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* The BGA’s Chuck Neubauer and WBEZ’s Dan Mihalopoulos report that former ComEd lobbyist and master Statehouse insider Mike McClain was still paid by ComEd even after he retired from lobbying…
The giant electric utility reported shelling out $361,000 to McClain for “legal services” in the two years after his retirement in December 2016, even though he is no longer authorized to practice law in Illinois, records show. […]
ComEd spokeswoman Jean Medina said this week McClain stopped working for the company in May. That was when the federal raid occurred at McClain’s home.
And Medina said ComEd executives believe the payments to McClain in 2017 and 2018 were “mislabeled” as being for legal services when the utility made its filings to state regulators.
“These amounts were for political consulting services,” Medina said. “Those payments were neither for lobbying nor legal work.”
* Meanwhile, Pomerantz LLP is a law firm that files a whole lot of class action shareholder lawsuits. From its website…
We are investigating Exelon Corporation (EXC) (“Exelon” or the “Company”) for potential violations of the federal securities laws.
On July 15, 2019, Exelon announced that both Exelon and Commonwealth Edison (“ComEd”), owned by Exelon, had received a grand jury subpoena from the U.S. Attorney’s Office in Chicago concerning Exelon’s lobbying activities in Illinois. Then, on October 9, 2019, Exelon disclosed receipt of a second grand jury subpoena regarding its communications with Illinois State Senator Martin Sandoval. On October 15, 2019, Exelon announced the abrupt departure of Anne Pramaggiore, Chief Executive Officer of Exelon Utilities. Analysts immediately identified the criminal subpoenas and Pramaggiore’s abrupt resignation as “being directly related to each other.” On this news, Exelon’s stock price fell $2.15 per share, or 4.57%, to close at $44.91 per share on October 16, 2019. Finally, on October 31, 2019, Exelon disclosed that the U.S. Securities and Exchange Commission had also opened an investigation into the Company’s lobbying activities. On this news, Exelon’s stock price fell $1.17, or 2.51%, to close at $45.49 per share on October 31, 2019.
posted by Rich Miller
Wednesday, Nov 13, 19 @ 10:20 am
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Mislabeled, what about the W2’s
Comment by Rabid Wednesday, Nov 13, 19 @ 10:24 am
W2’s don’t have labels. And if he was a contractor, he’d get 1099’s, which also don’t have labels.
Rabid and rational are different words.
Comment by DIstant watcher Wednesday, Nov 13, 19 @ 10:32 am
-Responda- was right on the other thread. Someone is deliberately leaking these details … to what end I can only guess. But the timing in relation to the veto session is interesting.
Comment by RNUG Wednesday, Nov 13, 19 @ 10:39 am
The class action vultures will be the biggest beneficiaries of Com Ed’s alleged malfeasance
Comment by Sue Wednesday, Nov 13, 19 @ 10:41 am
There’s big money in play here, and nobody wants to spend big chunks of time in prison.
Exelon’s days of successfully shaking down the state are over. I wouldn’t be holding any of that stock right now. Or ever.
Comment by SSL Wednesday, Nov 13, 19 @ 10:52 am
===Someone is deliberately leaking these details===
The WBEZ story looks like enterprise journalism. They waded through a lot of documents on this and their previous story.
The timing is what most interests me, though. But I may be just tinfoil hatting it.
Comment by Rich Miller Wednesday, Nov 13, 19 @ 11:01 am
Seems like Ms. Pramaggiore has a lot of explaining to do…”the buck stopped (at her desk).” She had to sign off on all the lobster-hiring and allegedly payments after ’service was rendered’ in the case of Mr. McClain…
Comment by Billy Sunday Wednesday, Nov 13, 19 @ 11:10 am
This is the latest reason why they need to tighten up what constitutes a consultant as opposed to a lobbyist. People use this all the time to keep from disclosing certain clients.
Comment by Things that make you go hmmm Wednesday, Nov 13, 19 @ 11:14 am
The plaintiff’s firm is investigating in the sense that they are advertising for shareholders to be class representatives in their soon to be filed stock drop lawsuit.
Comment by Ron Burgundy Wednesday, Nov 13, 19 @ 12:03 pm
I’m not trying to take anything away from the rest of the Illinois press but man, the folks at WBEZ have been doing really, really impressive work lately. They went out and hired a top notch team and it’s really producing results. Kudos.
Comment by The Captain Wednesday, Nov 13, 19 @ 1:26 pm
Ok thats pretty bad. Id been a skeptic up until now but this definitely is bad news for all involved
Comment by low level Wednesday, Nov 13, 19 @ 1:49 pm