In 2017, 625 people were shot and killed in Chicago. In 2017, 2,936 people were shot and wounded in Chicago. A person is shot every two minutes and 27 seconds in Chicago. A person is murdered every 12 minutes and 59 seconds in Chicago.
Chicago is the third largest city in the U.S. with a population of 2.7 million. The Chicago Metropolitan area has a population of 9.5 million.
Chicago Alderman Arenda Troutman was sentenced to four years in federal prison for corruption in 2009. Her replacement, Alderman Willie Cochran was shortly thereafter indicted on federal corruption charges.
The Mayor of Chicago is Rahm Emanuel, a close associate of Barack Obama. Mr. Obama got much of his financial training in governmental finance while in Chicago, no doubt. With Rahm Emanuel as Mayor of Chicago, you are probably wondering how anything could sully the reputation of Chicago.
Chicago’s pension fund has a shortage of cash. What a surprise ! How can the Mayor fix this problem? Finance Chief Carol Brown stated that she would soon decide if she can endorse a taxable bond offering that would be used to reduce the existing $ 28 Billion pension fund shortage.
Now, what could possibly go wrong there? Chicago is betting that it can earn more investing the proceeds than it would have to pay to service the new debt. Mayor Emanuel made a presentation to investors and suggested a 5.25% interest rate for $ 10 Billion. Mr. Emanuel must have developed his keen sense of financial management from his close association with Barack Obama.
Sadly many American voters are not aware that some cities, counties, and states are mismanaging their municipal finances in an extremely irresponsible manner. To many informed individuals, the irresponsible use of funds on the local and state levels is a greater hazard to our financial system than our National Debt.
A representative from Evercore Wealth Management said a $ 10 Billion pension obligation bond would weaken the city’s credit. Really ?
R. Van Conoley ( Editor’s Note: The U.S. seriously needs federal legislation to monitor and regulate municipal debt and pension fund debt on the municipal levels. The only individual presently on the scene with a vast enough knowledge of finance to correct this growing problem is President Donald Trump. It would require a bill, designed by Mr. Trump, sent to congress for consideration. Members of Congress seem to be unaware of this growing problem in the U.S. that is effecting several states. )