Good Question
A rumor in the comment section....whispers over at City Hall that Conehead is saying the word "bankruptcy" to people.
A bunch of comments refute that, correctly pointing out that the process isn't permitted under State Law as currently written. The City would have to open the books across the board, letting daylight into places that daylight hasn't seen in decades. And from a purely accounting point of view, the City would have to prove that liabilities exceed obligations, and they'd have to prove it to a forensic accountant most likely at the federal level, which wouldn't be pleasant under the current administration.
No doubt some of this was triggered by a recent article in The Chicago Contrarian:
First comes moral bankruptcy. Then comes fiscal bankruptcy. That’s the order of things, and if you’re looking for a real-time case study, look no further than the City of Chicago.
Chicago has been morally bankrupt at least since the advent of the Lightfoot administration, when ideology, incompetence, and cowardice collided to produce one of the most disastrous mayoralties in city history. But in fairness to Lori Lightfoot, she was just one link in a long chain of political cowardice. Her predecessors and their compliant City Councils laid the groundwork: authorizing pension holidays, underfunding obligations, kicking the can down the road, and pretending the math would never catch up to them.
It has. And the bottom of the cliff is now in sight.
As usual, go read it all. It seems to cover all the bases - good, bad, ugly and really really ugly.
Labels: money questions
posted by SCC at 12:03 AM
49 Comments:
Bankruptcy (eg insolvency) is what the Communists want and work towards. They want this to happen on purpose.
…maybe he meant his own personal bankruptcy. I mean if he couldn’t pay a water bill - it’s not impossible.
That shows you how little this Administration knows!! Every TIF fund would have to be exhausted, every hidden City/Aldermanic Slush fund Exhausted, City Property not being used would have to be SOLD… Shit In Detroit they had to sell Art off the Walls hanging in their Art Museum!!! You just can Yell out (Michael Scott) Style I DECLARE BANKRUPTCY!!!! Lol There is A LOT more to it!!!
Democrat’s gave a lot of money to migrants. They should have paid down city debts.
Detroit was afraid to open books......
Same here.....
Come on ...this is a easy one....
Just raise taxes and fee's....What are .... They.... going to do...Complain ?
Add in a steep late fee too.
When a city's budget is in deficit, there are not enough incremental tax revenues, and if investors are no longer willing to lend the idiots in charge more money to do further damage, adios amigos. Would anyone really be surprised if Chicago became the next Detroit or Puerto Rico? The good news is that public pensions in Illinois are generally protected from being diminished or impaired in municipal bankruptcy due to the state constitutional provision and judicial interpretations, if that were to occur.
Open the books, baby
1. These past and present assholes will never substantially fund the pensions of any first responders. Never.
2. Only a Trump style intervention, via the article described avenues, can.
3. 100%, file for corporate bankruptcy, shit brain.
Spending over a billion dollars on the banana farmer asylum seekers didn't help matters. At a 26% approval rating Conehead is just a lame duck right now. He's worse than bug eyed Groot.
Brandon Johnson could be filing his own personal bankruptcy. He's not good at "maths". Or maybe he had Officer "Meechie" do his taxes for him? {smdh}
Why can't a outside agency order a audit and publish where all the tax dollars go? oh yeah I forgot this states corrupt too.
Do the feds or the state take it over if bankrupt?
WOW!! A scary but very real problem.
I think I’m moving. I can’t deal with these asshole elected fools fucking up everything and never held accountable.
If you're a city worker, and cops excepted, all you need do is look in the mirror. You've jobbed the system for years and years. Yeah, your union got you good contracts, but they made more than you ever would or will, multiples more, and they'll keep theirs. It was always a house of cards.
Nobody forget the parking meter fiasco. Still to this day it’s Unfuckingbelievable they did this to us.
Sadly, none of them will ever be held accountable for their piss poor management of our once fair city...They catered to every minority, and neglected the important issues that were right in their faces. They allowed generations of children to grow up ignorant, thinking that they are always victims. Most of these victims graduated from a public school system, so they cant read or write. Maybe they are victims. Just not victims of what they believe they are.
Fuck you. PAY ME.
Plus 5% Vig a month asshole.
What do you mean “cops excepted”?
How many are stealing a paycheck? How much blatant theft is there with the OT?
Rule1. Cut Deputy positions in all City Departments by 30 percent. Rule 2.Cut all money to illegals by 100 percent. Rule 3. Cut Public housing money by 75 percent. Rule 4. Eliminate the violence reduction gang members/social workers by 100 percent, they are useless.Eliminate all raises until you balance the budget. Bye Brandon, and congratulations on only 1 MASS shooting this weekend.
BK would be the best possible result for the law abiding residents of Chicago. Everything made public and every expenditure authorized by a Federal Court. Imagine the fraud that would be uncovered. The city would be on the doorstep of it right now but for CV19 funds pushing things out. Too bad the massive spending on illegals accelerated the push to the abyss. All too predictable.
Also Skyway.
The matter goes to Federal Court which may appoint monitors.
Yes, the end is coming in only a few short years. The cities financial status is unsustainable.
