so many of us have said...
They screw these interchangeable m/fers in and out of these political jobs like so many light bulbs...

Maybe he's going to sneak back to CPD or OEMC and get another shot at some "free" pension money or something...

11/06/2014 11:49:00 PM  
Anonymous Anonymous said...

"...I am a retired PO who has visited more than 110 gaming halls (national/international) and find that the current slots are not giving the player the wins that the older machines was did..."


WHOA! Check out Gamblers Anonymous...you need help!

11/07/2014 12:38:00 AM  
Anonymous Anonymous said...

As far as Bill Daley being appointed....

Remember, He isnt the dumb fucking idiot brother like Richie is.

Give it a chance boys.... I think you may be happily surprised.

11/07/2014 05:50:00 AM  
Anonymous Anonymous said...

With all this talk of our pension, I have to ask how many out there have other sources of retirement income that they have been contributing to?

Deferred Comp? IRA? Roth?

Using your pension as your sole source of retirement income makes no sense at all.

And yes, I know a majority of us out there have families and kids in school so the " I can't afford to save" excuse is just that, a lame excuse.

If you haven't done it already, sit down with a financial planner and see where you stand now and where you could be in the future.

11/07/2014 08:20:00 AM  
Anonymous Anonymous said...

All security at a Chicago casino should be handled by off duty Chicago Police officers.

11/07/2014 08:26:00 AM  
Anonymous Anonymous said...

Retirees should not be paying for schools once their kids have been out of school over twenty years. Need a better reason to cut pensions! Same old shit!!!

11/07/2014 08:49:00 AM  
Anonymous Anonymous said...

Enough of the "For the Children" Crap. The Children have it better now than in any time in American History. How about, "For the Elderly", or some other Tune, Dopeocrats ?

11/07/2014 08:53:00 AM  
Anonymous Anonymous said...

When Chicago gets a casino, not a single penny will go to the pension funds. Why should the city pay ? Rauner will make sure, it doesn't have to

11/07/2014 09:42:00 AM  
Anonymous Anonymous said...

"As far as Bill Daley being appointed....

Remember, He isnt the dumb fucking idiot brother like Richie is.

Give it a chance boys.... I think you may be happily surprised."

No he's the one with highly questionable item in hi safe when his house was broken into in Sauganash, was a major player in the financial collapse in 2008& faints on TV. Yeah a real savior

11/07/2014 09:47:00 AM  
Anonymous Anonymous said...

ssc I don't want a pension anyway give me a 401k and raise the retirement age to 70 years old

11/07/2014 11:15:00 AM  
Anonymous an odor came out today said...

An order came out yesterday. Tactical and mission teams pick furlo with the 2nd watch. Looks like there will be no tact teams working the 1st 3 months of the year.

11/04/2014 11:27:00 AM

wrong buddy. check out the language on the directive before you spread rumors - "District tactical officers and foot officers assigned to Unit 001 and Unit 018 are deemed a separate watch for furlough selection purposes."
////////////////////////////////////////////////////////
Ok idiot, so the 1st and 18th dist tact and foot teams will pick amongst themselves. So all other district teams will pick with the 2nd watch? Both of you idiots need to explain more when trying to make a point.

11/04/2014 11:34:00 PM

DISTRCIT tactical teams AND foot officers assigned to 001 and 018 will have their own watch. That means, ALL district tactical teams will have their own watch.

11/06/2014 05:49:00 PM

So that means ONLY tactical teams EVERYWHERE but 001 and 018 have to bid with the foot officers and WON'T have their own watch? Right?

11/07/2014 12:22:00 PM  
Anonymous Anonymous said...

Anonymous said...
As far as Bill Daley being appointed....

Remember, He isnt the dumb fucking idiot brother like Richie is.

Give it a chance boys.... I think you may be happily surprised.

11/07/2014 05:50:00 AM


So much for electing a Republican Governor.

11/07/2014 02:30:00 PM  
Anonymous Anonymous said...

Anonymous said...
OT,

I can't find the results for z cook County judge retention. Did they all get retained?

11/06/2014 10:57:00 PM

Yes, I could not find any who were tossed, including Rifkin-Carothers

Election Results

11/07/2014 02:38:00 PM  
Anonymous Anonymous said...

am not the police ( my wife is), I am in construction. We were just talking about this yesterday at work. The three options are the old post office, east McCormick place or Michael Reese. The old post office has plenty of power on each floor already, but way too long for turn over. Michael Reese would be out of the ground and no one wants to go down there. McCormick place east has the shell and power. Start up could be 6-9months.
Over 15 years ago McCormick was wired for a casino, They made stairs leading to the lake in case they wanted to put a Casino Boat there. STILL WAITING..as Gary keeps taking valuble dollars to Indiana..this city/state is a joke.

11/07/2014 03:02:00 PM  
Anonymous Anonymous said...

Security at chicago casino should be handled by private security and retired police officers , not hair gels .

11/07/2014 03:39:00 PM  
Anonymous IN THE KNOW said...

A Casino in Chicago? That was yesterday's news - and they never acted on it. Too late now, there are too many other places to go and they are ALL well-established.

First of all, PARKING has to be FREE, not 60 Fucking dollars to park.

The wrong people will be put in charge and you won't see much profits after they have to pay all the bureaucratic overhead.

Nope. Casino for Chicago is a dead idea.

Cutting corruption and bloated pensions - THAT's where it is going to happen. The corruption will be more talk than action but cutting pensions? Break out the Ginzu knives.

Forget about Constitutional protection. THAT is such a joke.

