This post updates one from August about Ty Fahner, partner of the law firm Mayer Brown, who told the Chicago Civic Committee the following last spring:
Last March, during a Civic Committee discussion of the state’s public pension problems, Fahner claimed that some members had talked to bond ratings agencies about lowering Illinois’ bond rating to create more pressure for pension reform.
Lowered bond ratings lead to higher borrowing costs, which is bad enough. Worse yet, Mayer Brown was Illinois’ contracted bond counsel for a million a year.
Let’s just say the optics were bad.
And yes, I did write that Mayer Brown “was” the state’s bond counsel. The Quinn administration announced it has selected another firm, Chapman & Cutler, to serve in its place.
Thought you’d like to know that the right thing happened.
(Tip o’ the hat, once again, to Capitol Fax.)