Below is the cover letter—see all of it by clicking on the following: http://www.illinois.gov/cms/agency/media/Documents/Gov-SEI-2015.pdf
Note, even though the form was received on May 1, 2015 there is a supplement, SEE: http://www.enewspf.com/latest-news/latest-local/60965-governor-rauner-submits-statements-of-economic-interest.html to apply for access to the supplemental statement.
WASHINGTON, D.C. — U.S. Rep. Aaron Schock has built much of his personal wealth over a decade through real estate investments with political donors, an Associated Press review found.
The Peoria Republican’s relationships with other contributors, which afforded him flights on private planes and other expenses, already are under scrutiny.
Donors built, financed and later purchased a house Schock owned as an investment in Dunlap. Schock owns a stake in a Peoria apartment complex involving other contributors. And he pushed for a federal appropriation that might have benefited a donor’s development project, an AP review found.
Schock, a 33-year-old rising star named last year to a mid-level leadership role in the House, has disclosed personal wealth in a range centered on $1.4 million. He’s made precocious business acumen a part of his appeal since joining Congress in 2009, sometimes calling himself a real estate developer.
Financial reports indicate Schock may have more than doubled his wealth since he was elected to Congress, although it is impossible to determine his gains precisely because values of his assets and liabilities are only reported in wide ranges.
Amid ethics complaints concerning his taxpayer-funded expenses and flights aboard donors’ aircraft, Schock’s business entanglements with contributors in several projects raise questions about the overlap between his personal finances and their political interests. Politicians can do business deals with donors as long as the terms are commercially reasonable.Schock declined through a spokesman to discuss his finances with the AP. But he told the Journal Star on Friday evening that his investments are part of his business history going back for a decade and a half.“I began working at a very early age, opening my IRA at 14, started investing in real estate at age 18 and continue to do so today,” he said. “Furthermore, when running for public office, my family, friends and business associates who know me best are naturally some of my best supporters.”He’s previously also told the paper that his real estate investments were above board.A watchdog group has called for an ethics investigation amid revelations he used congressional money to redesign his office in the style of the TV show “Downton Abbey.” He also billed taxpayers or his campaigns tens of thousands of dollars in private air travel on donors’ planes. His office said he repaid some of those charges and is reviewing others.Schock’s business career began early and helped to feed a real estate career that began in his late teens. He started doing online trading and database management in middle school and later worked as a ticket agent for a licensed broker called VIP Tours.
Read the entire story: http://www.pjstar.com/article/20150313/NEWS/150319628/11669/NEWS/?Start=1
Boutique investment bank Moelis & Co. announced Tuesday that Cantor, 51, will be joining as vice chairman and managing director, and would also be elected to the company’s board.
“Eric’s judgment and tremendous experience will expand the capabilities our team brings to clients around the world as he has unique expertise in assessing complex situations and crafting innovative solutions,” Ken Moelis, the chairman and CEO of the eponymous investment bank, said in a statement.
Related: Cantor’s Fall — District 7 Was Just 90 Miles Away
Democrats might take issue with that characterization — they saw Cantor as Congressman “No,” a leader of the GOP’s obstructionist strategy. Tea Party members have already criticized Cantor’s move as validation that he cared more about Big Money than about the people of Virginia’s 7th District, where he served from 2001 to 2014.
Either way, Cantor’s D.C. experience and connections, along with his cultivated ties to the business world, are bound to be valuable to the bank founded in 2007 by Ken Moelis, a Wall Street superstar (and, per The Wall Street Journal, a Republican). The boutique bank went public in April and its stock has surged since then. You can read more about Cantor’s new boss here.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with C.E.O.s and senior management as we help them navigate their most important strategic decisions,” Moelis added in the statement…
The bank disclosed in an SEC filing that it will pay Cantor a base salary of $400,000 as well as a signing bonus of $400,000 in cash and $1 million in restricted stock units that vest over five years. For 2015, Cantor will get at least $1.2 million in cash and $400,000 more in restricted stock.
In all, Cantor is in line to get at least $3.4 million. He’ll also get reimbursed for the “reasonable cost” of a New York City apartment for his first 12 months “and a hotel equivalent rate thereafter.”
Cantor’s annual salary as House Majority Leader was $193,400.
Read more by clicking on the following: Eric Cantor Cashes In with New Wall Street Job - Yahoo Finance
Those lawmakers were among 73 members of Congress who have sponsored or co-sponsored legislation in recent years that could benefit businesses or industries in which either they or their family members are involved or invested, according to a Washington Post analysis. The findings emerge from an examination by The Post of financial disclosure forms and public records for all 535 members of the House and Senate.
