It wasn’t cleaned up after all
Thursday, Aug 7, 2014 - Posted by Rich Miller
* From an April 25, 2014 AP report…
The Illinois Department of Transportation increased the number of jobs that can be filled based on politics or loyalty by 57 percent in the last decade, documents released Friday show. […]
They deal with the hiring of people for “staff assistant” positions - generally paying about $40,000 a year - that the administration deemed were exempt from rules set forth by the U.S. Supreme Court’s 1990 ruling on an Illinois case known as Rutan. The Better Government Association reported last summer that IDOT skirted Rutan prohibitions on hiring based on politics or loyalty by putting people into the staff assistant positions. […]
IDOT said the audit Quinn ordered was of 61 positions - those still classified as staff assistants - and that the state’s personnel agency, the Department of Central Management Services, found that Rutan applied to 50 of them. IDOT said Rutan restrictions would be followed when filling those positions going forward but did not indicate that anyone would lose his job.
Anderson on Friday reported an updated number, saying that 48 of 60 posts were found to be misclassified and should be covered by Rutan rules.
* In May, the Associated press asked IDOT and CMS which specific jobs had been reclassified. The AP’s FOIA request was denied. Why? Read on…
But the administration denied the requests, citing an exemption under the law for documents deemed preliminary, “in which opinions are expressed, or policies or actions formulated.”
Um, wait. Preliminary? I thought the administration said the classifications had changed. What’s going on?
* It appears that the administration hadn’t actually changed the classifications even though it claimed to have done so…
The FOIA denial contradicts the administration’s assertion that it fixed the problem in the spring. […]
Quinn’s office referred questions to the state personnel agency, which handles such reviews. Department of Central Management Services spokeswoman Alka Nayyar acknowledged in an emailed statement that the process had not been completed. […]
Neither Nayyar nor Quinn’s spokesman Grant Klinzman responded to questions about the contradiction in the administration’s statements.
* More…
The administration also is refusing to disclose the guidelines the government has used for two decades to decide which jobs must be open to any applicant and which can be given to someone because of his or her political connections.
Sheesh.
Answer the questions, for crying out loud.
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Schilling says he lives “paycheck to paycheck”
Thursday, Aug 7, 2014 - Posted by Rich Miller
* Former Republican Congressman Bobby Schilling, who’s trying to win back his former seat, was interviewed on WROK Radio the other day. He was asked about increased health insurance costs. Check the 6:10 mark for his response…
* The DCCC “helpfully” reproduced Schiling’s full comment…
“These increases, these are on our working poor, our middle class, hardworking taxpayers here across the United States of America. And now these folks are going to have to decide am I going to pay this premium or am I going to go buy some milk and groceries for the house. It’s really getting tough for everyone. Everyone that I talk to, I don’t hear them saying ‘hey, I’m doing great’. And the folks that are living paycheck-to-paycheck, which is most Americans, including myself, is that, you know, this is not something that you want to be putting out when you’ve got a kid that wants to play sports or you want to take a trip for vacation. Instead, you’ve got to funnel your money over to Obamacare, which is something you might never have to use.” [Emphasis added for obvious reasons.]
* Schilling reported income of $100,000 last year. Schilling also listed assets of between $254,007 and $660,000.
He’s not rich by any stretch, and he does have a big family to support. But Schilling makes more than twice his district’s median household income of $42,521.
* His job, by the way, is at CMB Regional Centers. Some DCCC-provided background on the company from a local story about Schilling…
He works for CMB Regional Centers of Rock Island. The company pools money from foreign investors who want permanent residency and investment opportunities in the United States. It utilizes the federal EB-5 visa program, which extends visas to foreign investors willing to put at least $500,000 into projects that create or preserve at least 10 jobs in the U.S.
That same visa program was featured prominently in a recent Fortune magazine story about a major scam in Illinois involving mostly Chinese visas that we we discussed here not long ago.
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* The same Tribune writers who penned that goofy piece about alleged legislative “interference” with the teacher licensing process (which uncovered no evidence of any unqualified teachers) are at it again…
Illinois school districts have employed hundreds of educators to teach everything from science to special education even though they lacked proper credentials in those subjects, a Tribune investigation has found.
Their primary evidence…
As part of an overhaul of teacher licensing in Illinois, the state has begun to close loopholes that allow educators to teach in areas in which they’re not credentialed.
