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* Midwest Bank signals that failure is looming
The bank unit of Melrose Park-based Midwest Banc Holdings Inc. is expected to be seized by federal regulators late Friday, according to people familiar with the matter.
The $3.2-billion-asset bank — whose CEO, former Banco Popular North America CEO Roberto R. Herencia, was hired a year ago to raise capital to remain solvent — all but said it would fail in a regulatory filing Thursday with the Securities and Exchange Commission.
* Illinois ranks low on CEO survey of business-friendly states
In Chief Executive Magazine’s annual “Best and Worst States for Business” list, Illinois ranks No. 46 out of 51 — the same spot as last year.
The list, which ranks the 50 states plus the District of Columbia, is based on responses from 651 CEOs nationwide. They were asked to rate each state in three main areas: taxation and regulation, quality of workforce and living environment.
* Report calls O’Hare 4th busiest, Chicago disputes
Reaction was swift to the news that Michael Hogan, the incoming UI president, will receive a base salary of $620,000 a year, plus $225,000 in deferred compensation after five years.
“It seems high, given the extraordinary financial pressure that we’ve been told the university is under,” said Professor Harriett Murav, a leader in the Campus Faculty Association. […]
The presidents of Northwestern and the University of Chicago receive close to $900,000, Hardy noted. E. Gordon Gee, president of Ohio State University, tops the Big Ten with a $1.5 million package. And the president at Michigan earns close to $750,000.
* Our View: Bad time to pay big bucks to university leader
* Tribune: Welcome, Dr. Hogan
* New U of I president says fundraising is key
* NIU tuition going up
* Board freezes SIU tuition
* Feds announce deal to improve Cook County Jail conditions
* Sweeping deal to improve [Cook County] jail
* Daley to post all investigative reporter requests online
He revamped the city’s new website to include a log of all Freedom of Information Act requests. The list includes the name and organization of each applicant, documents demanded and dates the information was requested and is due to be released.
A new state law merely requires city departments to maintain such a log — not to post it on the Internet to tip investigative reporters about the trail being followed by competitors.
But Daley gleefully declared that he was going “above and beyond what’s required” in the interest of “transparency, openness and the free-flow of information.”
* Mixed Reviews for New Transparency Measures
* Sun-Times: Daley comes out swinging at press
Now every reporter in town — and anybody else with a computer — can immediately check daily what every other reporter in town is looking into.
Our fear is that this will create a chilling effect on the press’ ability to uncover public corruption.
* Sun-Times: ..and Burke gets licks in, too
* Outrage after alderman OKs development across street from ballpark
* Aldermen: Lawrence censure on the table
* Stroger aide says mistakes led to contract fuss
A top aide to Cook County Board President Todd Stroger, back to work after a five-day suspension, admits that she signed off on a no-bid county contract with her public relations firm.
She also admits fast-tracking the $24,975 payment to her firm.
But Carla Oglesby, Stroger’s deputy chief of staff, said those actions simply were mistakes made by someone new to government work, adding that Stroger’s other executive staffers signed off on the contract, too.
* DuPage water panel OKs $40M bond issue
* DuPage Water Commission reveals yet another error
The commission’s former finance administrator was blamed again for another accounting error that cost the agency $426,515 over the span of the last two fiscal years. Unlike the last accounting missteps that caused the commission to spend all of its $69 million reserve fund, these dollars will be recouped.
Commission officials said former finance chief Max Richter erroneously adjusted a billing formula for Darien in July 2008. The mistake had a major impact on that municipality’s water invoices while simultaneously creating a minor undercharge for the other two dozen municipal customers.
* Cronin’s water plan seems like a play for his future benefit
* Crime drops in unincorporated Lake County
The total crime index — or rate of crime per 100,00 people — for sexual assaults, burglaries, thefts, car thefts, arsons and murder dropped 17 percent from 2008 to 2009, while the arrest index increased by 40 percent, he said.
* Former Cicero leader quits job
Former Cicero Town President Betty Loren-Maltese says she has quit her job as hostess at an Oak Park pizza restaurant because she did not make enough money and would like to pursue a career as a radio talk show host.
