Skip to comments.Chicago's Finances Are Even Worse Than Everyone Thought (don't fall of your chair!!)
Posted on 02/14/2011 7:32:37 PM PST by mewykwistmas
Just when Chicago's fiscal problems looked they couldn't get much worse, a new study shows that the city now faces nearly $23 billion in unfunded pension liabilities, the Chicago Tribune reports.
Chicago's unfunded pension obligation has increased 600% since 2000, according to the report, released by the city's Civic Federation. When combined with state pension debt, unfunded liabilities on public employee pensions would now cost each Chicago resident more than $11,934.
Much of the blame rests with Illinois' pension code, which allows local governments to avoid paying their contributions to public employee pension plans. This problem is exacerbated, the report says, as the number of retirees exceeds the number of active public employees.
(Excerpt) Read more at businessinsider.com ...
I’m sorry but LOL.
It just seems so fitting.
No wonder Mayor Daley decided it was time to leave.
Well, I’m sure that Rahm can deal with it.
That's just like blaming the "evil SUV" for going wild and hurting people.
Sorry, it's the criminal behavior of the political ruling class at all levels where the blame rests. Just how did the "Illinois pension code" come into existence? Did it spontaneously form?
Rahm may be sorry he ever left the WH.....
0'Zer0 has about 0.25T in the 2011-2012 budget for Chi Town.
Pizza & beer set-a-sides too boot!
I too, am laughing my buttocks clean off. ;-)
And it could not possibly happen to a more deserving bunch of pinheads.
Just wait until he finds out that Chicago can't print money like the feds do.
And Obama has consolidated a lot of power in Chicago since taking office.
It couldn’t happen to a nicer city.
Pigs at the trough. I’m sure they will find a way to blame republicans for it. At the least Bush will be to blame.
Whats next tax welfare benefits to pay for the pensions?
Daley’s regularly been declared the most powerful mayor in the world... by stink.
Sir, I think your HALF right. Meaning yes it’s “the criminal behavior of the ruling class” but it also took a million or so Chicago moron voters to elect the marxists that voted for all these pensions!
Same goes for Obama, tens of millions of voters voted for him? Ergo, we got what “they” deserve!
Bump for later.
Pass everything Obama by one vote.
Ya Think? This of course is further "exacerbated" when many of the retirees are actually dead but their checks is being cashed by the machine or the DNC directly.
Liberals are SO STUPID they actually thought the gravy train would last forever with their theft.
But they aren’t going to go down without a fight.
The first article is off by 60Billion?
This is not new to those in power. One reason they wanted/NEEDED the Olympics - to stall the inevitable.
“Just wait until he finds out that Chicago can’t print money like the feds do.”
Don’t give him any ideas.
You have to wonder how such a fiscal catastrophe could happen in a nice, honest town like Chicago.
Maybe Obama will help them out with QE3. But for an even crazier idea, Check out Post # 21.
$23B is the city of Chicago alone...
Just eliminate all the payments to ghost employees who are now ghost retirees and they’d be halfway there in solving the problem...
There is no way out of this without alienating every single constituent these politicians have, who just reelected most of them, and that is the basic problem. Anyone who promises reform is essentially swearing to stick it to every one of his constituents who is a Public Employee, and in Chicago almost everyone is (or was) a Public Employee in some way, shape or form.
What an ungodly mess, and there is no telling how they fix it without being barbecued alive in Daley Plaza...
From time to time I work with city and county financial officers. One county assistant manager put his finger on a big part of the problem when he told me, “We used to have professionals, bankers, businessmen and other smart citizens who were elected to the county commission. We now get people who can’t even balance their own checkbooks much less oversee a budget in the millions.” One city manager insisted that I limit the reports I wrote for the city council to one page. “They’re too stupid to understand anything longer than that”, he said. Unfortunately, for most council members, that was an accurate statement.
What is amazing is that Chicago is still a great place, a fantastic place actually. Watching its politics, though, is like watching feeding time at the zoo. It has been a fascinating study for its entire existence.
The unfunded liabilities would be a problem if anyone really thought they would be met. Instead:
“So far, though, Rahm has been mum on how he would deal with Chicago’s burgeoning pension crisis.”