Eliminated last year, one long-standing loophole let districts hire someone without the appropriate credentials in a particular subject and let them work for up to three years. Districts had to show that they tried but couldn’t find a candidate who met the state standards. And the teacher had to pursue getting fully credentialed in the subject, though records show some never did.
Educators approved under the loophole may still teach until 2016. About 200 requests for this provision have been submitted in recent years, according to the state. Several districts asserted they couldn’t find an applicant even in teaching fields with a large surplus such as language arts, the Tribune found.
Notice, they report that 200 requests have been submitted “in recent years.” They don’t say how long that time period is. Ten years? Five years?
Also notice that the “loophole” in question is being closed.
* And when they asked an expert about the dangers of teachers instructing classes that they aren’t credentialed to teach, the expert said, in part…
“What if it were your kid?”
* Part of the problem here is the Illinois State Board of Education’s cumbersome credentialing process. It takes forever just to read the agency’s 21-page explanation of the process. So, while districts wait on the ISBE, they occasionally ask for exemptions.
* But is this really an issue at all? Check out the Illinois Federation of Teachers’ response to the Tribune article…
In Chicago, only 75% of teachers at a charter school must be licensed, and the school has three years to hit that bar. Where is the Tribune’s outrage?
The word “charter” is nowhere in the Trib’s story.
And neither is any mention of this point made by the IFT…
The Tribune has yet to write a takedown of the “Teach for America” program that has been around since 1990 and places recent college grads in some of the neediest schools to teach for two years without a license.
And…
The Tribune has been silent on the disconnect between state and national requirements that mean teachers who are “highly qualified” under the federal No Child Left Behind may not have their Illinois licenses. Perhaps following a few teachers through the red tape could show the public how dysfunctional the system that teachers must navigate to serve their students is
* The Illinois Education Association also jumped into the fray…
It’s unfortunate that the Chicago Tribune, which employs many first rate reporters covering news and politics, has an editorial board that is committed to advancing the agenda of those who wish to privatize public education. There is supposed to be a wall between editorial and news but, at the Tribune, there are holes in that wall.
The paper’s editorial philosophy is regularly promoted in overblown front page stories that unfairly and inaccurately attack public education and education employees. Here’s the latest example.
The strategy is simple: run as many front page stories as possible talking down public schools, implying classrooms are typically staffed by under qualified and overcompensated teachers. It’s a lie, of course, but the theory is that, if public support of our public schools can be reduced, the goals of the privateers can be achieved.
* The IEA is also asking its members to sign an IFT MoveOn.org petition.
*** UPDATE *** Thanks to commenter “Soccermom” for finding this summary of state requirements to teach in private and parochial schools…
* Teacher certification is not required for teachers at recognized nonpublic schools unless the school governance chooses to require it as a condition of employment.
* The Illinois State Board of Education (ISBE) encourages all teachers at nonpublic schools to have at least a baccalaureate degree in the subject they are teaching. If the nonpublic teacher does not have his or her baccalaureate degree, then ISBE encourages the teacher to develop a timeline on how he or she plans to finish his or her education. If an individual with less than a baccalaureate degree is teaching, ISBE will note it in a report. This policy does not vary depending on the school‘s recognition status.
In other words, there basically are no requirements. Alert the Tribune!!!
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For subscribers, blog readers and phone users
Thursday, Aug 7, 2014 - Posted by Rich Miller
* Some folks who subscribe by G-Mail are reporting that they’re not receiving their subscriptions. The problem is that G-Mail is sending the Capitol Fax into spam. So, please, check your spam folder.
* CapitolFax.com was slammed this morning by four IP addresses attempting to exploit an obscure security flaw. The attack made the site almost unreachable. We’ve blocked the addresses and are working on the problem.
* I went ahead and got the Samsung Galaxy S5 last night. Then I somehow messed up my alarm settings for this morning and woke up really late. It’s been one of those days, campers.
I really like the phone, but it’ll be awhile before I can figure out the intricacies of the operating system. I’ve been an IOS user ever since the first iPhone was released.
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Yet another Caymans video
Thursday, Aug 7, 2014 - Posted by Rich Miller
* This time, it’s from American Bridge 21st Century. From Illinois Review…
American Bridge, a liberal PAC involved in five gubernatorial races, released a YouTube ad Thursday tying GOP gubernatorial candidate Bruce Rauner to former presidential candidate Mitt Romney.
