Home

Join

Main Menu



blog advertising is good for you
Powered by Disqus

Links

Like IB

«
»

The Indianapolis Mercantile Exchange?

Indianapolis Mayor Greg Ballard today met with officials from the Chicago Mercantile Exchange in an effort to lure the exchange from the Windy City to the Circle City.   The Dow Jones News wire has reported on the meeting and city spokesman Mark Lotter confirmed the Mayor had left a conference in Wisconsin early to attend the meeting at the exchange.

The Mercantile Exchange as well as the Chicago Board of Trade have threatened to leave Illinois over high corporate taxes and the failure of the Illinois General Assembly to address the issue this past session.

Lotter would not say what incentives the Mayor offered in his proposal, however he did confirm that the city and state had been talking to the Exchanges for months.  Long before Illinois failed to act to lower its corporate tax rate.

I originally wrote about this Thursday on IndyPolitics.Org.   If I learn more details over the weekend, I will keep you posted.  However it is worth noting that in the last 43 encounters  where Indiana and  Illinois have been in competition for jobs and new investment and Indiana won 40 times bringing 4,000 new jobs to the state and more than $2 billion in new investments.


Posted: 12|2|11 at 5:55 pm by Abdul Hakim-Shabazz
Follow this entry via RSS 2.0. Comment | Trackback

  • pascal

    Having learned something about polling on this blog what is the substance of this one? “Contrast #3: The third contrast is a contrast with reality. Democrats continue to say Hoosiers oppose Right to Work. Not so fast. An overwhelming 65 percent majority of Hoosiers support making Indiana our Nation’s 23rd Right to Work state”

  • Joedil

    Abdul — just wondering what the source is of the 40 out of 43 victories for Indiana over Illinois in the job competition race? can you shed more light on this one……

  • Indyernie

    I’ve been to the Mercantile Exchange on business several times. This would be huge for indianapolis business and jobs.

  • pascal

    A lot of reporting like this has had considerable blue sky vista to it.  What we really ought to be doing, D and R, is actively plucking manufacturing concerns from that State.  Are we happy with the Caterpiller Plant near Purdue?  I think so.  Indiana suppliers can stp up and deliver most anything a manufacturing plant might need.  Ihope we can prove this with the Caterpiller plant in Muncie.

  • Abdul Foot in the Mouth

    Abdul -In a previous comment you made regarding the rumors that you accepted money from tobacco and bar related interests to advocate against a comprehensive smokefree workplace law you  stated,”I hate to disappoint you, but I didn’t get paid anything. I could have made quite a bit of cash, but didn’t take a dime.  Sorry.  I guess you’ll just have to convene a grand jury.” You are admitting that someone approached you and asked you to commit a felony and you did not report it? You approached you? How much cash did they offer? This is getting more interesting…more to come??Thanks,Awesome

  • Abdul

    It is only a felony if someone has intent to commit a crime. I have been asked in the past to lobby for vauses and people have promised to pay. I tell them I can’t take money and they say ok. Sorry, no crime here. You will have to try harder. I suggest never play connect four with someone who has mastered three dimensional chess.

  • Abdul

    “causes”

  • cynical sam

    Maybe we should ask the MF Global investors who have lost all their money what their opinion of the CME is?  Maybe John Corzine could be the new Indiana treasurer.  The CME is a complete and criminal cabal. Maybe one should read Ann Barnhart’s letter to her clients on the CME.  Maybe one should wake the hell up.

  • Phil

    The Mayor is getting played once again.Do you really think that there is a chance in hell that the CME will move to Indy? They are using the Mayors total ignorance of business and playing us. There is not a chance in hell that they will move here.

    This city does to have the necessary infrastructure to get this deal done.This would be like moving the Indy 500 to Chicago,its just not going to happen,but nice try though.

    Seems like you can play the Mayor and Huber quite easily.

  • cynical sam

    Oops.

    Since Abdul refuses to install an EDIT button I must reply to myself to correct an error. I meant to say “The CME is a completely corrupt and criminal cabal. Shall we discuss the COMEX?

    All else stands on its own.

  • pascal

    We might be as well play since it is not so certain that the entirely corrupt State of Illinois can fix this problem of theirs without a cascade of “me too” deals.  Illinois already exports ex governors to Indiana prisons. 

  • Finn

    Rumor today has it that half the net MF assets were located in a JPMorgan account in Europe where it was being held as security, for more than one thing, in violation of rules.  Bankers.  Don’t blame a commodities exchange in Chicago for Corzine’s criminal fund management.  

  • John Howard

    This is probably more likely than Litebox cranking out it’s first unit.

  • cynical sam

    I think more homework on your part is required. MFG was a commodities holding firm.  Lets not even begin to discuss JPMs manipulation of the metals market via the COMEX and the SLV/GLD ETFs.  Also, the CME is a “self regulating entity” that has almost no supervision via the SEC/CFTC. 

  • Steved608

    What wuld be the advantage to moving? According to the paper the tax rate in IL was raised from 4.8% to 7%. Indiana is at 8% scheduled to drop over several years to 6.5%. Would that actually move over .5% or is this a ploy to cut a better deal in Chicago? I agree with the above post, betting it doesn’t happen, Daniels will flip out if one of the conditions is Indiana has to be on Central Time to make it happen.

