Jones wants only some investors protected
Friday, Dec 9, 2005 - Posted by Rich Miller
This is a bit odd.
Senate President Emil Jones Jr. on Thursday urged members of the Illinois Gaming Board to protect investments that minorities and women made in the bankrupt Emerald Casino, while some of those investors proposed an alternate plan that would allow them to keep their money.
Gambling opponents responded that it wasn’t the Gaming Board’s job to protect minority and women investors from risk.[…]
In an unusual move, Jones personally addressed the Gaming Board for the first time. He told members that lawmakers passed a law that required some investors in Emerald be minorities and women.
“You must do the right thing. You must protect those investors because we wrote the law to ensure that they participate,†the Chicago Democrat said. “Why should one adhere to the law if their investment is subject to be jeopardized?â€
Jones, who is black and has been a strong advocate for making sure riverboat gambling proceeds benefit poor and minority communities, said he knows several of the minority and women investors in Emerald Casino.
- minitrue - Friday, Dec 9, 05 @ 4:07 am:
How about having the “lawmakers” who passed such a law bail out the minorities and women?
- muletown - Friday, Dec 9, 05 @ 5:26 am:
Emil–There are no sure things. Investment is a risk. You tried to put some friends on a gravy train and the train derailed. Now, your investors must be yanked off for you to run to the gaming board to beg for money. You and Rod need simply pass a bill for the state to pay off the investors. At the same time have an addendum that minority interests will be refunded by the state so that they have no risk just reward. I don’t see a problem with you and Rod doing that. Would you do the same for Bill Cellini since he is a minority Italian?
- Anon-Mouse - Friday, Dec 9, 05 @ 6:29 am:
Sorry Senator Obama, there’s no way Americans can unite while your mentor practices this kind of racist double standard. Besides, these “minorities” are some of the wealthiest people in Illinois. Emil’s too busy selling out his poorest constituents by cozying up to ComEd to see he’s just a complete lackey to big money and special interests. So sad.
- Tertius - Friday, Dec 9, 05 @ 6:32 am:
Well …. it’s a dumb idea, then again it sure seems like people with good political conections are often bailed out when their investments tank [savings and loan collapse, anyone??]. I agree with Muletown - but they better not be bailing out the “good ol’ boy” investors with a backdoor deal, as so frequently happens.
This is why I laugh when people talk about capitalism and how the sometimes grotesque profits people make shouldn’t be taxed, because “… they took the risk…” From where I sit, sure looks like a sure thing to me. Invest money and make more money, or get a tax-payer financed bailout if your venture tanks.
- Wow - Friday, Dec 9, 05 @ 6:34 am:
I agree with muletown. Just pay the investors back their investment from the general fund. Not with a direct ‘bailout for minorities’ line item on the budget, but maybe with a contract for a state service. Maybe the money can come from the fund that collects fees from the “Save Illinois Widlife” license plate sales.
It’s not fair to penalize people because of their sex or race.
- Thomas - Friday, Dec 9, 05 @ 8:17 am:
Emil, it is called EQUAL PROTECTION
- zatoichi - Friday, Dec 9, 05 @ 8:35 am:
When did investments in private business start getting guaranteed returns or “FDIC” type coverage? I thought investments meant you could win, but you can also lose…big. That’s part of the risk. Is the Jones Investment Corporation open to everyone? A program where the state guarantees success to meet a quota. Must be nice.
- Cassandra - Friday, Dec 9, 05 @ 9:32 am:
A rather scary indicator of how Jones and probably his protege Obama view the world…one in which minorities and women are helpless idiots who have to be protected against the marketplace, academic competition, job competition, and so forth because they lack the ability to compete. A welfare state with huge federal, state and local bureaucracies providing lifetime jobs to the unqualified yet politically connected. And providing enormous opportunities for stealing money to the politicians atop the heap in these bureaucracies.
Another reminder that today is Global Anti-Corruption Day. I doubt Jones and Obama will be celebrating.