The ad referring to “Mitt Rauner,” drums up Illinois news stories about Rauner’s investments in Cayman Islands and ties them to Mitt Romney’s investments.
“Romney’s tricks certainly didn’t fool Illinois in 2012, and Rauner’s re-creation of them won’t fare any better,” a press release says. “Rauner has joked that he’s not even in the 1 percent, but rather the 0.1 percent, and his net worth is reportedly almost $1 billion, but he still apparently feels that paying his American taxes would be an unfair burden. So being the everyman he is, he just hides it in his Cayman Island tax shelter, as anyone would.”
* Rate it…
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Quinn’s second try is better
Thursday, Aug 7, 2014 - Posted by Rich Miller
* From a press release…
With Republican billionaire Bruce Rauner set to emerge today from a luxurious vacation spent at his Montana ranch, Quinn for Illinois released a new Web video raising a few of the many questions voters have for Rauner about his secret accounts in the Cayman Islands. A report from the Chicago Sun-Times recently revealed Rauner was personally stashing millions of dollars in the Cayman Islands, an elite and secretive tax haven used by individuals and corporations to avoid paying Illinois and United States taxes.
With the Cayman Islands national anthem playing in the background, the new video includes a clip of a U.S. Senate Finance Committee hearing in which Republican U.S. Senator Chuck Grassley from Iowa points out how the only reason someone would personally invest in the Cayman Islands is to avoid paying taxes:
“The only real difference that I hear between investing in the Cayman Islands and investing in the United States, or the only way the Cayman invetsments are superior, is the possibility of avoiding U.S. tax.”
* It’s a much shorter video than yesterday’s effort and boils the issue down very quickly. Watch it…
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* From a press release…
Governor Pat Quinn today directed the Illinois State Police to deploy 40 state troopers to join Chicago Police officers in patrolling four city neighborhoods. The action follows the city’s request for assistance and is part of Governor Quinn’s agenda to ensure the safety of all people in every community across Illinois.
“The state of Illinois will do whatever is necessary to protect public safety – in Chicago and every community across Illinois,” Governor Quinn said. “Earlier this year I told Mayor Emanuel we would help in any way we could to combat violence in the city. When he requested assistance, I immediately agreed to help.”
At the Governor’s direction, the State Police will deploy troopers to areas coordinated with the Chicago Police Department (CPD). The State Police and CPD will set up 20 to 25 “surge” teams with five Chicago Police officers and two State Troopers on each team. The teams will focus on apprehending those with known violent criminal histories who are wanted by law enforcement. The troopers will come from State Police districts across the state. The assistance will be accommodated with current State Police resources.
State Police Colonel Michael Zerbonia will coordinate the effort. Zerbonia is chief of operations for the State Police and has more than 30 years of military service. He joined the Illinois National Guard in 1991 after three years as an air defense artillery officer, served in Iraq from June 2005 to June 2006 and was deputy brigade commander for the Polish 12th Mechanized Brigade in Afghanistan as part of Operation Enduring Freedom. He was promoted to Brigadier General within the Illinois National Guard in February 2014 and currently serves as Illinois Army National Guard Land Forces Component Commander.
Forty isn’t a lot, but it’s better than nothing. At least the mayor has swallowed his pride on this one, but he has now opened the door to questions about the sufficiency of Chicago police staffing levels.
*** UPDATE *** The ISP’s top guy recently bemoaned current staffing levels…
The Illinois State Police graduated 37 state troopers today Friday, the last class the academy will graduate for a while. State police officials say they can’t train more due to the state’s budget. […]
State Police Director Hiram Grau says the state funding the agency was counting on didn’t come through.
“This class graduates today and I wish I had another class coming in after them, but … we’re going to have to operate with the manpower that we have,” he said. “We really do need some more bodies.”
For a while now, the state police has compensated short staffing by making overtime part of the regular schedule.
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Unclear on the concept
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* GOP Lt. Governor nominee Evelyn Sanguinetti…
“I’m very thankful for Bruce, that he thought outside the box and he didn’t pick a political Springfield insider. He picked a full-time PTA mom and working mom that served on the Wheaton City Council. So I come to the table with having executive experience.”
Um, OK?
From the DGA…
You recently said that your service in a legislative body, the Wheaton City Council, gave you executive experience. What did you mean by this first-ever interpretation of the separation of powers?
Heh.
