Crain's Chicago Business has the story:
CBOE Holdings Inc. CEO Bill Brodsky derided the State of Illinois for financial problems, such as underfunding of state pensions, just weeks after the state passed a new law that will reduce the taxes that his Chicago-based options exchange pays.Things will not improve here until Gov. Pat "Temporary Income Tax Hike" Quinn returns to private life.
"I'm embarrassed to live here," Mr. Brodsky said in answer to a reporter's question at an annual CBOE media lunch Tuesday. His remark was in reference to a bond-rating downgrade by Moody's Investors Service Inc. last week to A2, that agency's lowest for any state. "We need people to come together and recognize the gravity of the situation and work together to a solution."
His comments follow the passage last month by the Illinois legislature of a bill that revamps the state's tax rates for CBOE and futures exchange CME Group Inc. by sharply reducing the number of trades taxed as Illinois sales because many trades are transacted over electronic systems by parties outside the state.
Last year Roger Keats, who was the Republican candidate for Cook County Board president in 2010, moved to Texas. In his farewell message, Keats fired a parting shot at Illinois: "I'm tired of subsidizing crooks."
Related post:
Moody's downgrades Illinois credit rating--again
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