Illinois “solved” its budget crisis by passing an increase in the state income tax from 4.7% to 7%, a 48% increase.<\/p>\n
The Chicago Tribune reports that the Chicago Board Options Exchange<\/a> (they run the service where people buy and sell options on stocks and other things) is looking to move out of Illinois.\u00a0\u00a0\u00a0 Computers can be anywhere.\u00a0\u00a0 The CBOE doesn’t have a physical trading floor, so they could just as easily move to Texas (or Dubai)<\/p>\n http:\/\/www.chicagotribune.com\/business\/breaking\/chi-cboe-holds-talks-with-other-states-about-possible-move-20110930,0,4502561.story<\/a><\/p>\n A lot of rich people make their living from the CBOE and would be glad to move their homes as well.\u00a0\u00a0\u00a0 The NYSE also has a major operation in Chicago as well as the CBOT\/CME.\u00a0\u00a0 According to the story, about 120,000 people in Chicago work in the financial trading business.<\/p>\n In the age of computerized trading networks, you can’t milk this cow any more.\u00a0\u00a0 See how fast Chicago could become Detroit…<\/p>\n","protected":false},"excerpt":{"rendered":" Illinois “solved” its budget crisis by passing an increase in the state income tax from 4.7% to 7%, a 48% increase. The Chicago Tribune reports that the Chicago Board Options Exchange (they run the service where people buy and sell … Continue reading