Official warns Illinois finances in 'massive crisis mode'

Associated Press ^ | June 17th, 2017 | SARA BURNETT

[2banana]

The Illinois official responsible for paying the state's bills is warning that new court orders mean her office must pay out more each month than Illinois receives in revenue.

Comptroller Susana Mendoza must prioritize what gets paid as Illinois nears its third year without a state budget.

A mix of state law, court orders and pressure from credit rating agencies requires some items be paid first. Those include debt and pension payments, state worker paychecks and some school funding.

Mendoza says a recent court order regarding money owed for Medicaid bills means mandated payments will eat up 100 percent of Illinois' monthly revenue.

[SaxxonWoods]

An unlimited piggy bank requires the ability to print money, and states can’t do that.

Service suppliers will stop supplying when they don’t get paid. Employees won’t come to work for long when their paychecks stop.

[Liz]

A muni-bond expert exposed Chicago's bond financing scheme as a house of cards. An examination of the city's bond documents uncovered taxpayers paying billions for greedy politicians shady financial legerdemain, including:

<><>(1) using long-term financing to cover day-to-day expenses,

<><>(2) using bond proceeds to pay pension obligations, and,

<><> (3) misappropriating returns from the interest rate swap portfolio (a sub rosa ATM for paying the citys day to day expenses).

The stench from Chicago's poplitical sleaze is permeating the putrid city hall air... starting w/ Obama's ex-COS Chi/Mayor Rahm Emanuel. ....and remember, these kingpins of Chicago criminal politics moved into DC with Chicago kingpin Barack Obama.

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ANALYSIS Bonding is eternal taxation----the insider deals bonding companies made w/ shady pols to get bonding business would tell a tale of greedy pols accumulating riches through massive govt corruption.If these bonding deals were effectuated by way of referendum at the ballot box----and misled investors into buying tax-fee muni bonds----the SEC would be interested.

EMAIL enforcement@sec.gov

Massive govt corruption might include forgery, falsification of official records, fraudulent state budget entries, tax evasion, illegal wire-transfers, misuse of public office.

Tax-exempt municipal bond investors (including public education bond investors)-- have legal grounds to sue if they were deceived about deceptive bond offerings. In many cases, bond issues are approved by voters---at the ballot box--so that voters may have also been misled WRT uses of fraudulent bond offerings.

Also culpable are:

<><> bonding companies underwriting possible fraudulent bond issues;

<><> banks holding possibly fraudulent bond proceeds;

<><> State/city's modus operandi in allocating tax-exempt bond proceeds,

<><> the sub rosa acceptance of bond proceeds.

<><> state/city vendors accepting possible fraudulent bond proceeds.

<><> publicly-funded state/city agencies advocating the uses of fraudulent bond proceeds.

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The SEC, FBI, banking overight agencies, and the IRS, would be interested in the activities of state/city entities WRT bonding.

EMAIL---FBI TIPS PAGE https://tips.fbi.gov

EMAIL--enforcement@SEC.gov

Contact the IRS Fraud Unit

EMAIL Banking oversight agencies

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Taxpayers should find out which Chicago banks are facilitating this.
<><> Which banks are designated the official repositories of municipal tax dollars.
<><> Which banks are dispensing the ill-gotten proceeds....and to whom.

[bgill]

Where’s their favorite community organizer?

[Presbyterian Reporter]

The people in Illinois have had decades to solve their spending problems, but year after year they elected to continue to spend with the hope the Feds would bail them out.

The Illinois voters could demand the government at all levels be privatized and that would seem to fix their problems.

So long as the workers are government employees, the state laws protect them.

[Liz]

How many state and US govt checks is Valris Jarrett cashing?

=======================================

As Obama's high-paid employee, Valerie Jarrett pocketed $36K Annual Pension For Short-Term Part-Time Chicago Transit job
dailycaller.com ^ | 2/17/2016 | Chuck Ross / FR Posted by rktman

Chicago is known for its L-train. But it's the gravy train that White House senior adviser Valerie Jarrett prefers to ride.

In addition to the $173,922 Jarrett earns per annum as President Obama's senior adviser, she is also paid an annual pension of $35,660 for the eight years she served as chairman of the Chicago Transit Authority, according to a Chicago Sun Times investigation.

Jarrett was appointed to chairman of the agency - a part-time position - in 1995 by then-mayor Richard Daley, whose brother, William Daley, served as Obama's chief of staff. Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other positions during his term. (Excerpt) Read more at dailycaller.com ...

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Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative Chicago bond deals.

[batterycommander]

“They can’t print money.”

But they can make their own coins

[blueunicorn6]

Maybe they can borrow some money from Puerto Rico.

[Liz]

Read more at chicago.suntimes.com ...

In Sept 2013, the daughter of infamous “God D**n America” Rev Wright, and 12 other Democrats were charged with embezzling $16 million in Federal health grants (tax dollars) earmarked for AIDS charities and programs for the poor and needy. More than one of the defendants had direct ties to President Barack Obama.

