Get the latest news headlines from around Illinois.
Chicago Tribune: State freezes Wells Fargo out of $30 billion of investment funds
Citing Wells Fargo‘s “predatory and illegal” practices, Illinois Treasurer Michael Frerichs said the bank would no longer be broker-dealer for about $30 billion of state investment funds annually, a suspension that will cost the institution “millions” of dollars in fees.
His announcement comes days after at least one Chicago alderman proposed banning the city from doing business with Wells Fargo for two years.
As treasurer, Frerichs oversees $1 trillion in annual investment activity. His office works with about two dozen companies, including Wells Fargo, that buy commercial paper and other short-term investments for the state.
Sun-Times: State gets another credit downgrade due to pension woes
Another day, another downgrade for Illinois amid its budgetary and pension problems.
S&P Global Ratings on Friday dropped the state’s credit rating one notch — from BBB+ to BBB.
Chicago Tribune: CPS announces more layoffs because of declining enrollment
A week before a threatened teachers strike, Chicago Public Schools said about 250 teachers and staff members were being laid off Monday because of a steeper-than-expected drop in enrollment.
The layoffs had been expected since the district announced last week that enrollment on the 10th day of classes was down almost 14,000 students from last year. The layoffs come on top of the more than 500 teachers and 500 school-based staff members let go in August, a move also attributed to enrollment declines.
SJR: Agency accused of poor leadership, service to deaf Illinoisans
A tiny state agency says in a brochure that it exists to “decrease barriers” for Illinoisans with hearing loss.
But according to critics, the Springfield-based Illinois Deaf and Hard of Hearing Commission is squandering its $800,000 to $850,000 in annual state funding through inept leadership and weak oversight.
Huffington Post: Amid darkness in Illinois, a bright spot in criminal justice reform
Not much is going right in Illinois.
It’s home to the worst population loss in the Midwest, the worst employment recovery in the Midwest, the worst manufacturing climate in the Midwest, the worst credit rating in the nation and the highest property taxes to boot.
It’s not pretty. And solutions to those problems can appear distant.