Home » Archive

Featured, Headline »

[10 Jul 2015 | No Comment | ]

Allstate does not hold any general-obligation bonds of Illinois, where the insurer is based, as politicians haggle over a budget for the fiscal year that started July 1, CEO Thomas Wilson said.

“If you don’t like the income statement, the balance sheet or the governance, why would you loan them money just because they never defaulted before?” Wilson said yesterday at Bloomberg’s New York headquarters. “We have a philosophy that we’re not trying to take credit risk in the muni-bond world.”
Read more in Crain’s

Featured, Headline »

[20 Nov 2014 | No Comment | ]

Crain’s Joe Cahill re the DePaul Arena at McCormick Place
My guess is the final construction bill will exceed $140 million by a healthy margin.
And who would cover the extra cost—DePaul? Not likely. Expect McPier—i.e., taxpayers—to pick up most of the overage.
 Cost overruns would be easier to swallow if the entire project weren’t based on such unrealistic assumptions. Among the whoppers underlying McPier’s financial projections: DePaul’s mediocre men’s basketball team will enjoy a renaissance, drawing 9,500 fans a game, not the 1,900 it pulled in at Allstate Arena in suburban Rosemont last season. …

Featured, Headline »

[22 Oct 2014 | No Comment | ]

Former New York Mayor Michael Bloomberg is spending big money to sway another congressional race in Illinois.

Independence USA, a Washington-based super PAC he controls, is buying $1.9 million in television ads supporting former GOP Rep. Robert Dold, who is in a close race to reclaim his seat from Rep. Brad Schneider, a Democrat, in the North Shore’s 10th congressional district.
Read more in Crain’s Chicago Business
 

Featured, Headline »

[27 Jul 2014 | No Comment | ]

The high-rise at 500 N. Lake Shore Drive is the second-most expensive in the city, with rents for a one-bedroom apartment approaching $3,000 a month, well beyond the reach of most Chicago residents.
 

 
But that’s not too much for the Chicago Housing Authority, which has used federal tax dollars to pick up most of the tab for four lucky residents in the year-old building, with its sweeping views of Lake Michigan, a concierge and a dog-grooming center.
 
Read more in Crain’s Chicago Business

Featured, Headline »

[25 Jun 2014 | No Comment | ]

Illinois is launching its first private investment fund exclusively for clean-tech startups.
It will be funded by $2.3 million from the Department of Commerce and Economic Opportunity, using federal money, and matched by private funds raised by the Clean Energy Trust.

The money will be awarded in convertible notes, initially ranging from $100,000 to $500,000, to early-stage Illinois-based companies working in renewable energy, energy efficiency, smart grid, next-generation transportation and water resource management.
Read more in Crain’s

Featured, Headline »

[17 Mar 2014 | No Comment | ]

While his potential GOP opponents feud over the propriety of Jim Oberweis’ mid-winter trip to Florida, U.S. Sen. Dick Durbin, D-Ill., is on a trip of his own: to troubled Ukraine.

 
The Senate’s No. 2 Democrat left last night as part of a bipartisan delegation including fellow Democrats Patty Murray of Washington and Sheldon Whitehouse of Rhode Island as well as Republicans John McCain of Arizona and Wisconsin’s Ron Johnson.
Read more in Crain’s
image St. Nicholas Cathedral, Ukrainian Village, Chicago

Featured, Headline »

[31 Oct 2011 | 2 Comments | ]

Mr. Mahajan raised tens of millions in campaign funds for former Gov. Rod Blagojevich, and the bank made a mortgage loan to the wife of disgraced political operator Tony Rezko, enabling her to buy the lot next to then-U.S. Sen. Barack Obama’s Kenwood home. The deal was a cause célèbre in the 2008 presidential campaign after it became known that the Rezkos flipped part of the lot to the Obamas.

Read more at Crain’s

Featured, Headline »

[30 Jun 2011 | No Comment | ]

A new $155-million plan to revamp Navy Pier calls for adding a boutique hotel at the pier’s east end and revitalizing the facility’s retail area.

The $155-million investment involves public funds and does not include private investment. MPEA will contribute $50 million to the revamp plan.
Read more at Crain’s
A previous scheme to spend $200 Million on a State Owned Hotel

Featured, Headline »

[29 Jun 2011 | No Comment | ]

The Illinois Health Facilities and Services Review Board has dealt a blow to competing proposals for a new hospital in McHenry County.
The board issued an “intent to deny” to applications from Centegra Health System and Mercy Health System, according to Advocate Good Shepherd Hospital, which has opposed the hospital proposals.

Centegra Health System called for building a 128-bed, $233-million hospital in Huntley. Mercy Health System proposed a 128-bed, $200-million hospital in Crystal Lake
Read more at Crains

Featured, Headline »

[12 Apr 2011 | No Comment | ]

Federal regulators hit an Oak Park community bank for failing to comply with the federal Community Reinvestment Act, a highly unusual censure.

Community Bank of Oak Park River Forest, drew a rating of “substantial non-compliance” with the law that requires banks to lend and invest in low- and moderate-income neighborhoods. That’s the worst CRA rating possible and very rare.
Read more at Crain’s Chicago Business