- Left Handed Conservative - Friday, Dec 9, 05 @ 10:06 am:
File this one under the “Are you serious or are we being Punk’d” file. Let me see if I have this right, because the GA passed a law requiring minority investment in Emerald, we now have to guarantee that investment? As far as I can tell, these investors didn’t have a choice as to being “minorities” or female, but they sure as hell had a choice as to whether they should invest their money in a casino. How far we’ve come when in Emil’s world, we’re now FORCING minorities and women to invest their money.
- Anon - Friday, Dec 9, 05 @ 10:14 am:
Those who invested in Enron, WorldCom or any other business that went bust lost their money. Emerald investors should not be treated any differently.
Investments are not risk free. Good people lose money on the stock market every day through no fault of their own yet politicians do not seek to cover their losses.
- Beowulf - Friday, Dec 9, 05 @ 10:36 am:
Emil, are you serious? Are you wearing your red suit and white beard and just waiting for December 24th to come along to start dispensing gifts to others? Are the elves that are putting the gifts together for you actually the Illinois taxpayers? It is real easy for Emil to be generous with other people’s money but then again, I guess that is why he is a Democrat instead of a Republican. While you are at it Emil, How about a new law to protect people that decide to leap off airplanes at 30,000 feet? The state taxpayers should reimburse them and their families for $1,000,000. Who elected this guy to state office? It is scary!
Santa Claus died many years ago, Emil. You got to get over it buddy and go on with your life. Nope, you can’t take his place. Like the shills at the carnivals always say, “You bet your money and you takes your chances.” Merry Christmas, Emil.
- Bluefish - Friday, Dec 9, 05 @ 10:47 am:
First Jones wants to reimburse women and minorities who bet ON a casino and lost. Will the next step be to reimburse women and minorites who bet IN a casino and lose?
No wonder I’m a disgruntled Dem.
- Team Sleep - Friday, Dec 9, 05 @ 11:01 am:
This is another reason why Vince Demuzio should have been named President of the Senate. Jones does not know how to govern.
- Pat Hickey - Friday, Dec 9, 05 @ 11:46 am:
So by Jones’ logic any mickey-the-mope can swing onto the stool of Carribean Stud Table; lose a stack of purple ones and demand a pay back?
Investment is gambling - the minority/women investors gambled; they may lose. The could have won big time! But they might not. Along with other investors, minority investors can and should live with their risks. That is the nature of gambling.
- bullwinkle - Friday, Dec 9, 05 @ 1:49 pm:
What bothers me is that this is the majority leader of the senate!! this is the guy that the rest of the dems thought would make the best leader!!!! kind of scary
- Truthful James - Friday, Dec 9, 05 @ 2:33 pm:
That Emil, he sure has a sense of humor. The investors got into what appeared to be a sure thing. Emil made sure that minorities got their cut. And by the way, these weren’t Rovert Taylor residents. They are the same wealth accumulators who ride every set aside gravy train.
This time the train stopped. No more thirty percent rate of return.
Say, I have an idea Let’s make the majority stockholders reimburse the minorities each year if business does not reach the expected profit level.
- anon - Friday, Dec 9, 05 @ 3:14 pm:
It appears as the reverse racism is on the rise in Illinois. Why should whites be discriminated against because of our skin color? Isn’t the idea that were suppose to be equal? I am tired of minority hire/minority scholarships/minority investors. If they had the cash to invest, they have the cash to lose. No one should ever be discrimnated against, period.
- DuPage Dem - Friday, Dec 9, 05 @ 3:19 pm:
Anon 9:05 -
Only partially right - the workers and small investors in Enron, World Com, etc. lost everything. The Big Boys mostly got nice golden parachute packages. Oh, I guess some of them had to sell their vacation homes, if I recall correctly.