* More Quincy-to-Chicago Amtrak trains on time, which has led to increased rider satisfaction
* Marshall board approves raises
* Livingston OKs $9.4M in bids for law and justice center
* McLean Co. mental health agency to reduce services due to cuts
* Former Dalton City clerk arrested for allegedly stealing thousands of dollars from village
* Wind turbines get boost from Macon County Board, though some public opposition persists
posted by Rich Miller
Friday, May 14, 10 @ 8:20 am
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Illinois ranks low on CEO survey of CEO-friendly states
– MrJM
Comment by MrJM Friday, May 14, 10 @ 8:24 am
That slop from the Trib edit page on President Hogan forgot to mention all of the students, refered by Madigan, who attended U of I either graduated or are progressing successfully after be branded unqualified by university bureaucrats. Suggests Hogan might want to keep an eye on them too.
Comment by Reddbyrd Friday, May 14, 10 @ 8:34 am
I would encourage you to follow the censure link, just to read what the last alderman who got censured did…
Also the fact that the city claims that if they reveal the details of the city’s fiber network “anyone” can then shut it down shows that someone has seen to many heist movies.
Comment by OneMan Friday, May 14, 10 @ 8:41 am
@OneMan - The city’s claim is a Movie-Plot Threat, which Bruce Schneier defines as any improbable, showy security risk that is used to justify a “security” measure.
– MrJM
Comment by MrJM Friday, May 14, 10 @ 8:54 am
Expect a PQ news conference touting that despite the horrible economy Ilinois held it’s ranking on the business survey and did not lose ground!
Comment by Hank Friday, May 14, 10 @ 9:11 am
The Sun Times whining on the FOIA issue rings hollow. Apparently they’re against transparency if they fear the Trib might scoop them. Boo hoo.
Comment by Scooby Friday, May 14, 10 @ 9:32 am
I’m surprised there was no comments here at CF about the U of I president’s salary
Especially after all the outrage there was here at CF about Stroger giving pay increases to his staff.
Comment by Leroy Friday, May 14, 10 @ 10:01 am
That the new UofI pres is commited to fundraising is commendable until one realizes it is to pay his salary (snark).
That article re Macon Cty and the wind turbines just barely touchs on the problems these devices cause. Many in the environmental community are concerned over the death of thousands of birds as a result of these machines. In addition, it seems that the infrastructure needed to deliver this energy is such that there is minimal benefit to the producer. This is why the systems haven’t panned out in Spain as they were promised to. It is also one of the reasons why T Boone Pickens has backed off his pledge to work in that area. He crunched the numbers and saw it won’t work well. Great on paper, folks, but not good in practice.
Comment by dupage dan Friday, May 14, 10 @ 10:10 am
DD: The DNR has conducted several studies that concluded turbines do not kill significan numbers of birds or disrupt migration paterns.
Comment by Way Way Down Here Friday, May 14, 10 @ 10:33 am
Way Way Down Here,
I am familiar with those studies. Bird wathcers don’t believe them. Impressions matter in these situations, rarely do the facts persuade. It is fascinating to watch the battle lines in this war. Wind power folk on one side and bird lovers on the other. Environmentalists, all. There is a consortium in southern Wisc that wants to put turbines near Horicon Marsh, a vital nesting ground for whooping cranes and other migratory birds. Metaphorical blood is being spilled.
Comment by dupage dan Friday, May 14, 10 @ 10:41 am
WWDH,
BTW, studies prove that vaccinations are safe - many people simply won’t use them anyway. Nuff said.
Comment by dupage dan Friday, May 14, 10 @ 10:43 am
I’m suggesting fiscal policy is not the major agent of economic growth. Monetary policy plays a larger role, as do the dealmakers controlling the large private capital funds, as we’ve recently seen to our dismay.
I think history shows invention, innovation and efficiencies are paramount to economic growth. You’re going to pay some tax, it’s just a matter of how much. That margin is not the be-all and end-all to progress.
Comment by wordslinger Friday, May 14, 10 @ 10:47 am
Re: the article on Illinois’ business climate
Illinois comes out 46th overall, but if you just look at tax climate it’s a very different story. Illinois ranks:
27th on Corporate Income Tax
10th on Individual Income Tax
39th on Property Tax Index
41st on Sales Tax Index
If you use the interactive tool on the magazine’s website to rank Illinois just by corporate and personal income tax we are ranked as the 15th friendliest business climate. If you rank, Illinois just by property taxes and sales taxes, we rank 47th.
This suggests that our state’s outdated, regressive tax system is actually the problem and a solution like HB0750 would actually improve the business climate.
Check out the interactive map at http://www.chiefexecutive.net/states2010/map.asp
Comment by bobmail Friday, May 14, 10 @ 10:59 am