In a surprise move, Chicago's City Treasurer Kurt Summers joins the chorus calling on the mayor to sue big banks over controversial swap deals that have cost taxpayers millions of dollars.
chicago pension funds
Last week, the Illinois Supreme Court dealt Mayor Rahm Emanuel a huge blow, overturning reforms to two pension funds for city workers. The city argued reforms guaranteed previously unsecured retiree benefits, but the state’s high court wasn’t having it.
The Illinois Supreme Court dealt Mayor Rahm Emanuel a major setback Thursday in his efforts of saving two of the city’s four public employee pension funds, which city officials say could go broke within the next 15 years.
A Cook County judge ruled Friday that Chicago's plan to change city workers’ pensions was unconstitutional. The city vows to appeal the decision. We look at the ruling, whether any pension reform can be constitutional, what the consequences are to the city's plummeting bond rating, and whether the city will have to raise taxes to cover the pension liability.