Jack McGuire Puts Illinois Up For Sale!
We might be facing a major problem... Our Illinois debt being owned by Foreign Investors and Foreign Nations!
Chicago Breaking Business News in July of 2010 reported that "More than $2 billion in orders came in for the taxable Build America Bond Issue[.] Overall, the bonds drew 93 investors, including 17 from overseas who bought about 29 percent of the issue."
In addition, it was reported that "the federal government will pay 35 percent of the state’s interest costs on Build America bonds."
So not only did Illinois take on additional debt in 2010 (in the name of securing capital - in the middle of a recession mind you - to pay off existing debt), but, that The Federal Government, which is the United States Taxpayers from every corner of the USA (which includes citizens of Illinois), will be footing 35% of the costs from this particular bond!
Its was authorized under Illinois Legislative Bill HB4639 (2010) and was voted YES by Democrats, including Jack McGuire! He paved the way for the State of Illinois to be owned by Foreign Nations and Foreign Investment Companies...
Proof is right here: http://ilga.gov/legislation/BillStatus.asp?DocTypeID=HB&DocNum=4639&GAID=10&SessionID=76&LegID=48615
In addition... The Business Insider Magazine/Blogzine on 2/11/11 reported that:
"Illinois Looks To Sovereign Wealth Funds To Help Pay Off Pension Debt...
Illinois is trying to get sovereign wealth funds to buy nearly $4 billion of bonds so the state can pay its annual pension obligations. John Sinsheimer, the state's director of capital markets, has been wooing investors investors in Europe and Asia, according to the Financial Times. He said the state is also trying to raise money from big banks and insurance companies in the U.S. before the sale, tentatively scheduled for Feb. 17."
Financial Times Reported on 2/9/11:
"By Nicole Bullock in New York / Published: February 9, 2011...
Illinois hopes to raise the money from a “broad and diverse” range of international and US investors, including sovereign wealth funds, big banks and insurance companies, said John Sinsheimer, the state’s director of capital markets."
Democrats, like Jack McGuire, is putting Illinois "Up For Sale"...
I am an American! This is deplorable to me! What happens if these Foreign Nations and Foreign Corporations don't get paid? What will be the consequences? Are there/were there "measures in place" to ensure that American Individuals and Companies are/were allowed to purchase first and then others? We are not talking about the National Debt here... We're talking about the Debt of a single State, which is now being owned by Foreign Nations and Foreign Corporations?
VJMO... We understand that from time to time bonds are needed to fund particular projects and pay for some debt... However, how about we ensure that [1] We sell to AMERICANS first, [2] Then sell to friendly ALLY nations and corporation, [3] Then God forbid, to other investors!
This is OUR STATE not politician's like Jack McGuire to sell off to ANY foreign investor! In about 10-20 or so years from now OUR CHILDREN are going to be paying for this DEBT! 2010 Bonds and now 2011 Bonds (2 years in a row)! God Help Our Children!
For this reason and many reasons more we say Vote Jack McGuire Out in 2012!
And By The Way.. Jack's Democrat/Progressive Senator counterpart (in Joliet's Senate District 42), Ms. Linda Holmes, voted YES to HB4639 (2010) as well!
*** See Related "Our Illinois Bonds Are Worth Less Than Portugal!"
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