Post by icemandios on Oct 8, 2023 14:49:25 GMT
Last month Cboe Global Markets CEO Ed Tilly warned that if Chicago slaps the financial industry with transaction taxes, amid a crime wave that has employees afraid to come in to work.
Chicago Board of Trade building
"We don’t want to leave... But we cannot be disadvantaged in the world's most competitive markets," Tilly said in light of an $800 million tax proposal from Mayor Brandon Johnson aimed at plugging a $538 million budget deficit projected for next year, and increasing costs driven by a cocktail of inflation and rising numbers of destitute asylum seekers.
Chicago Board of Trade building
"We don’t want to leave... But we cannot be disadvantaged in the world's most competitive markets," Tilly said in light of an $800 million tax proposal from Mayor Brandon Johnson aimed at plugging a $538 million budget deficit projected for next year, and increasing costs driven by a cocktail of inflation and rising numbers of destitute asylum seekers.
Now, CME Group, Inc. - which has over a century of history rooted in Chicago, is warning much the same. According to CEO Terry Duffy, they'll cut bait and drop Chicago like a hot stone - and in fact, have begun the process of uncoupling from the dysfunctional city.
CME CEO Terry Duffy
"I liquidated every piece of real estate in the state," Duffy said in an interview last week, according to Bloomberg. "I have leases where I am in an advantageous position, because now I can renegotiate. They’re all coming due. We like Chicago. There’s no reason for us to want to leave. But at the same time, if the atmosphere gets to the point where it’s intolerable, we have no choice."
His commitment to Chicago is being tested as stubbornly high crime rates and a slew of taxes — including a financial-transaction levy proposed by Mayor Brandon Johnson — have him considering his options. Illinois Governor JB Pritzker has already said he opposes the tax proposal, but he won’t be at the helm forever, Duffy said.
As for the mayor, Duffy said he’s met with Johnson once since he was elected in April and is willing to throw his arms around him to help him succeed. But “we don’t agree on anything,” Duffy said.
CME CEO Terry Duffy
"I liquidated every piece of real estate in the state," Duffy said in an interview last week, according to Bloomberg. "I have leases where I am in an advantageous position, because now I can renegotiate. They’re all coming due. We like Chicago. There’s no reason for us to want to leave. But at the same time, if the atmosphere gets to the point where it’s intolerable, we have no choice."
His commitment to Chicago is being tested as stubbornly high crime rates and a slew of taxes — including a financial-transaction levy proposed by Mayor Brandon Johnson — have him considering his options. Illinois Governor JB Pritzker has already said he opposes the tax proposal, but he won’t be at the helm forever, Duffy said.
As for the mayor, Duffy said he’s met with Johnson once since he was elected in April and is willing to throw his arms around him to help him succeed. But “we don’t agree on anything,” Duffy said.