The Chicago Sun-Times reported this weekend on how the Michael Madigan and his law firm help get property tax assessment reductions and saved the company, who manages millions in state pensions over $1.7 Million in property taxes.
When Mesirow Financial Services — a Chicago company that manages millions of dollars in pension funds for the state of Illinois — and its partners wanted to fight the property taxes on their new skyscraper, they called the law offices of Illinois House Speaker Michael J. Madigan.
Madigan’s law firm saved the Mesirow group more than $1.7 million in real estate taxes by persuading Cook County officials to slash the value of the River North building by 60 percent soon after it opened nearly five years ago.
Even though the building now has new owners, Mesirow still rents from them. Madigan has continued to get the property taxes lowered and has saved the new owner almost $15 million in the past three years.
Over the past three years, Berrios’ assessment cuts have saved the building’s new owner, Tishman Speyer, nearly $15 million in real estate taxes that otherwise would have been passed on to Mesirow and other tenants, records show.
Madigan’s son Andrew is a Vice President of Mesirow. And of course Speaker Madigan says he has done nothing wrong and there is no conflict of interest.
Madigan says it wasn’t a conflict of interest for his law firm to win the tax breaks for Mesirow — which has been paid more than $9 million over the past five years to manage state pension funds that now total more than $300 million and another $5.2 million for financial and insurance services to the Illinois State Toll Highway Authority and other state agencies.
The speaker also says he’s done nothing to help Mesirow — where his son Andrew Madigan is a company vice president — get state business.
About Lennie Jarratt
Shows the corruption in this Tax System and Government that no longer serves the citizens or operates under the Constitution. The Flat Tax of 2% with no exemptions, subsidies, credits, no double and triple taxation of income or inheritance taxes would be fair to all if it applied to all. There are no reason to play favorites or provide special exemptions ever if the tax system is fair and just. It truly is time to prosecute the criminals of our Public Sector for their crimes and plunder on the taxpayers of this nation.
I actually prefer a sales tax instead of income tax. You then only have to pay the amount of tax you want to pay. I would suggest though exempting food and medicine.
Consumption tax all the way.
Are there any Illinois citizens out there who believe that Illinois has not passed the tipping point and can be salvaged fiscally? My wife and I began years ago, when our children were in high school, saying there is no future in this state. Our oldest daughter is living and teaching in Florida. Our son finally gave up and moved to Miami. Our last daughter teaches here, has two daughters, and we are doing all we can to get her to move, as well. When she goes, we will be right behind. We love Florida and Texas. Personally, as a veteran, I prefer Texas because I want to die in a free country. Without voter identification, the Chicago Democratic Fraud Machine will never be stopped in Chicago and Cook County.
We are very very close to the tipping point and it will be very painful getting back out. If Quinn get re-elected we will have passed the tipping point for sure.
Multiple kudos to you; I am confidant Mr. Rauner can win, but will the Chicago Cook County Election Commission allow the county votes to stand. Remember: There is life after death in Cook County; the dead do vote.
Yep I think we also may have crossed the point of no return.
If we must stay in Illinois and Chicago for a while longer, we can hold as tightly as we can to our wallets. Governor Quinn says he needs it, “It’s for the children.” King Micheal Madigan laughs sardonically, “You damn fools will rue the day you left the dark magic of the Chicago Democratic Machine.” There is a line from the movie “We Were Soldiers.” The North Vietnamese soldiers are attacking Colonel Hal Moore’s remaining troops on all sides. His First Sergeant pulls out his Browning 1911 pistol and says, “Gentlemen, prepare to defend yourselves.” I look around, we are surrounded by arrogant Democrats and mostly, feckless Republican leadership. Do all you can to protect what assets you may possess and your family.