By MICHAEL LUO
Published: December 3, 2008
...And better than Mr. Emanuel (click here) could have imagined as well. Over the
course of a three-hour-plus dinner, Mr. Simpson and Mr. Emanuel
discussed how they might work together. Shortly afterward, Mr. Emanuel
accepted an offer, nudging him down what has by now become a
well-trodden gilded path out of politics and into the lucrative world of
business.
Mr. Emanuel, who was chosen last month to become President-elect Barack Obama’s White House chief of staff, went on to make more than $18 million in just two-and-a-half years, turning many of his contacts in his substantial political Rolodex into paying clients and directing his negotiating prowess and trademark intensity to mergers and acquisitions. He also benefited from the opportune sale of Wasserstein Perella to a German bank, helping him to an unusually large payout....
The man that made $18 million in 30 months can't get this straightened out? Really?
The unions expect this approach in Wisconsin, but, Chicago? Why is it New York City is among the few that get it right?
Emanuel, Madigan pension blitzkrieg stalls (click here)
April 02, 2014
By Ray Long, Bill Ruthhart and Hal Dardick
Clout Street
...The rapid rollout strategy was aimed at giving legislators little time
to get cold feet and blunting labor union lobbying against the changes.
But several Chicago lawmakers raised concerns, Democrats blamed
Republicans for not getting on board, and the blitzkrieg approach failed
— at least for a day...
Employees — excluding police officers and firefighters who were not part of the deal — would pay a 0.5 percentage point more each year from 2015 through 2019, until they reached 11 percent of their salary.
Retirees would not see their base pensions reduced, but would get smaller annual cost-of-living increases. They now get a compounded 3 percent increase on their previous year’s benefit payments. Under the new plan, it would be half the inflation rate or 3 percent, whichever is less, without compounding.
In addition, there would be no increases in 2017, 2019 and 2025. New retirees would see their first increase two years after retirement, instead of on their first anniversary.
Emanuel has said his proposal has support for employee unions, but they have not publicly embraced it. Madigan said that of the 31 unions representing workers in the laborer and municipal funds, only three are opposed. The Chicago Teachers Union, AFSCME and the Illinois Nurses Association have sharply criticized Emanuel for trying to make what they say are deep cuts to the benefits of many lower-income workers and retirees.
There has to be a better plan. I just don't see an all out assault on taxpayers, employees and retirees. It is not a horrible plan, but, it isn't a good one.
I would like to see the city sit down with the unions on an expedited basis so they can put their heads together over this. It is far better than 'shock and awe.'
