Bill Brodsky, CBOE Chairman, Says He's 'Embarrassed' To Live In Illinois After Getting Huge Tax Break

Illinois lawmakers have already expressed frustration with Sears about their decision to close 120 stores across the country after the state approved a massive tax break for the company. Now, the CEO of another Illinois company that benefited from the tax breaks is sounding less-than-grateful.

“I’m embarrassed to live here,” CBOE Holdings Inc. CEO Bill Brodsky told reporters at a media lunch Monday, Crain's Chicago Business reports.

Brodsky was reportedly criticizing the state after Moody’s Investors Service gave Illinois the nation's worst credit rating -- A2 -- last week.

"If he was so concerned about Illinois’ budget problems, then perhaps he shouldn’t have threatened to move his company out of state unless he received a big tax cut," Rich Miller of the Capitol Fax blog pointed out Wednesday.

Indeed, CBOE -- along with Sears and CME Group Inc. -- threatened to leave Illinois unless the General Assembly approved millions of dollars in tax breaks. The breaks will save CBOE an estimated $6 million annually, according to Chicagoist.

Brodsky, a major supporter of Chicago Mayor Rahm Emanuel, took a shot at state lawmakers while praising Emanuel for being "willing to tackle real problems."

"The city is taking serious steps to deal with its financial problems," Brodsky said, according to Crain's. "I think the county is taking serious steps to deal with its financial problems. The state has yet to take serious steps to deal with its financial problems."

Comments

[tiredofcorruption]

08:15 AM on 01/14/2012

I am also embarrassed by Brodsky, whose heirs also stand to profit. The same legislation that gave CBOE and CME massive tax breaks also doubled the state estate tax exemption from $2 to $4 million. Bill sponsor State Senator Toi Hutchinson, who lives in an Olympia Fields mini-manse herself, didn't have a problem with throwing that extra sweetener in for the 1 percent, either. And this is after she and the rest of the employees at the br.ot.he.l.le also known as the state capitol voted to jack up taxes for ordinary working folks. Individual middle class workers state income tax went up by close to another $1,000 a year. The state is also dogging individuals to ante up sales taxes on $20 worth of online purchases. Meanwhile Brodsky and Co. get huge tax breaks and then have the chutzpah to whine!

There is something seriously wrong when we are laying off teachers and cops while doubling estate tax exemptions for the wealthy.

[tayls252]

08:23 PM on 01/13/2012

Yes, Illinois has been terrible to Brodsky! What a travesty and embarrassment! I'd be equally embarrassed if I lived and worked somewhere that let this happen to me.....

William J. Brodsky Compensation for 2010
Salary $1,482,692.00
Bonus $1,000,000.00
Restricted stock awards $6,761,002.00
All other compensation $338,604.00
Option awards $ $0.00
Non-equity incentive plan compensation $0.00
Change in pension value and nonqualified deferred compensation earnings $0.00
Total Compensation $9,582,298.00

[PalaceOfWisdom]

12:51 PM on 01/12/2012

"Illinois lawmakers have already expressed frustration with Sears about their decision to close 120 stores across the country after the state approved a massive tax break for the company."

If they didn't know Sears is circling the drain, they don't belong in office.

[corwin]

05:37 PM on 01/12/2012

A couple of points. I think it's redundant to say "Illinois lawmakers" and "Don't belong in office"
And,why would Illinois officials care about stores closed in other states?

[Trickery]

12:05 PM on 01/12/2012

Guess he's going to take the money and run.......to Ohio :/

[robodawa]

11:32 AM on 01/12/2012

Tell us about your pain, Billy. We're cupping our ears. Maybe you can mollify the pain by
cutting massive checks to Catholic Charities, Boys and Girls Clubs, Donor's Forum,
BSA, GSA, the 'Y', Red Cross, etc. Pick a 501 (c) 3 that works in this state, please.
Every extra comma will give you back your pride, Mr. Brodsky.

[corwin]

05:38 PM on 01/12/2012

Robo,
Do Smart People have to give money ?

[tissa]

10:23 AM on 01/12/2012

Brodsky is nothing but a_BloodSuckingLeach_ who ASKED for a tax break. You _LYING_HYPOCRITE

[Johnny Galileo]

09:33 AM on 01/12/2012

I'm embarrassed that our elected officials kowtow to jags like Brodsky because he pays for their campaigns.

Had this come from someone other than Brodsky our big-mouthed, ADD-addled mayor would be calling him out in the Tribune or Sun-Times, but seeing as how he's one of Emanuel's peeps, that's not going to happen.

[5041360]

09:32 AM on 01/12/2012

so leave

[chiGrkBoy]

09:05 AM on 01/12/2012

It's a back-handed shot. He's embarrassed at the credit rating drop, but I don't see him lamenting on how he helped make that happen. His underlying message is now telling Illinois to drop many social programs and attack the public sector unions.

"Some on Illinois...throw the weak and the poor under the bus. They don't count anyway."

For the record, I abhor what this guy did and that our Government gave him tax breaks. I don't agree with his statements, but I'm simply reading between the lines.

[BushBites]

08:54 AM on 01/12/2012

Get rid of the flat tax and Illinois' problems would be solved.

Yet another conservative idea that doesn't work in the real world.

[HeavyDoug]

08:43 AM on 01/12/2012

Reminds me of...

http://www.youtube.com/watch?v=Nfg1U3Z0mVM

Hmmm...

[JeanRR]

08:40 AM on 01/12/2012

Well, I guess we are even. I am embarrassed to have him living here.

[dans5843]

10:54 AM on 01/12/2012

I am with you on this creep

[Aldyth]

08:39 AM on 01/12/2012

There are times when I'm embarrassed by the behavior of our elected government in Illinois and have said it many times.

Last time I looked, the state hasn't give me any tax breaks. In fact, they raised my taxes.

The guy can't even let "Thank you" slip out before he's back to bashing the state.

[solid]

08:05 AM on 01/12/2012

I'm embarrassed to live in Illinois with bozos like this, too.

[p pitstop]

02:52 AM on 01/12/2012

Wow. I can't say how many things are wrong with this. It's like an abuser in a relationship telling the abused how much they pity him/her because they allow themselves to be abused. F-ed up.