Word: chicago
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Dates: during 1970-1979
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Like many other inner-city school systems, Chicago's has long lived with deficits caused by expensive "special education" programs, as well as soaring payroll and energy costs and time lags in getting reimbursements from state and federal governments (such government payments make up 60% of Chicago's $1.4 billion annual budget). Chicago's schools began to lose their delicate financial balance after plans unexpectedly fell through last month to borrow $124.6 million by selling financial notes to banks and other investors. Analysts at Moody's Investors Service, which rates the quality of investments like...
...Christmas looming, the shaken school system seemed to be lurching toward a payless payday for 50,000 employees. But at the last moment temporary help came-from Illinois Governor James Thompson and Mayor Byrne. The rescue package calls for $200 million in loans, guaranteed by the city, to give Chicago's board time to come up with a long-term solution to the school system's financial woes-which will almost certainly require tax increases. In effect, Mayor Byrne explained, the school board was in receivership and the city was the credit holder...
...just why, and how much, Chicago's schools had gone into the hole, by week's end nobody could tell. Current deficit estimates still began at Joe Hannon's original $43 million. But tallies of total indebtedness to bondholders and others ran as high as $700 million. There was plenty of blame for everyone, though. Hannon; the mayor, who should have seen the problem coming; and the school board's finance committee, which did not even meet between January 1978 and March 1979, owing to "personality conflict," as one member recalls. Why did the board fail...
Supporters of Jimmy Carter have been calling her two-faced ever since she dumped the incumbent to support Edward Kennedy's quest for the presidency. Speaking cosmetically rather than politically, however, Chicago's Democratic Mayor Jane Byrne really is. The Windy City's feisty mayor is given to impromptu press conferences at which she appears without television makeup. Embarrassed by the bags beneath her eyes that looked particularly heavy under bright TV lights, Byrne, 45, slipped into a hospital over Thanksgiving for a facelift. Reappearing in public last week, the mayor said nothing about her operation...
...Derek, the Perfect 10, make way for Bob Greene, the Imperfect 2½. Greene, 32, a Chicago Tribune columnist, has joined the ranks of four-color sex symbols with his own 16-in. by 22-in. poster. The work depicts him posing in a motel room door, his shirt slashed to the navel. Greene's pinup career began when he set out to do a column on the superstar poster business and called Marketcom/Crosswinds Corp., a Fenton, Mo., firm specializing in posters of big-name athletes. "One thing led to another, and we decided he could...