* The DGA also had some other questions for Rauner’s running mate…
With billionaire Republican Bruce Rauner on the lam in Montana, here are five important questions for Eveyln Sanguinetti, the magical co-governor candidate who has vowed to rule in his stead.
1. You said you would make decisions for your ticket when Bruce Rauner isn’t around. What decisions have you made in his absence? Will you finally take questions from the media?
2. Have you abandoned your quest to criminalize abortion and why won’t you discuss this on the stump?
3. You make much of your immigrant roots. Do you believe the so-called “border kids” should be deported back to their homes in Mexico and Central America? Do you support other Illinois House Republicans who voted recently to hasten the deportation of these children?
4. Why won’t you release your full tax information as Paul Vallas has done?
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Prison mental health costs rising
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* We can expect more of this as long as our mental health care delivery system is so inadequate in this state…
The cost of treating mentally ill prison inmates in Illinois is on the rise.
According to state purchasing documents and Illinois Department of Corrections projections, taxpayers will be billed more than $17.8 million in the coming year to convert existing prison space into facilities for examining, treating and housing seriously mentally ill prisoners.
That amount likely will rise with the anticipated hiring of what could be scores of additional workers to assist in the treatment of the inmates.
The increasing costs are an outgrowth of lawsuits filed against the department alleging inmates are not being properly treated for mental health issues, and against the backdrop of an under-manned agency that is housing 48,700 inmates in space built for 32,100.
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Today’s quotable
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* From a press release…
Oberweis: Durbin deserves scorn, not praise for Walgreen’s
Jim Oberweis, candidate for U.S. Senate, issued the following statement today re: Walgreen’s
“The Walgreen’s saga symbolizes Dick Durbin’s 32-year career in Washington. His bullying of Walgreen’s was a political stunt designed to help only one person: Dick Durbin. It didn’t create any jobs. It didn’t reform our job-killing tax code. Like in the IRS scandal, Dick Durbin was using government power to achieve partisan political gain. Instead of praise, Dick Durbin deserves our scorn.”
…Adding… For context, here’s Sen. Durbin’s statement…
“Earlier this morning, I spoke with the CEO of Walgreen’s, and am thrilled to say that the corner of happy and healthy is still right here in Illinois. As Walgreens themselves noted, Illinois has been their home for more than 110 years, and locating their global business here in the U.S. was the right decision for their customers, employees and shareholders. I’d add to that that it’s the right decision for every taxpayer in Illinois and across America.”
Late last month, Durbin sent a letter to Walgreens CEO Greg Wasson, expressing his strong opposition to the speculation that the company would buy Alliance Boots and use a strategy called “inversion,” to move the company’s headquarters overseas, but only on paper, in order to avoid paying U.S. taxes. Durbin has been the leading voice in Congress against these schemes, raising the issue in the face of a growing trend in U.S. corporate tax avoidance.
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* From a Bruce Rauner campaign press release…
In his desperate attempt to distract voters from his 67% income tax hike, record job losses, skyrocketing property taxes and multiple criminal investigations, Pat Quinn has painted himself into a corner.
The governor’s own pension fund — just like the state pension fund for teachers and all state workers — is heavily invested overseas, including in the Cayman Islands.
Pat Quinn either needs to apologize to Bruce Rauner for lying about the facts or apologize to Illinois teachers and state workers for calling them unpatriotic. If Pat Quinn refuses to apologize and tell the truth, he should immediately move to divest all state investments from companies and funds domiciled overseas, including in the Cayman Islands.
Individual teachers and state workers didn’t make those particular investment decisions, so that’s a stretch.
I do agree, however, that Quinn calling Rauner “unpatriotic” yesterday was a new low in this campaign. Questioning your opponent’s patriotism is a despicable act. And nothing good ever comes of it.
* Anyway, some examples…
Pat Quinn Is A Member Of The General Assembly Retirement System, Which Is Managed By The Illinois State Board Of Investment. “The Illinois State Board of Investment (ISBI or Board) has fiduciary responsibility for managing the pension assets of the General Assembly Retirement System, the Judges’ Retirement System of Illinois and the State Employees’ Retirement System of Illinois.”(http://www2.illinois.gov/isbi/Pages/default.aspx)
The Illinois State Board Of Investment Had $2.3 Billion Invested In Overseas Companies As Of March 31, 2014. (“Statements of Net Assets,” Illinois State Board Of Investment, 3/31/14)
The Illinois State Board Of Investment Invests With Advent International GPE VI-A, Which Is Domiciled In The Caymans. (“Consultants, Investment Advisers, and Other Contractors,” Illinois State Board of Investments, Accessed 8/5/14)
* And…
The Illinois Teachers Retirement System Invests $8.3 Billion In Companies Based Overseas. (Comprehensive Annual Financial Report – FY2013, Teachers Retirement System, p.38)
The Illinois Teachers Retirement System Has $433.5 Million Invested In Private Equity Funds That Are Domiciled In The Caymans.
