Sunday, March 8, 2015

Gov Rauner Names Payday Loan CEO to Chair Racing Board

great white shark Judging from the number of people Bruce Rauner tapped for his new administration, Lake County must be a cornucopia of able executive talent. Either that or all of the IL GOP's big donors live in Lake County. From the Chicago Tribune:
Newly elected Governor Bruace Rauner has named residents of Lake Forest and Highland Park to the Illinois Racing Board. In a statement released Feb. 27, Rauner announced the appointment of Lake Forest resident Jeffrey Brincat, 52, thne CEO of Consumer Financial Services Inc., as chairman of the Racing Board.
Lake Forest, Highland Park residents named to state racing board
In 2010, I reported in this blog that ...
Jumping the Shark
Jeffrey Brincat was a top executive at Mercury Finance Co., which collapsed in 1997 as a result of accounting fraud. John Brincat, Jeffrey Brincat's father and CEO of Mercury Finance, went to federal prison, as a result of the fraud, in 2007.

Jeffrey Brincat now runs Consumer Financial Services Inc., which is a high-rate, "payday" loan business not unlike Mercury Finance. Mercury set up shop mostly near military bases and lent money to GIs and other low-income borrowers at high interest rates. A Consumer Financial Services facility is near the Great Lakes Naval Base.

Last month Governor Rauner said he wanted to withhold $6 billion in income tax revenue from Illinois villages and cities. This would put an unprecedented burden on local government.  Could these municipalities cover the huge shortfall by borrowing? I know where these towns and villages could go for a quick, no-doc loan.

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