Bruce Rauner (R) was elected governor of Illinois to sweep away the corruption and deal with the pension crisis (according to his own campaign rhetoric) in a way that will assure pension security.
Ex-Gov. Pat Quinn (D) was/is being investigated for lots of things, and his predecessor, Rod Blagojevich (D) is rightfully in jail, and his predecessor, George Ryan (R), was jailed until he was old and sick.
However, we must keep in mind that Rauner was/is under investigation for the profits he has made from those same pension funds. “Rauner is a longtime private equity executive whose firm, GTCR, manages public pension money. Financial disclosure documents show he still retains ownership stakes in 15 GTCR entities. Though Rauner said he retired from the firm in 2012, SEC documents show he retains a partnership stake in at least one GTCR subsidiary. The two state pension systems he will now oversee as governor list GTCR as managing state money.”
Read the full article by David Sirota in the International Business Times.
Of course, Quinn boosted Rauner’s power and position over teacher pensions as he left office. How? Quinn handed in TRS board appointees later than the law allows, therefore he left four board positions open for Rauner to fill. How? Read present TRS board member Bob Lyons’ email explanation for details.
Chicago Mayor Rahm Emanuel (D) doesn’t bother with niceties like these. He and Rauner go way back in their hedge fund and equity fund businesses that helped each other make millions. Rahm and Bruce have even supported each other financially in spite of political party platforms that oppose (on paper) each other.They like to hang out together and drink $140,000 wine club exclusive wine for exclusive people.
What can Bully-Boy Rahm do that is even bloodier than the Quinn/Rauner attack on teachers and other public employee pension funds?
Rahm just stabbed 24,000 public employees in the back with a note attached in their paychecks stating that employee costs for pensions will increase and, in spite of the state constitution’s stated pension fund protections, benefits will be cut. Read the note HERE.
Of course Rauner plans to not only make more corporate buddies’ companies tax free, he plans to also give them more tax money as incentives. Rahm famously closed over fifty public schools while giving $100 million in education fund money to a private, Catholic university (DePaul) for a second basketball stadium.
“… and Justice for all.”
Justice for these two would be good enough if their jail terms start immediately.