Better read up on Federal Bankruptcy laws and how municipalities can claim "bankruptcy". Believe me - it can and will happen.

If I were you, I would be voting in a whole new slate at FOP. Just remember when the BIG Tsunami hits the pension funds - you better have some sharp people running to "get in line" with all the other major creditors.

It will be like when Duke & Duke in Trading Places try to unload all their bad Frozen Orange Juice futures.

If you got a good guy, you might get a dime on the dollar with the pensions. If you have the clowns you have now, look more for a nickel on the dollar.

Never been to Bankruptcy Court? GO spend some time there instead of watching Maury Povich in the afternoons and see how they slice and dice up businesses and whatever is left in assets.

Some creditors are happy getting ten cents on the dollar - because they know there isn't much meat on the carcass.

This will be FOP trying to "get the best deal for you"
http://www.youtube.com/watch?v=S8H2FIf1oH4

11/07/2014 03:45:00 PM  
Anonymous Anonymous said...

Wowww is this what our pension funding has come to. A legalized vice to support our pension. Why don't we build a brothel and opium den too?

11/06/2014 10:25:00 PM

I thought I was the only one that saw the irony in this plan, not to mention the moral conundrum of our retirement being funded by someone's possible gambling addiction.

11/07/2014 08:53:00 PM  
Anonymous Anonymous said...

Video poker in taverns having big effect on current casinos. More coming on line every day. Gaming revenues down across country. Novelty worn off. Some suckers are actually starting to realize you can't win. Casino security pays $12.00 to $13.00 an hour. Very little vacation time. Whole new round of people will discover they are gambling addicts. No world class city has a casino. New casino in Chicago? What a terrible idea.

11/07/2014 09:05:00 PM  
Anonymous Anonymous said...

Enough of the "For the Children" Crap. The Children have it better now than in any time in American History. How about, "For the Elderly", or some other Tune, Dopeocrats ?

Amen to that! What's up with all the closed schools? Is the property being sold? Then why do our taxes continue to rise??
Burns my ass having to pay for some other parents kids... Take some responsibility and pay for your own kids full tuition!

11/07/2014 10:38:00 PM  
Anonymous Anonymous said...

"...There's a reason why Actors get paid a cut of the GROSS, instead of the Net. The net was always ZERO due to expenses.

So extrapolate: "Oh gee CPD, sorry. No profits this year. No Pension Contribution"..."
************
Should do this for ALL sports players. Fronting the money to these guys is insane! Pay them a basic salary and then a bonus for what they accomplish-if anything. Bunch of primadonnas with the caveman look and hair extensions.

11/07/2014 10:43:00 PM  
Anonymous Anonymous said...

Anonymous said...
Wowww is this what our pension funding has come to. A legalized vice to support our pension. Why don't we build a brothel and opium den too?

11/06/2014 10:25:00 PM

I thought I was the only one that saw the irony in this plan, not to mention the moral conundrum of our retirement being funded by someone's possible gambling addiction.

11/07/2014 08:53:00 PM



The hell with the casino; I want the brothel and opium den!

11/08/2014 01:03:00 AM  
Anonymous Anonymous said...

" Anonymous said...

"...There's a reason why Actors get paid a cut of the GROSS, instead of the Net. The net was always ZERO due to expenses.

So extrapolate: "Oh gee CPD, sorry. No profits this year. No Pension Contribution"..."
************
Should do this for ALL sports players. Fronting the money to these guys is insane! Pay them a basic salary and then a bonus for what they accomplish-if anything. Bunch of primadonnas with the caveman look and hair extensions.

Waaaa. Waaaa. Waaaa.

The sports team owners agree to spend this kind of money on player salaries because they have it to spend. No professional sports franchise, except the Green Bay Packers, release any financial data.

Why do you thing a beer is $7 or more at a major sport event?

NFL contracts are not guaranteed. Most players do not see all that money. Most are lucky is they get 65%. That's why there are signing bonuses.

Ok, so you're jealous. Because you can't throw a football 40 yards with pinpoint accuracy as some gorilla is trying to smash you into the turf. Or just has.

Or you can't throw or hit a 95mph baseball. If they have any sports tryouts in any school or park near you as a kid, you should have taken a shot at it.

The players want their share of the big-dollar tickets, TV and radio money, merchandising money, etc. Most sports careers are over by 37.

11/08/2014 01:13:00 AM  
Anonymous Anonymous said...

Anonymous said...
Video poker in taverns having big effect on current casinos. More coming on line every day. Gaming revenues down across country. Novelty worn off. Some suckers are actually starting to realize you can't win. Casino security pays $12.00 to $13.00 an hour. Very little vacation time. Whole new round of people will discover they are gambling addicts. No world class city has a casino. New casino in Chicago? What a terrible idea.

11/07/2014 09:05:00 PM

Agreed. Those casinos really transformed Atlantic City and Gary,didn't they?

11/08/2014 09:53:00 AM  
Blogger MTS said...

And the city got a new tool to curb police overtime that totaled $100.3 million last year and is expected to reach $95 million this year comes in the way furloughs are scheduled.

Instead of requiring officers to bid on vacation time against other officers within their unit, the bidding will occur by watch. That should reduce overtime.

Well there is why the did the furlow by watch thing.

11/08/2014 11:47:00 PM  
Anonymous Anonymous said...

"Bunch of primadonnas with the caveman look and hair extensions."

Not an easy look to carry off. Just ask the Shields Bros.

11/09/2014 11:12:00 AM  

Post a Comment

<< Home

Newer Posts.......................... ..........................Older Posts