Illinois May Bail Out Certain Casino Investors

The Chicago Sun-Times reports:

Nearly two dozen female and minority investors in the failed Emerald Casino could get bailed out of their multimillion-dollar, bad investment under a massive gambling expansion backed by Gov. Blagojevich and Senate President Emil Jones.

Tucked within the 218-page gambling bill is a controversial provision that could allow the clout-heavy group to recoup $32.8 million lost on the Emerald deal and have an ownership stake in one of four new casinos proposed for Chicago and the suburbs.

'You are taking a risk'
Lawmakers from both parties and a top government watchdog condemned the plan, questioning why taxpayers should be expected to swallow the losses of the politically influential group or to wade anywhere near the legal morass involving Emerald.

"When you invest, whether in a casino or stocks, you are taking a risk. . . . When you invest and lose, the state shouldn't be bailing you out," said Cindi Canary, director of the Illinois Campaign for Political Reform.

Emerald investors include Sandra Degnan, wife of former mayoral aide Tim Degnan; Chaz Ebert, wife of Chicago Sun-Times film critic Roger Ebert; Connie Payton, widow of Chicago Bear Walter Payton, and former Chicago Bear Shaun Gayle.

Affirmative action at it's best.This is nothing more than theft.