It’s a miracle a couple actually went to trial. If it hadn’t been for all the publicity, it would have been just like the S & L free-fall. The big boys - mostly w/ GOP connections - get taken care of, while the rest of us get screwed, regardless of political affiliation.
- Beowulf - Friday, Dec 9, 05 @ 4:22 pm:
Poor old Emil Jones should be made the GOP’s Poster Boy for why voters should vote Republican in the November general election. He is probably a good guy but he obviously chooses to pander to minorities which compose the majority of his constituency. Emil is trying to convince his constituency that it was him and not Bill O’Reilly who came up with the phrase “Who’s Looking Out For You?”
- Marty P - Friday, Dec 9, 05 @ 4:39 pm:
I don’t agree with what President Emil Jones is doing trying to bail out some of his close friends, which is what it is. However, lets not have this conversation turn into a racist attack on programs that have allowed minorities to partake in opportunities that were not previously readily available to them. If it wasn’t for racism, we wouldn’t be in this predicament in the first place. Let’s not pretend that we live in a colorblind society. Nonetheless, Senator Jones is off on this one and is doing a disservice to minorities by trying to paint this in that way.
- Beowulf - Friday, Dec 9, 05 @ 8:26 pm:
Sorry Marty but I must have missed the racial overtones. I am not colorblind but I fail to see where color or racial attacks are mentioned in the foregoing comments. If I and the others are guilty of anything, it might be that we are not afraid to speak out truthfully regarding our opinion on an issue without regard to race, creed, or religious beliefs of any individual that we perhaps feel is “light in the loafers” (please don’t take this to be a slam against people who indulge in an alternative lifestyle)in his abilities when it comes to being qualified for the position that he has been placed in down in Springfield. I (and many others) simply wonder how he was placed in that political position as leader of the senate. We can only assume that it must be based on seniority rather than ability.
Didn’t mean to upset you or anyone because some of us lack the ability to speak “politically correctly”. We just call them as we see them.
- Dragon - Friday, Dec 9, 05 @ 10:26 pm:
Rea you kidding me. Emil only cares about the fat cats. He has nothing in common with the average common working man. It’s abot contract, money, contracts and money
- Levois - Saturday, Dec 10, 05 @ 12:13 am:
I think Jones is wrong on this one.
- Ex-Newfie - Saturday, Dec 10, 05 @ 4:01 am:
Emil Jones is so cozy with big business who line his pockets on a regular basis that I don’t know why we bother to comment on him. He alternates between spanking the govenor and kissing his behind. Very schizophrenic behavior IMHO. He and Madigan scolded the governor for his governing style (if you can call it that) and then proceeded to co-support his second term. I don’t care which side of the aisle you sit on, if your boy is a doofus, stand up like a man and say so and don’t tote the party line. I am sure there are other Democrats who could do a much better job than the Virility King. Emil, et al just aren’t looking farther then their noses. And all investors in the Emerald fiasco should be supported by our elected officials, not just a specific few. That’s what representation in government is about, fellas.
- The Colonel - Sunday, Dec 11, 05 @ 12:45 pm:
Gambling always has been, is, and will be — unless E-mille get’s his way — a ‘crap shoot.’
Youse takes ya chances.
What’s next? Insuring no loss for minorities, and little-old-ladies in sneakers at a slot machine with a cup full of coins?
Jones is NUTS.
- The Colonel - Sunday, Dec 11, 05 @ 12:55 pm:
And these protected ‘minorities’ aren’t divorced waitresses, cab drivers, or store clerks who might have $10 or $15K to invest; they’re the same bi-partisan fat cats that slobber at every trough put in front of them!
If you REALLY want minority participation, then allow 250,000 people to invest up to $50K of their life savings, not 50 insiders (who happen to be black or female) investing $250,000.
These insiders might lose their money? TOUGH!
If fact I hope they DO lose it. Consider it something for the little guy to chuckle over as he’s eating his sack lunch at his second job.
- Chicago - Sunday, Dec 11, 05 @ 2:20 pm:
I agree