Maybe a prayer?
Thank you. I see I misread.
With those big numbers, it’s easy...
my mind was on Chicago and then reading the second article it stayed on Chicago. I have family there, unfortunately. Thanks, again, for the correction.
Don;t worry, Rham is gonna fix EVERYTHING
THIS MADE ME LAUGH OUT LOUD Chicago Mayoral Candidate Rahm announced he "raised" more than $10.5M in just 3 months.... It only takes a nanosecond to wire-transfer money from offshore accounts (/snix)
To show Chicagoans how PREFECT he is, Rahm unveiled a lengthy, star-studded (gag) "Hollywood donor roll." Dontcha know one of Emanuel's brothers is the Plus-Perfect Hollywood super-agent and uber-liberal activist, Ari Emanuel. Ari is "kindly" called aggressive and temperamental -- the inspiration for Jeremy Piven's wildly popular "Entourage" character, Ari Gold. Ari took over Creative Artists Agency to achieve H'wood agency supremacy----- CAA is an unbelievable brand he got for nothing, and he crushed the internal competition in days....he's THAT perfect.
With connections like that, Rahm "raised" $100,000 from Hollywood mogul David Geffen, $75,000 from film director Steven Spielberg.....
SURPRISE Emanuel's brother Dr Zeke is also PERFECT. Rahm tapped Dr. Ezekiel as WH health care policy advisor (thank God Rahm will "help" Ezekiel handle O'Care, and Medicare/Aid billions)
Chicago Sun Times | Feb. 14th | Lynn Sweet
FR Posted 02/15/2009 by william1970
Rahm's brother, Dr. Emanuel, has received numerous awards....election to the Institute of Medicine (IOM) of the National Academy of Science and the Association of American Physicians. Hippocrates Magazine selected him as Doctor of the Year in Ethics.....the AMA-Burroughs Welcome Leadership Award, the Public Service Award from the American Society of Clinical Oncology, the John Mendelsohn Award from the MD Anderson Cancer Center, and a Fulbright Scholarship (which he declined). Dr. Emanuel served on President Clintons Health Care Task Force, the National Bioethics Advisory Commission (NBAC), and on the bioethics panel of the Pan-American Healthcare Organization. Dr. Emanuel has been a visiting professor at the University of Pittsburgh School of Medicine, UCLA, the Brin Professor at Johns Hopkins Medical School, and the Kovitz Professor at Stanford Medical School.
Was Dr Zeke spit-shining his penny loafers when the subect of O'Care death panels surfaced?
ANALYSIS Rahm's $10.5M campaign war chest needs rigorous scrutiny.
The State BoE and the FEC should scrutinize Rahm's filings. Better yet, the FBI should interrogate all of the names listed as donors. They will find very few of these people actually donated. The names are covers for Rahm transferring millions of his ill-gotten gains, looted while he was (gag) in the US govt.
How do I know?
(1) As WH COS, Rahm was involved in the biggest con of the decade (more below). (2) As a Clinton appointee, Rahm looted Fannie Mae----the centerpiece of the criminal organization called the Dem party. Obama defied the law and covered up the looting by refusing to release F/M financial documents to the media under FOIA. (3) As a (gag) Congressman, conniving Rahm ran a "Foundation" from his Chicago home ------ that allowed him to live tax-free.
This guy knows how to make money disappear faster than a cream puff at a Weigh Watcher weigh-in. His activities on Wall Street also need scrutiny. Supposedly, in just two years, he made off with $16M from 2-3 deals.
The Federal Reserve Bank of New York and the United States Treasury (cough) rescued AIG with a taxpayer backstop totaling $180 billion.
COMMENT The US Treasury's $180 billion rescue is "interesting" b/c then-COS Rahm Emanuel directed Treasury's activities.
So where did that $180 billion go? "Professor" Ohaha knows nothing about high finance----but Rahm toiled on Wall Street before becoming a (gag)public servant (4 term Congressman, Clinton henchman, Fannie Mae looter).