…Adding… From the Rauner campaign…
Quinn appoints 6 members of the TRS Board and 5 members of the ISBI.
Click here for all the documenting links and more.
…Adding More… 47th Ward makes a valid point…
Pension funds aren’t subject to income taxes. Individuals and corporations are. No comparison. Apples and bowling balls, etc.
Unfortunately I think Rauner will be able to muddy this enough so that the truth remains obscured. It’s another false equivalence, which is the same as lying. But it’s a neat trick if you can get away with it.
…Adding still more… Rauner campaign regarding the above comment…
Pension funds can be subject to taxes, which is one reason why they may be in some place like the Caymans. Caymans can help pension funds on tax issues but they don’t provide individuals with tax advantages.
*** UPDATE *** The Quinn campaign response…
“This is a total canard by a Republican billionaire who has chosen the Cayman Islands as a place to stash his money and is hiding his tax records from voters.
“The Governor’s future pension is fixed and the payout won’t be impacted by the performance of any individual investments. State pension boards are also completely independent.
“By contrast, Mr. Rauner has personally funneled millions of dollars to funds in the Cayman Islands to avoid taxes.
“We’d love to reply with specific numbers but unfortunately we can’t because Mr. Rauner has not released his income tax records, including schedules. We have no idea what his sources of income are, what investments he has, and what loopholes he’s used to drastically lower his tax burden by more than half.
“Governor Quinn’s bank accounts are all located in Illinois, United States of America.”
Additional Background:
As those familiar with state government know, the Governor of Illinois makes no policy decisions related to any pension boards nor the firms selected to manage investments. These boards are independent by law and the Governor of Illinois has no involvement whatsoever in their investment decisions, as required by law.
Furthermore, Governor Quinn signed a pension board reform law to clean up corruption after swindler Stuart Levine - who Mr. Rauner had on his payroll - corrupted the system.
Unlike Governor Quinn, Bruce Rauner personally makes his own investment decisions. Rauner’s investments are NOT managed by a blind trustee, which even Mitt Romney had.
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Today’s number: $237.3 million
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* The Sunlight Foundation downloaded a new Election Money database and came up with some fun numbers…
Of the $237.3 million raised in Illinois state and local races since Jan. 1, 2013, about 83 percent of that money was raised by donors with addresses in Illinois. […]
On this note, it’s interesting to see that seven percent of all the money raised so far in Illinois came from Washington D.C. The top two donors from that city—unsurprisingly—were the Republican Governors Association, (giving $4 million) and the Democratic Governors Association, (giving about $1.5 million). Another PAC, the “Democratic Governors Association-IL,” gave about $741,000. […]
Looking down at the city level, Chicago and Springfield were the biggest donors to campaigns—giving over $71 million and $24 million respectively. Winnetka, Ill., an affluent Chicago suburb of about 12,000 people, came in fourth place, just behind Washington D.C. Of the $11.1 million that came from Winnetka, $8.95 million came from just one donor—Bruce Rauner, the Republican candidate for governor.
17 donors have contributed at least a million dollars so far.
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* Bad news…
Illinois is back in the doghouse among investors in the $3.7 trillion municipal-bond market.
The extra yield investors demand to own 10-year Illinois bonds rather than AAA munis has surged 0.55 percentage point since May to 1.64 percentage points, data compiled by Bloomberg show. The gap grew after lawmakers on May 31 passed a budget with a $2 billion hole. Then last month, the state Supreme Court ruled that government retirees’ health-insurance premiums were shielded from cuts, and Standard & Poor’s changed its outlook on Illinois to negative.
But it has no impact on state sales for now…
The penalty may have little immediate consequence. Illinois has no plans to borrow for the rest of 2014, Abdon Pallasch, the state’s assistant budget director, said in an e-mail.
And, obviously, some traders are just too ideological to be smart about investing…
Not all investors are shunning the state. With muni yields close to generational lows, investors are shifting into riskier securities such as those from charter schools and senior-living communities. Those bonds are among the most likely to default, according to data from Municipal Market Advisors.
