Chicago investment returns rose $8.1 million in 2015
By Harvard Zhang The City of Chicago’s bond portfolio earnings grew by $8.1 million, or 16.4 percent, in 2015, the city treasurer announced Wednesday, saying that he had adopted a “responsible approach” to investing taxpayers’ dollars to maximize returns and lower the tax burden. “We have to be prudent in investment and protect the capital meant to operate […]
Governor agrees, but Cullerton responds: “Not my plan”
By Harvard Zhang An unusual state bipartisan move took a turn Thursday as Illinois Democratic Senate President John Cullerton said a pension proposal Republican Governor Bruce Rauner attributed to him and endorsed was not what they talked about and didn’t have his support. Sen. Cullerton declared that he and the governor still have “fundamental disagreement” over the role […]
Illinois GOP leaders propose CPS takeover, mull bankruptcy plan
By Harvard Zhang With backing from Governor Bruce Rauner, Illinois Senate and House Republican leaders proposed Wednesday a state-created Independent Authority to assume control over the Chicago Public Schools system, along with legislation “giving Chicago the financial tool to declare bankruptcy, if necessary.” The CPS and Democratic leaders promptly pushed back.
Illinois pays Wall Street millions despite budget deadlock
By Harvard Zhang The state of Illinois should take legal action against bank holding companies to cancel investment deals that are costing the state $6 million every month while it skips social services payments amid its continuing budget impasse, according to a research report released Tuesday. Co-authors and supporters of the report, dubbed “Turned Around: […]
Illinois $480-million GO bond gets solid reception despite budget impasse
By Harvard Zhang The state of Illinois was able to sell $480 million of general obligation bonds Thursday at a lower interest rate than the last competitive sale, despite its ongoing budget deadlock and pension logjam. Bank of America Merrill Lynch won the bidding among nine competitors at an overall interest rate of 3.99 percent, […]
China Eastern’s new route brings visitors, ups competition with United, American Airlines
By Harvard Zhang When Yan Wang flew with United Airlines from Shanghai to Chicago at the end of November, she found the flight attendants’ Mandarin very awkward. She also realized her “Chinglish” didn’t help the communication. “I speak some English, but I found it hard sometimes to talk with their crew members,” said Wang, a […]
