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* Background is here if you need it. Bloomberg keeps beating the drum about a financial transactions tax that ain’t going anywhere…
Texas Governor Greg Abbott has his eyes on Chicago.
The Republican leader said he’s spoken to CME Group Inc., the world’s largest futures exchange, about relocating to the Lone Star State. […]
Abbott’s remarks follow reports that CME and other financial firms in Chicago, including CBOE Global Markets Inc. and IMC, are alarmed by Mayor Brandon Johnson’s idea for $800 million in taxes, including a levy on financial transactions.
* Also from Bloomberg…
Chicago’s top trading firms are questioning their commitment to the city in the face of proposed taxes and rising crime. That’s not stopping some of them expanding their footprint.
Optiver, a market maker employing about 400 people in the city, has just moved into One Prudential Plaza in downtown Chicago. The space — a third bigger than its previous office — can house as many as 600 people, allowing the Dutch firm to grow and host 70 interns in the city every year. […]
Trading firms currently occupy more than 3.5 million square feet in the city, equivalent to 60 football fields. In the past three years, they’ve added about 700,000 square feet, and that doesn’t include the trading divisions of large banks such as JPMorgan Chase & Co. […]
[Johnson’s] administration has proposed new levies, including higher real estate transfer taxes and a financial transaction tax, prompting a reaction from Chicago’s trading community to push their case to the city. […]
[Optiver] also wants to keep growing in the city with plans to add another 100 people within three years, according to Brinkhuis.
How does Bloomberg deal with firms which take actions counter to the narrative Bloomberg is promoting? Lie. Johnson’s administration has not proposed a financial transaction tax. They’ve jumped into blatantly false propaganda mode.
Does this mean that companies won’t ever leave? Nope. Anything is possible and the mayor isn’t exactly inspiring a lot of confidence. But I got whiplash reading that article. They’re leaving while they’re expanding!
Ridiculous.
posted by Rich Miller
Wednesday, Sep 27, 23 @ 2:28 pm
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Lying is the new normal. If a certain past president can do it on a daily basis, why not everyone.
Comment by Sir Reel Wednesday, Sep 27, 23 @ 2:45 pm
The financial transaction tax is not dead because it’s never been alive. It’s never had any support in leadership and the governor always promised a veto. Any reporting to the contrary is intentionally dishonest.
Comment by New Day Wednesday, Sep 27, 23 @ 2:46 pm
I am sure I am not the only one that had this Simpson’s scene in my head.
https://www.youtube.com/watch?v=UcZzlPGnKdU
Comment by Montrose Wednesday, Sep 27, 23 @ 2:53 pm
= Chicago’s top trading firms are questioning their commitment to the city in the face of proposed taxes and rising crime. That’s not stopping some of them expanding their footprint. =
Do they read what they’re writing? Do they not see the disconnect? They don’t even have the subtlety to put space between those two sentences.
Comment by JoanP Wednesday, Sep 27, 23 @ 3:12 pm
===Do they not see the disconnect?===
Too invested in the Chicago is horrible narrative.
Comment by Rich Miller Wednesday, Sep 27, 23 @ 3:13 pm
Brain dead dumb and stupid. Just take Terry Duffy at CME. He may be upset w trends in Chicago but he is committed to the city. Gov Abbott is smoking funny stuff if he thinks he can get CME to move to Texas of all places.
Comment by low level Wednesday, Sep 27, 23 @ 9:40 pm