Report: Speaker Madigan cost taxpayers half billion

November 13, 2011 6:13:28 PM PST
An investigation by Crain's Chicago Business found that actions by Illinois House Speaker Michael Madigan cost taxpayers nearly a half billion dollars.

According to the report, between 2005 and 2010, Madigan blocked five bills to restructure McCormick Place bonds. This was during a time of falling interest rates.

Crain's says Madigan may have done so because McCormick Place CEO Juan Ochoa fired an ally of Madigan who worked at the convention center. The report suggests that Madigan may have also been buying time for two clients of his law firm, who were working on a land swap and hotel deal with McCormick Place.

Madigan later sponsored a refinancing deal that was approved in May 2010.

A Madigan spokesperson told ABC7 that if anyone wants to "face the music" about spending taxpayer money, it's the people at McCormick place.

Load Comments