WaMu Failure Marks Largest Bank Failure in U.S. History
As a series of financial firms including AIG and Lehman Brothers
fell to bankruptcy and takeovers last week, the question loomed: Who's
next? Today, we learned that federal regulators have seized Washington
Mutual and struck a deal to sell the bulk of its operations to J.P.
Morgan Chase, marking the largest bank failure in U.S. history.
Suburban Congressional Leaders Split Over $700 Billion Proposal
Suburban Chicago congressional leaders are weighing in on the
Treasury Department's bailout proposal, and much like their colleagues
in D.C., they have yet to find consensus on the terms of the
proposed $700 billion in assistance for cash-strapped lending institutions.
Meanwhile, constituents are giving some other Illinois congressional
leaders an earful about why they oppose the bailout plan.
IL Toll Chief Takes Job With State Contractor
While state law puts a one-year reprieve on state
workers' ability to join companies to which they awarded taxpayer-funded
contracts, Illinois tollway chief Brian McPartlin
yesterday announced that he's taking a job with a company that did
more than $30 million in business with the tollway. Can you say "loophole"?
CN Files Suit To Speed Up EJ&E Purchase
Canadian National Railway on Thursday
made good on its promise to go to court to force a federal regulatory
decision on its proposed purchase of the Elgin, Joliet & Eastern
Railway. The Montreal-based railway filed a petition urging a federal court to require the
Surface Transportation Board to rule on the transportation merits of
the purchase by the end of the year. Time is running out for CN to make
the purchase, as EJ&E owner U.S. Steel told CN in July that it would
not extend the $300 million stock purchase agreement past Dec. 31.
Cook County Begins Paying Out On Patronage Suit
A judge order the first round of payouts to 108 county
workers who are set to split a $3.2 million settlement of a federal
political hiring lawsuit. The first four victims of the patronage
system are scheduled to receive more than $100,000 each. Additional
awards, ranging from $250 to $323,000, will be paid by the county in
the next 60 days.
Image used under a Creative Commons license by Flickr user Guillaume Boisseau.
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