The state of Illinois and the city of Chicago should seek bankruptcy protection to stop the fiscal bleeding and get back untracked, William Isaac, former chairman of the Federal Deposit Insurance Corp., said in a recently published opinion piece.
“Both the state of Illinois and the city of Chicago are in dire fiscal straits,” Isaac, now senior managing director and global head of financial institutions at FTI Consulting, said in the op-ed piece, posted at bondbuyer.com.
“Taxes keep rising, while staggering amounts of red ink are projected as far as the eye can see,” Isaac said. “The city and the state should act now to restructure their liabilities and pu…
Read the full article at: http://westcooknews.com/stories/511014406-illinois-chicago-should-declare-bankruptcy-to-fix-fiscal-woes-ex-fdic-chief-says
