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The [Monday] Papers

1. "World-class cities have casinos," state comptroller Judy Baar Topinka said over the weekend.

You mean like Hammond?

In fact, a quick review of all the casinos in the United States shows Topinka is dead wrong, unless you consider Tunica, Mississippi and Ardmore, Oklahoma world-class cities.

Besides, I thought we were already world-class. Wasn't that Richard M. Daley's big achievement?

*

Biloxi has 12 casinos in "world-class resorts." And yet, somehow, a dozen world-class resorts does not equal one world-class city. Huh.

*

See also: About That Chicago Casino.

2. "GE Capital will bring 1,000 new jobs to Chicago in the next three years, company and city officials said today," the Tribune reports."No incentives were promised, Emanuel said."

Outside of not mentioning that perhaps they should start paying their taxes.

*

But why be rude to the president's pal?

*

"Because its lending division, GE Capital, has provided more than half of the company's profit in some recent years, many Wall Street analysts view G.E. not as a manufacturer but as an unregulated lender that also makes dishwashers and M.R.I. machines," the New York Times reports.

"G.E. and other financial services firms won a change in tax law that would allow multinationals to avoid taxes on some kinds of banking and insurance income. The change meant that if G.E. financed the sale of a jet engine or generator in Ireland, for example, the company would no longer have to pay American tax on the interest income as long as the profits remained offshore.

"Known as active financing, the tax break proved to be beneficial for investment banks, brokerage firms, auto and farm equipment companies, and lenders like GE Capital. This tax break allowed G.E. to avoid taxes on lending income from abroad, and permitted the company to amass tax credits, write-offs and depreciation. Those benefits are then used to offset taxes on its American manufacturing profits.

"G.E. subsequently ramped up its lending business."

*

World-class companies don't pay taxes.

*

See also: Who Is Full Of Crap? GE. So nice to have these folks "doubling-down" on Chicago.

*

Assignment Desk: Does GE pay local and state taxes?

3. "It makes a Bulls fan gravely ill of course, and heck, it makes most sports fans sick - the thought of Miami's preening peacocks pushing through and winning the Eastern Conference," our very own Jim Coffman writes in SportsMonday. "It is too infuriating to contemplate for too long.

"But it wasn't the Heat who engaged in the most objectionable behavior in Game 3, a furious battle in which Miami never, ever faltered on its way to a 96-85 triumph.

"In fact, a fan had to be impressed with the way the Heat responded when the Bulls tried voicing a little trash in both halves."

4. "A Pakistani-American who pleaded guilty to laying the groundwork for the deadly 2008 attacks in Mumbai has taken the stand today in the trial of a Chicago businessman accused of helping his former friend in the plot," AP reports.

5. "Even as he makes cuts elsewhere, Cook County Assessor Joe Berrios gave his daughter a promotion and $10,000 raise," the Sun-Times reports.

Methinks Berrios has a future at GE Capital.

*

Just a reminder: Berrios was endorsed by Pat Quinn and Toni Preckwinkle.

6. How are the jellies at the Shedd like Democrats? Neither has a backbone.

7. $500,000 Burglary On Jewelers Row.

That's almost as much as GE steals every year in taxes.

8. Chicago Code Finale Will Leave You Stunned!

*

And I'm back behind the bar tonight at the venerable Beachwood Inn to bring it to you. Doors open at 5 p.m.; show airs at 8 p.m.; doors close at 2 a.m. Free pizza while it lasts, plus Old Style for $2.50 and $1 off the bottomest shelf we've got. Jukebox dance party commences immediately after the show.

9. A Most Excellent Weekend in Chicago Rock.

10. "Field biologists following thousands of wild zebras in Africa used to joke about how nice it would be to have a bar code reader to help them identify and catalogue individual animals," the Tribune reports.

"It's no longer a crazy dream: A team of computer scientists at the University of Illinois at Chicago has developed such a device."

11. The Cub Factor: Lou Piniella Is Back And Residing In Mike Qaude's Brain.

12. The White Sox Report: Saving Starters.

-

The Beachwood Tip Line: Stunning!




Permalink

Posted on May 23, 2011


MUSIC - PJ Harvey Wins Pitchfork.
TV - 24 Hours With Velocity.
POLITICS - Reminder: U.S. Health Care Sucks.
SPORTS - World Roller Derby Day.

BOOKS - Trump's True Believers.

PEOPLE PLACES & THINGS - Land After Frac Sand.


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