  • Abdul

    In Illinois you pay taxes on 100% of trades.  All Indiana has to do is cut that in half. 

  • Abdul is Crooked?

    If you were approached, that is criminal intent. If you were offered money, that is criminal intent. Maybe you should get a law license in Indiana. You are crooked and will be exposed.

  • Rico

    Probably just another slush fund for Barry from one of his buds.

  • Abdul

    Good luck with that one. 

  • Abdul

    And call me when you learn what mens rea is.

  • Dave

    Chicago, NYC, not the business friendly places they used to be; third whirled into a sleepy state of ennuyeuse by the  uneyawn collective…

    Corporate location scouts are indeed tuned to the right to work issue.   

  • Pissed off in Fountain Square

    Id say the odds of us getting the MCE are about the same as us winning the Super Bowl.

    Just more smoke and mirrors, I hope that Ballard is getting used as a pawn, but IM afraid that he is.After all its his genius advisors that gave us the ACS deal.

    BTW,Abdul why don’t you do a story on the parking rates going up next month?

  • Think Again

    But the Exchange has an Operations and Conduct Policy, which governs all who trade there.  And which, if properly enforve,d you’d think would catch this kind of thing, or sanction, or something.  So much for private sector self-policing.  Nah, we don’t need no stinkin’ gubment oversight.

  • Think Again

    LiteBox.

    Nothing else needs to be said.

    Distract him with shiny objects, promises of a Buffet somewhere, and some legal fees to “research” this potential deal, obviously pushed toward one of his fave law firms.  Maybe Mr. Vaughn’s firm?

    Wonder what we’d give for this kind of gem?  A real-live exchange?  Alas, we have nothing of value left.  

    And so it goes.

  • Abdul Was Bullied in School

    If they offered you money after you stated it was illegal, like you suggests in your own words, then in their “minds” they were committing a criminal act. Get back with me when you are allowed to actually practice law in Indiana…like me. You are a d-bag.

  • Steved608

    Great idea, why doesn’t Indiana just collect taxes on half the volume of all companies doing business in Indiana. I know the owner of my company would go for that. Doubt that he will get that kind of deal though. Oh yea he is an IL resident, wonder why he hasn’t moved across the line to this tax haven?

  • Turk182

    Thinking about United Air Lines, and the White elephant we all own out at the airport. Who was the governor and who was the mayor, both Dems and Reps are still wiping the egg off of their faces, and the taxpayer is still paying the bond on ole dumbo!
    So when something as big as MCE arrives, don’t give away the farm to get these folks!, the disease might me as bad as the cure!

  • cynical sam

    Uuuuhhh……..

    the CME is one of the owners of the gubmint.  Did you not once doubt my assertion that insider trading in the hallowed halls of CONgress was not happening.  The problem, TA, as I see it is that NO ONE is supervising the gubmint. I hope you don’t end up on the SB 1867 list and are disappeared. Passed the senate 97-3 on Friday. We shall see if Obama vetos.

  • pascal

    If MCE does not avoid the hold up attempt in Chicago they ought to flee-the sooner to turn Chicago into Detroit and for the same reasons. However, Mayor Ballard need not offer them a dime.  Finding them a physical place to locate is help enough.

  • Abdul

    Obviously reading comprehension isn’t your strong point.  Whenever someone has asked me to lobby on their behalf for money, I tell them “no” I am not a registered lobbyist. And then they say “ok, who would you recommend?”  Might I suggest getting a life.  And if you were really were allowed to practice in Indiana you wouldn’t be asking these idiotic questions.  Go back to bed and dream about the tragedy that is your existence.

  • Think Again

    I hope he does.  Some troubling parts of 1867.  But you need to study up on the CME.  Here’s a link toSB 1867: http://thomas.loc.gov/cgi-bin/query/z?c112:S.1867:
    But this post was about the CME relocation efforts.  And my post was about this administration’s desire to sell off everything not nailed down.  However stupid the details.  Just makes me wodner what we’d offer-up for the CME.

  • Think Again

    All over America, we pay taxes on trade profits relative to our income and tax bracket (state AND federal, except those state without income taxes).   Please don’t make me come over there and give you an ecnomics lesson.  LOL

  • M Theory

    Regarding JPM’s manipulation of the metals markets….here’s the link to the paper containing the damning research

    http://solari.com/articles/Precious_Metals_Puzzle_Palace/

  • M Theory

    I ate at the Alsatian cuisine restaurant on top of the building once.  Dinner was about $600 for two people and a waste of money.  Of course, we were still hungry afterward.  

  • Abdul to Dumb to be a Lobbyist

    advocating for an issue on your failure of a radio show for cash isn’t lobbying…but it is illegal. no one in their right mind would pay you to lobby at the state house because everyone knows you are a joke. My existence is great…I’m young and rich. You run an unsuccessful “business”.  Sorry you stuck you foot in your mouth.

  • Steved608

    Just commenting on Abdul’s comment if we only tax half the trades it will help the move.

  • Abdul

    Whatever. By the way, it’s “too”.

  • Abdul Eats Fart Bubbles

    oh snap. good one. You just can’t win on substance here…I got you..abdu sticks his foot in his mouth and I win.

  • Indianadobie

    I don’t see how we can lose by talking with them. Worst case is they use us to negotiate a better deal with Chicago – and we gain free publicity that might get other companies thinking about moving here.