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October 20, 2014, 12:57 pm
970 WMAY News

Unions Say Powerful Businessmen May Have Tried To Undermine Illinois Credit Rating


Public sector unions want an investigation into whether powerful interests in the state actively worked to undermine Illinois’s credit rating. 

 

The We Are One coalition is asking for the probe based on comments made by former Illinois Attorney General Ty Fahner (FAY’-ner), now the head of the Civic Committee, a group that has been pushing for drastic pension reforms.  In a clip posted on Rich Miller’s Capitol Fax website, Fahner says he and other members complained to agencies like Moody’s and Standard and Poor’s that they were “enabling” bad practices by maintaining the state’s credit rating. 

 

The group says Fahner and other businessmen could have profited from the higher interest rates that resulted from the credit downgrades that followed.

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