This was Prophetic
Some old timers might remember this. Some punk reporters named Rick Pearson and John Kass wrote this about 24 years ago:
- City Treasurer Miriam Santos made a last-ditch attempt Tuesday to stave off a move by her former political patron, Mayor Richard Daley, to cut her power and remove her from overseeing more than $8 billion in politically sensitive city pension fund investments.
At a news conference in Chicago, Santos said the city`s four pension funds were being mismanaged, and she issued a list of proposed reforms.
``The pension funds will be Chicago`s S&L crisis 20 years from now if we continue down the road of mismanagement,`` she said. ``There is a lack of accountability that must be addressed.``
Standing beside former U.S. Sen. Adlai Stevenson, who supported her efforts, she said most pension funds are underfunded, and she warned that property tax payers could be asked to make up the difference in the future.
Santos, who also said she wanted to stay on the boards that oversee the pensions so she can be an independent voice, then left the city for more lobbying in Springfield, where the General Assembly is holding its fall veto session.
But her tactic may fall short, because Daley operatives in the Illinois Senate said they were set to push a bill Wednesday that would, among other things, give Daley the option of removing Santos from the pension boards and replacing her with someone who will follow instructions.
And everyone remembers what happened to Miriam Santos, right? Daley got his "... someone who will follow instructions" and we've been paying the price ever since. Everything Santos predicted would happen...has happened...with astonishingly exactitude, so any claims that this was "unforeseen" or "circumstances beyond control" are pretty much lying to us all.