HOW DID GANGSTER GOVERNMENT SCAM $180 BILLION? PROBABLY LIKE THIS (the Madoff MO): The trustee ID'ing Madoff's assets, found Madoff created a labyrinth of interrelated international funds, institutions and financial entities of unparalleled complexity and breadth......with assets and businesses in multiple places offshore that hid government fraud, thievery, money launderering, tax evasion........ all out of sight of taxpayers, the IRS, SEC, FEC and US banking laws.
BTW, stolen money is taxable.
At least half a dozen people in the Ohaha admin are going to walk away from Public Service living like the Sultan of Brunei......and we can name them all without even breaking a sweat.
December 23, 2009
Attorney General of the United States of America
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
Dear Attorney General Holder:
We write to demand an immediate investigation into the activities of White House Chief of Staff Rahm Emanuel. We believe there is an abundant public record which establishes that the actions of the Obama White House have blocked any investigation into his activities while on the board of Freddie Mac from 2000-2001, and facilitated the cover up of potential malfeasance until the 10-year statute of limitations has run out.
The purpose of this letter is to connect the dots to establish both the conduct of Mr. Emanuel and those working with him to thwart inquiry, and to support your acting speedily so that the statute of limitations does not run out before the Justice Department is able to empanel a grand jury.
The New York Times reports that the Obama administration is negotiating to double the commitments to Fannie and Freddie for a total of $800 billion by December 31, in order to avoid the congressional approval that would be needed after that date. But there currently is no Inspector General exercising independent oversight of these entities. Acting Inspector General Ed Kelly was stripped of his authority earlier this year by the Justice Department, relying on a loophole in a bill Mr. Emanuel cosponsored and pushed through Congress shortly before he left for the Obama White House. This effectively ended Mr. Kellys investigation into what happened at Fannie and Freddie.
Since that time, despite multiple warnings by Congress that having no independent Inspector General for a federal agency that oversees $6 trillion in mortgages is a serious oversight, the Obama White House has not appointed one.
We recognize that these are extremely serious accusations, but the stonewalling by Mr. Emanuel and the Obama White House has left us with no other redress. A 2003 report by Freddie Macs regulator indicated that Freddie Mac executives had informed the board of their intention to misstate the earnings to insure their own bonuses during the time Mr. Emanuel was a director (as an appointee of the Clinton administration). But the Obama White House refused to comply with a Freedom of Information Act request from the Chicago Tribune for those board minutes on the grounds that Freddie Mac was a commercial entity, even though it was wholly owned by the government at the time the request was made.
If the Treasury approves the $800 billion commitment to Fannie and Freddie by the end of the year, it will mean that under the influence of Rahm Emanuel, the Obama White House is moving a trillion-dollar slush fund into corruption-riddled companies with no oversight in place. This will allow Fannie and Freddie to continue to purchase more toxic assets from banks, acting as a back-door increase of the TARP without congressional approval.
Before the Obama White House commits any more money to Fannie and Freddie, we call on the Public Integrity Section in the Justice Department to begin an investigation into the cause of Fannie and Freddies conservatorship, into Rahm Emanuels activities on the board of Freddie Mac (as a Clinton appointee) including any violations of his fiduciary duties to shareholders, into the decision-making behind the continued vacancy of Fannie and Freddies Inspector General post, and into potential public corruption by Rahm Emanuel in connection with his time in Congress, in the Obama White House, and on the board of Freddie Mac.
We also call for the immediate appointment of an Inspector General with a complete remit to go after this information.
Signers of this letter come from differing political ideologies. One, the conservative head of a transparency foundation, the other, publisher of a liberal political blog. But we make common cause today out of grave concern for the future of our country in the wake of corruption-riddled bailouts.
These bailouts continue to rob Main Street to benefit Wall Street, and, because of that, we together demand the resignation of Mr. Emanuel, a man who has steadfastly worked to obstruct both oversight and inquiry into the matter. Rahm Emanuels conflicts of interest render him far too compromised to serve as gatekeeper to the President of the United States. We will lay out the details further below, and are available at your earliest convenience to meet with you directly.
lulz! Be assured, the idiot-ridden collective in Chicago will continue to vote in this type shit....in other words, they got what they voted for and are reaping wht they have sown. =.=
Illinois Top 100 Government Pension Payouts 2008-2009