When it rains, it pours
Tuesday, Apr 26, 2022 - Posted by Rich Miller
* Half a billion in essentially “found” GRF revenue…
April 22, 2022
ATTORNEY GENERAL RAOUL: ILLINOIS RECEIVES OVER $800 MILLION FROM TOBACCO MANUFACTURERS
Money Includes Annual Tobacco Master Settlement Payment and More than $540 Million from Recent Settlement with Manufacturers
Chicago — Attorney General Kwame Raoul today announced Illinois has received more than $804 million from tobacco manufacturers as part of the 1998 Tobacco Master Settlement Agreement (MSA). In addition to receiving its annual MSA payment, more than $258 million, Illinois has also received more than $546 million tobacco manufacturers were recently required to release. The funding had previously been withheld from annual MSA payments to the state.
“Although Illinois has prevailed in both arbitrations conducted so far, the process became so cumbersome and drawn out that Illinois has had to wait too long to receive the money it is owed. Without this settlement, that would be the case for years to come,” Raoul added. “This settlement, which brings in hundreds of millions of dollars now and resolves the dispute for the next six years, is a much better resolution for Illinois than waiting decades to receive the money owed.”
Ka-ching!
- Big Dipper - Tuesday, Apr 26, 22 @ 2:06 pm:
Take note those who are always whining that the AG should unnecessarily duplicate federal anti-corruption prosecutions.
- very old soil - Tuesday, Apr 26, 22 @ 2:12 pm:
Hope they put it toward pensions.
- Sox Fan - Tuesday, Apr 26, 22 @ 2:17 pm:
Is there any way to find out how much money was left on the table vs. settling?
- Three Dimensional Checkers - Tuesday, Apr 26, 22 @ 2:17 pm:
Not making any allegations against AG Raoul, but there should be an inspector general or something for the tobacco settlement. It seems pretty janky.
- Anyone Remember - Tuesday, Apr 26, 22 @ 2:19 pm:
Where’s Fast Eddie?
- Oswego Willy - Tuesday, Apr 26, 22 @ 2:19 pm:
First it’s credit upgrades, now it’s “found money”… it’s a bad week for grifters… and IPI.
- Oswego Willy - Tuesday, Apr 26, 22 @ 2:20 pm:
=== Where’s Fast Eddie?===
“College”
- Amalia - Tuesday, Apr 26, 22 @ 2:25 pm:
smoke em if you got em.
- Bruce( no not him) - Tuesday, Apr 26, 22 @ 2:25 pm:
Quick, somebody find a new program to fund, so we don’t have to waste this paying bills. /S
- Anon - Tuesday, Apr 26, 22 @ 2:26 pm:
Quick back of the envelope calculation: Interest on the $540 million since 1998 is $800 million, clarifies why they fight for so long before paying.
- High Socks - Tuesday, Apr 26, 22 @ 2:46 pm:
They have to work on their headline writing
- Suburbanon - Tuesday, Apr 26, 22 @ 2:54 pm:
Let’s hope they spend it on pensions, rainy day fund, or something that has long term value. Or if they must spend it down, health programs, obviously, are the best candidates.
- Math Doer - Tuesday, Apr 26, 22 @ 3:03 pm:
“Hope they put it toward pensions.”
Not so fun fact: Illinois’s unfunded pension liability is approximately $130 billion. If you thought of this money as a 30 year mortgage, the $800 million award from the article here would amount to just over 2 monthly payments.
- Leigh John-Ella - Tuesday, Apr 26, 22 @ 3:16 pm:
Pensions? Rainy-Day Fund?
I got bills to pay.
Looking forward to that 3rd rebate check and mandatory face tattoo crediting lawmakers and the gov.
- Rudy’s teeth - Tuesday, Apr 26, 22 @ 3:52 pm:
This tobacco settlement money rings a bell. Was Eddie Vrdolyak expecting a taste from these funds and forgot to report this bonanza to the IRS?
Where’s Michael Monico?
- Original Anon - Tuesday, Apr 26, 22 @ 4:42 pm:
Did Illinois follow other states and modify the master agreement going forward? Those states left a lot of money on the table.
- Cubs in '16 - Tuesday, Apr 26, 22 @ 5:09 pm:
Illinois–suing its way to fiscal solvency. And I’m ok with that.
- Payback - Tuesday, Apr 26, 22 @ 7:03 pm:
“…the AG should unnecessarily duplicate federal anti-corruption prosecutions.” What are you smoking? Name one instance where the Illinois Attorney General’s office has ever even tried to prosecute public corruption, either under Lisa Madigan or Kwame Raoul?
Raoul has publicly told legislators like Patrick Windhorst and Grant Wehrli that he lacks jurisidiction under the AG act.
- link - Wednesday, May 4, 22 @ 5:42 pm:
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