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View Diary: Democratic IL Gov Seeks to Strip Retirement Benefits, Not a Word Was Spoken (21 comments)

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  •  corporations (0+ / 0-)

    Quinn is in talks about closing loopholes to oil companies, for example. However, this is more a product of balancing the state's $250m-300m budget deficit. The pension hole is said to be nearing $100billion.

    •  Yes but is he going to (0+ / 0-)

      somehow recoup the 300M break he gave the Chicago Board of Trade ostensibly to keep them in IL? I mean anyone who thought that CME/CBoT  could go anywhere else is a willful idiot.

      "Sanity and happiness are an impossible combination." - Mark Twain *which is odd, because I've never seen I Republican and thought, gee that person looks happy

      by You know me man on Sat Dec 15, 2012 at 08:08:26 AM PST

      [ Parent ]

      •  CME could have gone elsewhere (1+ / 0-)
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        You know me man

        and I say that as someone who would have taken the gamble to see them leave.

        Having said that, let's be specific on what would have left and what would have stayed. The current technology infrastructure would have stayed within Illinois. The headquarters could have moved (and it made sense to move it elsewhere). Such a move would have been a killer in terms of retaining some of the trading revenue and in sustaining spin-offs in the financial sector in IL.

        It's also worth mentioning how the $300m broke down. $85m of that money went into how trading was taxed. The rest went into research and development grants. Attached to this bill was an increase to the personal income tax exemption for lower income workers ($100m).

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