Illinois offers “a better risk-reward trade-off than other parts of the market,” said Lyle Fitterer, who helps oversee $34 billion of munis at Wells Capital Management in Menomonee Falls, Wisconsin. “You’d rather own a charter school than the state of Illinois? You have to take a step back and ask if that makes sense.”
Exactly.
* The Rauner campaign’s response…
“Illinois’ credit rating has been downgraded 13 times under Pat Quinn and now, because of his failed leadership, our state’s economy and finances are still broken. Pat Quinn put special interest politics ahead of Illinois workers. We need to change direction before it’s too late.” – Rauner campaign spokesperson Mike Schrimpf […]
There are real opportunities to address the state’s structural deficit. To do that, we need to shake up Springfield and bring back Illinois – and voters will get that opportunity in November when they elect Bruce Rauner to be their next governor.
You gotta love how they think repeating “shake up Springfield and bring back Illinois” will solve all our problems.
You can’t fix the structural deficit with magic fairy dust words.
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Bill Brady’s advice to Bruce Rauner
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* From WJBC…
“I think he can build on the fact that we won 98 counties against Pat Quinn last time, hopefully he can build on that and do even better. Pat Quinn is certainly more vulnerable, ” said [GOP state Sen. Bill Brady].
Brady says Rauner is running a good, well-funded effort that will need to contrast Quinn’s populist campaign.
“What Bruce has gotta try to do is not get in the weeds on a lot of issues that Pat Quinn will try to turn this election on Bruce Rauner as opposed to what really needs to be focused on is the failures of the entire Democratic party that has been in control since Rod Blagojevich,” said Brady.
Your thoughts on this advice?
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Why did Walgreens stay put?
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* You’ve probably heard already that Walgreens has decided not to pursue an inversion strategy to avoid paying US taxes. Crain’s looks at why…
First, the U.S. Treasury said it is reviewing administrative actions it can take to limit American companies’ ability to engage in so-called tax inversions — corporate shorthand for moving a headquarters overseas to reduce their U.S. tax burden. This development significantly increases the possibility that an inversion could create more trouble than it’s worth down the road for tax-sidestepping multinationals.
“If you thought the only way to kill an inversion was for Congress to change the tax code, no one was worried because Congress can’t get anything accomplished,” said an equity analyst who follows Walgreen but declined to be identified because of company restrictions about speaking to the press. “But if you believe that the Treasury can act without Congress, then you have an issue. Inversions are complicated and require a tremendous amount of work, especially if it might then be completely destroyed by changes in regulation.”
The second, larger issue is that Walgreen lost control of the tax-dodge narrative and got hammered by politicians ranging from U.S. Sen. Dick Durbin of Illinois to President Barack Obama himself.
“Walgreen seems to have been completely unprepared for the public reaction to inversion and wound up embroiled in a national debate,” says pharmaceutical consultant Adam Fein, president of Pembroke Consulting Inc. in Philadelphia.
Mr. Fein points out that several political points used against Walgreen don’t make a lot of sense — but the company has done nothing to publicly refute them.
* More…
“In line with our fiduciary duty to the company and our shareholders, we undertook an extensive and rigorous analysis with a team of leading experts to determine the most optimal — and sustainable — course of action. We took into account all factors, including that we could not arrive at a structure that provided the company and our board with the requisite level of confidence that a transaction of this significance would need to withstand extensive IRS review and scrutiny. As a result the company concluded it was not in the best long-term interest of our shareholders to attempt to redomicile outside the U.S.”
The company also said:
“As part of this process, the company considered a wide range of issues, including the potential financial benefits (and their sustainability) and the technical viability of a restructured inversion transaction under current U.S. law. The company also was mindful of the ongoing public reaction to a potential inversion and Walgreen’s unique role as an iconic American consumer retail company with a major portion of its revenues derived from government-funded reimbursement programs.”
The new holding company is to be named Walgreens Boots Alliance Inc. and is to be based “in the Chicago area,” Walgreen said in a statement. Walgreen’s operations will remain based in north suburban Deerfield, with Boots operations based in its current location in the U.K., the statement said.
* The company’s stock price is taking a severe beating because of this. The five day trend…
* From Gov. Pat Quinn…
“I commend the Walgreens Corporation for their decision to stay and continue growing in the United States of America, right here in Illinois
“As part of our Illinois family for over a century, Walgreens’ decision respects their thousands of workers, managers and customers who also call our state home.
