Mark Furlong, part of Rahm's latest batch of appointees to the Board of Ed, is a profiteer nonpareil. LEAP Innovations, a company Furlong was affiliated with, has received a contract extension from the Board for their $ervices. WCT thinks it's time to shine a spotlight on this deft kick-back artist:
1st Notable Profiteer Achievement: Receiving an $18.1M golden parachute payout despite the company he was CEO of, Marshall & Ilsley (M & I), not repaying a $1.7B TARP loan; receipt of bonus was contingent upon loan repayment while he was CEO. Chaaaaa-ching!
2nd Notable Profiteer Achievement: Orchestrating a cheap deal in which M & I, along with its debt, was taken over by BMO Harris. As part of the buyout, the TARP loan was paid by BMO Harris before the deal closed, thus ensuring bonus payout to its executives. Chaaaaa-ching!
3rd Notable Profiteer Achievement: Being offered an executive position by BMO Harris complete with a $6M "transition completion payment" for staying on one year after the 2011 buyout. You guessed it, he stayed. Furlong also collected a $600,000 salary, incentives of up to $800,000 a year, and equity awards of up to $1.1M. Chaaaaa-ching!
All Chicago politicians rail against, "kicking the can down the road," but Furlong's actions while head of M & I are the very definition of that. Not only did BMO Harris repay a loan that wasn't theirs, but rewarded Furlong's delay with a lucrative deal. The collateral damage left M & I shareholders filing suit for the undervaluing of M & I's stock at the time of sale.
This is who Rahm Emanuel wants to be a financial steward of our schools?
CPS parents, students, and teachers: you're about to get Furlonged, but good.
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