Tag: John Cullerton
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Illinois Credit — Worst in the Nation
Illinois fell to the bottom of all 50 states in the rankings of a major credit ratings agency Friday following the failure of Gov. Pat Quinn and lawmakers to fix the state’s hemorrhaging pension system during this month’s lame-duck session. Standard & Poor’s Ratings Service downgraded Illinois in what is the latest fallout over the…
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IL Finances Heading to Social Unrest
“I think it’s going to reach a point where there’s either social disorder or bankruptcy before people will act,” he said. via Crain’s Chicago Business. Ya, that sounds about right. But let’s back-up a little. This is a quote from a story about how back the finances are in Illinois. A Blue Ribbon Panel put…
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$2M in Unemployment to Inmates
More than 1,100 people have collected nearly $2 million in unemployment benefits while they were in county jails or state prisons, including $43,000 that went to a person in the Cook County Jail, a state agency said Tuesday. Now they may face state or federal criminal fraud charges as well as having to repay what…
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Illinois – Worst Financial Shape Ever
Bloomberg L.P., the big New York financial data firm, is holding its fall municipal-financing conference on Wednesday, and guess what the title is for the special panel on the Land of Lincoln? Try Land of Entropy. Yes, sports fans, the panel titled “Illinois Treading Water” is set for 1:45 p.m. and, according to a synopsis,…
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Jimmy John’s Leaving Illinois, Florida Bound
Jimmy John Liautaud is moving part of the sandwich chain that bears his name to Florida next year, making good on a threat issued in 2011 after Illinois hiked its corporate tax rate. The founder of Jimmy John’s Gourmet Sandwiches said during a Sept. 18 panel discussion in Chicago that he will relocate the company’s…
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Legislative Change Means $670 million More for Teachers’ Pensions
The state will have to come up with another $670 million for the teacher pension system in the next budget after a retirement fund panel crunched the numbers and adjusted its assumptions. The Teachers’ Retirement System lowered what it expects from investments from 8.5 percent to 8 percent. The pension fund’s leadership also increased a…