“Walgreens’ decision is the right one for the company, our state and our nation.“
* From Mayor Rahm Emanuel…
“I applaud and commend Greg Wasson and Walgreens for reaffirming their commitment to the United States, Illinois, and Chicago. Walgreens’ presence across Chicago’s neighborhoods make them an important member of the Chicagoland family and a critical player in our city’s history and our future. Their decision today speaks volumes about their determination to be a strong business, good corporate citizen, and vital community neighbors.”
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Time’s up - I gotta get a new phone
Wednesday, Aug 6, 2014 - Posted by Rich Miller
* I dropped my iPhone again. The screen has gone haywire and I can’t see anything…
That was yesterday. It’s much, much worse today. Texting is definitely an adventure.
So, it’s settled. I can’t wait for the new iPhone to be issued, even if I wanted to. A new mobile phone is now an immediate necessity.
* After I wrote about the serious shortcomings of the Amazon Fire, a representative from Motorola asked if she could send me a Moto X tester. After some initial hesitation, I said go ahead and send it.
Not long afterward, an AT&T rep offered to send me a Samsung Galaxy S5 on a trial basis. I agreed, then thought that maybe I should start reviewing sports cars and yachts. But I digress.
* The Moto X arrived first. It’s a little larger than my iPhone, but felt much better in my hand - the curved back helps. It’s blazingly fast, was really easy to use and it’s assembled in America (at least until the end of the year). The “always-on” Google Now voice control was pretty darned cool, and worked way better for me and did lots more than iPhone’s Siri. I also liked the way the Moto X pushed info to the screen when the phone was idle, and only when I actually needed it.
* The S5 arrived next. The screen is much larger than either the iPhone or Moto X, but it fit easily into my pocket and didn’t feel too big for my hand. The S5 is widely considered one of the very best phones on the market and it didn’t disappoint. The phone also has the Google Now voice control, but you have to be on a certain page to activate it, so it isn’t always on. Plus-one for Moto X.
Motorola is also a subscriber. Another plus-one in my book.
The S5 has tons of developer fans out there in Android Land, and my web searches showed that transitioning from IOS to Android might be less painful with that phone. Then again, I’m sure Moto would be glad to help me make that transition.
But the S5’s much bigger screen was a major advantage for me. Sitting in front of a computer screen for hours on end every day has trashed my eyeballs. It was so much easier to use the S5 than the Moto X, and I think that’ll make blogging from my phone - and monitoring the blog on my phone - easier as well.
So, I’m now leaning toward the S5.
Any last minute warnings about this pending decision?
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* From a press release…
A new animated video released by the Quinn for Illinois campaign explains exactly why strategies used by people like Republican billionaire Bruce Rauner to shelter their money in the Cayman Islands have a direct impact on taxes, services and economic growth right here in Illinois.
Produced by Austin-based animator Kristen Maxwell and Michael Brandl, an economist at the Ohio State University’s Fisher College of Business, the 4:30-minute video dives into questions surrounding private equity, and the ways the super-wealthy manipulate their advantages to the detriment of Illinois.
The video shows the three main effects Cayman Islands schemes have on everyday Illinoisans:
1. It raises their tax burden because labor, unlike capital, can’t easily go to the Caymans.
2. It leads to cuts because of tax revenue lost to the Caymans.
3. It takes investment dollars out of the Illinois economy - leading to a loss in potential growth here.
* Have a look…
41 Comments
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Illinois Freedom PAC launches TV ad
Wednesday, Aug 6, 2014 - Posted by Rich Miller
…Adding… The Rauner campaign says this ad started running July 31st, which explains why Rauner’s new TV ad addresses the Social Security issue.
* Rate it…
* Script…
Narrator: In 2012 Billionaire Bruce Rauner made $53 million dollars but paid a lower tax rate than many of us.
Ellen: Ya know…When I read that Bruce Rauner paid a lower tax rate…I was appalled.
Narrator: Rauner used loopholes to avoid paying into Social Security and Medicare for 2 straight years.
Ellen: The working families of Illinois cannot trust Bruce Rauner…
Narrator: And Rauner said he’d be open to taxing our Social Security and retirement income…making it harder for Illinois families to get by.
Ellen: We can not afford Bruce Rauner to be our Governor. No way.
74 Comments
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