===============================================

ONCE UPON A TIME IN GANGLAND CHICAGO Rev Jeremiah's Wright's beloved daughter was convicted for looting a $1.25 million state grant which financed a tax- exempt, not-for-profit work and education program called "We Are Our Brother's Keeper," owned by Regina Evans, former police chief of Country Club Hills, and her husband, Ronald Evans Jr.

Back in 6/8/13 Chicago Police Chief Regina Evans (above) pleaded guilty to government fraud and money-laundering related to the misuse of a $1.25 million state grant to the non-profit she ran with her husband, Ronald Evans Jr.

==========================================

Earlier, in October 11, 2011, Police Chief Regina Evans Resigned

COUNTRY CLUB HILLS, Ill. (CBSLOCAL.COM) Country Club Hills Mayor said that negotiations were underway to clear the way for the resignation of police Chief Regina Evans, in office for about two years,

<><> Regina Evans was on (ahem) disability leave since August 2011,

<><> it was earlier reported that Illinois AG's office is suing Regina Evans' n/p over its handling of state job training grant worth more than $500,000.

<><> Evans also signed off on invoices for a controversial summer camp where the campers — including children of aldermen who voted for it — got paid to attend (Chicago-way--"redistribution of income").

<><> Most recently, Evans came under fire for overseeing a 2011 part-time police program where 10 part-time police officers were hired.... bur that many had questionable backgrounds, and weren’t qualified to do police work. They were ordered to turn in their guns and badges (got high-paid city sanitation jobs).

The SouthtownStar contributed to this report, via the Sun-Times Media Wire.

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Just goes to show: sap-happy Dem/Libs love to say they're "for" their fellow-man---while conniving to make a buck on it.

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CHICAGO GANGLAND IN THE WH---Obama'll do anything to change the national conversation about illegals, contamination, contagion, and the overthrow of the US govt. “My Brother’s Keeper” is an initiative recently organized by Pres Obama w/ our tax dollars----that aims "to boost the life chances" of young African and Hispanic men.

======================================

BACKSTORY "My Brother's Keeper" is a scam that originated in Chicagoland----and it reared its ugly head in Washington.

WASH/POST---Community lenders’ network commits to lend $1 billion in support of Obama's ‘My Brother’s Keeper’ / By Zachary A. Goldfarb, March 6, 2014

A network of (ahem) community lenders is committing to lending (?) $1 billion in support of President Obama’s “My Brother’s Keeper” initiative that aims to boost the life chances of young African and Hispanic men.

==============================================

Valerie Jarrett attended "My Brother's Keeper" events....so did Valerie have her portable wire transfer kit with her? B/c a day without wire-transferring offshore makes Obama and Michelle nervous.

[fhayek]

A state should be able to run it’s finances any way it sees fit. But if it f*cks up, there must not be a bailout. No escape from the consequences of their actions. The state will have to make the necessary changes to solve their mess. How else will the people learn the true evil that is ‘Democrat’?

[Lurkinanloomin]

I know of only one instance of counties splitting from a state and that was the formation of West Virginia during the civil war.

[Enlightened1]

BTTT

[bigbob]

But they’re find a liberal judge who prohibits paychecks from not stopping, and so they won’t, just like happened when the Governor tried to stop paying legislator’s salaries.

I’m being a little facetious but I’ve lived in IL for 30 years and life has been going on the same as before without a budget - until now. Maybe something really is going to hit the fan but thus far all that’s happened is the Democrats have told the Governor to pound sand, they’re not giving an inch on any of his pro-business reforms and are waiting for him to either resign, lose an election, or just cave in and give them what they want. Which is, a tax and spending increase, of course.

Now they’ve put out notices that road construction will stop. That will start to get people’s attention...maybe. But when they stopped other capital projects two years ago, including two state grant-funded project I’m personally aware of, the local governments tightened their belts and found ways to pay to finish the work themselves. I actually approve of this, but the point is, no one felt much pain and all the “budget crisis” amounted to for most people was source of ridicule. Agencies that depend on state aid are taking it on the chin, but again, I haven’t seen many of them close up shop as a result.

[N. Theknow]

Well it’s a good thing they have a state lottery to fund the wonderful schools. As any state lottery has been touted so that it would be approved.

[dowcaet]

This is bad. If I own one of the professional sports teams in Chicago I would consider leaving.

[Oldexpat]

If they tax retirement then the retirees will move to FL and TX.

[Kozy]

if it was a state, Venezuela!!!!

[minnesota_bound]

Cannot the state buy a Powerball, Mega Millions lottery tickets and use the winnings to pay off the debt?
Oh wait...

Powerball, Mega Millions to drop Illinois due to state’s budget crisis
http://chicago.suntimes.com/news/powerball-mega-millions-to-drop-illinois-due-to-states-budget-crisis/

[redgolum]

No budget in three years.

Ryan is trying his best, but he will be hung out to dry soon. The lotto is even pulling out of IL>

[aces]

to hell with taxpayer bailout or it will never end, let the people move somewhere else,,trump be strong, much will be worse before it is better, or we will all be in war and chaos..

[headstamp 2]

Perhaps China could purchase the state.