The practice is both legal and permitted under the ethics rules that Congress has written for itself, which
Congress members back legislation that could benefit themselves, relatives - The Washington Post
There are a series of Washington Post articles on such conflicts of interests see: http://www.washingtonpost.com/capitolassets
prohibit proprietary trading of financial securities, including mortgage-backed securities, by commercial banks using deposits in their commercial banking sectors. Big losses in the trading of those securities precipitated the credit crisis in 2008 and the federal bailout.
Only a handful of large banks would be the targets of the proposal, among them Citigroup, Bank of America, JPMorgan Chase and Wells Fargo. Goldman Sachs, the Wall Street trading house,
Click on the following for more details: Obama to Propose Limits on Big Banks - NYTimes.com
Eleven candidates running in the Feb. 2 primary have filled out and released disclosure statements under the proposed ordinance drafted by the Alliance for Land, Agriculture and Water. The ordinance means to improve existing disclosure laws to require elected officials to list all real-estate holdings in county limits.
McHenry County State’s Attorney’s Office identified several problems with the proposed ordinance….Chief among the office’s concerns were the penalties proposed for violating ….. County boards are not empowered under state law to make ordinance violations subject to misdemeanors or felonies.
Click on the following for more details: Northwest Herald | Candidates disclose land holdings under proposed ordinance
Wogen said his decision is related to a difficult divorce and concerns in his personal life, and not to controversy surrounding city contracts awarded to his now-defunct masonry company.
Click on the following for more details: Victor Wogen resigns as alderman | Daily Chronicle
Statement by Nancy Marcus
President, League of Women Voters of Illinois
The League of Women Voters has historically promoted the idea that citizen participation is key to maintaining and strengthening democracy. We are pleased to join with the Better
Government Association, the Illinois Campaign for Political Reform and members of the Illinois Reform Commission to launch a citizens’ initiative and the “Take Back Illinois” campaign, the goal of which is to garner petition signatures to place the Illinois Fair Map Amendment on the November 2010 general election ballot.
The principles embodied in the Fair Map Amendment correspond well with the elements LWVIL believes are essential: a redistricting process that is timely and transparent, includes a formal announced timetable, makes information and related data available to all who wish to participate in the process, offers ample opportunity for public reaction to any proposed maps, maximizes diversity, and results in maps which offer voters a choice of candidates for election.
Illinois has serious challenges ahead. As you may know, a report released by the Pew Center on the States last month reported that Illinois is among ten states where the consequences of the current economic downturn is wreaking havoc, in part because Illinois’ leaders have been putting off making tough decisions and where the political resolve to enact long-term fixes to its fiscal problems is lacking.
The League of Women Voters of Illinois believes that underlying this analysis as well as a myriad of other issues is a lack of accountability on the part of those who’ve been elected to the Illinois General Assembly. Sadly, this includes a seeming indifference to the culture of corruption that has for too long been a hallmark of politics as usual in this state.
The League believes that redistricting is the next item on the reform agenda in Illinois. A citizen initiative involves the public in a significant way both by collecting signatures and also because of the amendment itself which allows for public participation. This proposed amendment makes the process more transparent and creates an independent commission all of which will result in legislative districts that will elect legislators who understand the enormous challenges and respond with laws that reflect the public interest.
To view other political stands of the League go to: http://www.lwvil.org/
The League is seeking 500,000 signatures for the redistricting referendum.
That's why it's not enough for public officials to simply avoid improper conduct, but also its very appearance.
Perhaps really interesting is some of the comments on this DeKalb Chronicle’s Opinion regarding the city granting a $52,000 contract to Alderman Wogen:
Thank you for reinforcing the notion most in the community already hold, which is that governing only by what is legal is a very low standard indeed."
Fair citizens, this is just the tip of the iceberg. One might become familiar with our local[DeKalb County] circuit clerk's office, judiciary, and county board to discern that many powerful folks in our county expressly ignore the appearance of impropriety in their hiring and spending decisions. They take your ignorance to the bank. When these facts are finally laid out before the public, it will make this Wogen controversy seem like Nero fiddling while Rome burned."
Illinois pay(s) what is being called a corruption tax, approximately 15% of local, county, state, and federal taxes go toward waste, fraud, nepotism, cronyism, etc. Just think how many taxes would not have to be raised if the corruption tax could be lowered. I do not expect all government to get cleaned up in this state but it is time to start putting holes into it
"The more things change. The more things stay the same. What do you think you really accomplished? This will be forgotten in less than seven days."
