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Mayor Emmanuel Drops Ball on $800 Million

{ Submitted by Adam.S on Wed, 2014-11-12 21:34 }

In September the North Side Greens reported that a window of opportunity was closing for the City of Chicago. If the City acted, they could recover $800 million in losses. The City had been gambling in the derivatives markets with public money. We did not lay responsibility for this fiscal imprudence on the present administration's doorstep. The City's losses began under the Daley administration. We didn't believe that the City understood at the time that they were taking serious financial risks. We didn't point the finger or accuse. We simply reported that Mayor Emmanuel had remaining eleven days to file a claim to recover. Other Municipalities had already done so, and were getting their money back.

Apparently, Emmanuel did not file.

Now, says Emmanuel, it is too late to recover City losses. Instead, the City's retirees and schools will be asked to make sacrifices. Beginning January 1, retirees will see their pensions cut. Numerous neighborhood schools have already been closed. The North Side Greens will be making endorsements soon. Fiscal management, along with questions relating to environmental, economic and social issues will be high on the agenda.