There is a large amount of hand wringing from the wining Republican minority here in Illinois. But things are going as planned in the birthplace of the Obama Agenda.
Bankruptcy of ANY government entity is just another step towards the REDISTRIBUTION of WEALTH. The AUDACITY of HOPE that the “have nots” can simply take from the “haves.”
Simple plan really. Tax and fine anyone that works hard, diligently pays their bills, and saves for their future. THEN. Increase the taxes and fines. AND REPEAT, REPEAT, REPEAT.
Meanwhile. Rather than cut public spending, pay off public debt, or fund pension obligations………KEEP SPENDING. Also known as REDISTRIBUTION of the wealth.
If given an additional opportunity of extended time at the national level, the Obama Agenda will look something like this….Following the current White House administration with 8 years (or more!) of a Democrat administration. Look for the “redistribution of wealth” to change the tax laws that apply to retirement savings. After all the “have nots” were denied the “privilege “of saving some of the money they didn’t work for. INCREASE the taxes on IRA’s, 401K’s, ect. Spend, er I mean, redistribute that money with even more imaginative entitlement spending.
Your grifter's panties are needing a washing.
There are many employed by our city, and county, and state, who earn their wages, however much you yearn to blame things on unions' providing for their memberships' better results then could be achieved without them.
It's the graftings, the schemes and scams of the hogs of varieties well known, who first dun the taxpayers to fill the troughs to overflowing, then gorge themselves and complain that more is never enough.
You know this. You have mirrors. Step away from the trough, wipe the gorge spew from your eyes, gaze into the reflection of your greedy, duplicitous visage.
Have you paid your water bill, yet?
Sell the parking meters, oh never mind.
Sell the Skyway, oh never mind.
Well O'Hare and Midway would bring in a fortune that might last 5 years.
26%?? Thats way too high!
FOP lets get started by mounting a campaign to eliminate gold braid pensions and save millions. If you appointed a rank you are not entitled to a pension at that rate. Your pension should be equal to the last test you passed!
In the past, big city Democrat mayors have been allowed to lie, cheat, and steal, and Washington has bailed them out. The bailouts won't happen under President Trump. Bankruptcy or something similar is a good possibility.
Not only is Chicago a broken city its also a bankrupt city. All done by the Democrat voters.
Mayor Mumbles Daley got paid....What's the problem ? ? ?
CTU Stooge here...
This is why teachers need a raise, at least 25 % please....It's for the kids.
...and selling the Skyway was just the icing on the Parking Meter cake
This is what happens when you vote for incompetent people...people who NEVER had experience running a Major City or even being in politics. Look at this asshole we have now..couldn't even pay his own bills, what does that tell you. Stupid Voters. Glad Im out of here soon.
The only ones making out with a pension are the boomers and a few older GenX'rs. Everyone else is going to get fucked.
Bankruptcy seems to be a key word for Democrats. They think it solves all problems.
Now, kees me you fool!!!!
Have a plan. Get out of Illinois asap. Increase investments with the money you save on property taxes. I’ve saved about 26k in property taxes by moving to a deep red state four years ago. Grow it, don’t spend it. No 10k vacations. No ridiculous vehicles. You’ll be ok.
They will never open the books and show we re stealing from one area to give to another. Also, this gives a federal bankruptcy Judge power over where money will now go and from what. No one will let that happen. Forces stronger than the incompetent and ignorant Mayor would never allow it.
He's morally bankrupt, no doubt.
City had plenty of money. Just ask the "migrants".
You know what might help the pension? Getting more police officers on board paying into the pension. But, the CPD brass only see red. Look at the Recruitment and RETENTION Unit. The brass demands 5 years in grade for this unit. No one else in the department could speak better than those that got rehired about why leaving CPD is rarely a good idea. The brass purposely made that NOJO out of reach of rehires. Rehires would be ideal candidates for retention of CPD officers. Yet the department hates rehires so much they won't let them apply.
Raise property taxes sell off all parks and the lakefront close schools cut city services don’t care. F u pay me.
Most of Chicago’s priceless artwork isn’t owned by the City anymore. It has all been moved to 503c3 charities to insulate it from bankruptcy.
Don’t think for one second the bigger plan isn’t already in motion…
Mayor has no idea what bankruptcy entails If it is even legal and he would have to open the cities books. He is talking nonsense
Daley is already getting the walker and drool cup ready in case they ask to talk to him.
Wrong, the pensions are not protected. Who is going to pay the pension benefits? The State, no they are not. The city? If the city files for bankruptcy, a Federal Judge takes over the city's finances. The pension funds are not the first to be paid. City Bond holders are the first to be paid. The pension funds are grouped together with all the obligations, and the Judge gets to decide who gets what and how much. The city does have to open up the books, but do you really trust a Judge to decide you income?
First it was Detroit, now Chicago, next NYC. Each step in the Democrats plan.
Exactly. Cloward-Piven commie strategy to a tee. Overload governments systems in order to collapse them. There needs to be military tribunals. The late Sen. Joe McCarthy is somewhere saying, “I told you so.”
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