Archives for February 2009
Has anyone approached Northern Trust to sponsor any Chicago sailing events?
TMZ reports on lavish parties, gifts and entertainment by Northern Trust, after receiving $1.6 billion US government bailout funds and laying off 450 employees.
Sounds like an ideal sponsor!
In all seriousness, we disagree with the tone of the TMZ article.
Note that in a capitalist society with economic freedom, private enterprise shall be rewarded for its success. Rather than condemn Northern Trust for its business decisions, responsible news media should be well-advised to identify Northern Trust as a leader in its industry, avoiding the many banking pitfalls that beleaguer our economy today.
It is a failure of the government to disburse $1.6 billion in US taxpayer funds to a banking institution which does not require it.
We support all efforts by individuals and private enterprise to generate their own financial success and wealth, and remain highly skeptical of government interference with market economics.
Kudos to TMZ for questioning the role of Congress and our federal government in failing their responsibilities to taxpayers.
Update- some additional thoughts:
1. Sailboat racing requires a certain level of economic prosperity. Thus, it benefits racing to support policies which promote prosperity, rather than denigrate capitalism and successful private enterprise.
2. Interestingly, the Northern Trust statement responding to the TMZ article highlights the charitable contributions made to the community.
Apart from exercising social responsibility, it brings to mind the notion that event promotion supporting charitable efforts often yields greater rewards, both tangible and intangible, than sponsorship based on purely commercial interests.
Locally in Chicago, it would serve well to find an affluent sponsor to promote sailing to replace the loss of ABN AMRO’s highly visible participation in major local events.
The growing continued success of Windy City Match Race and the Leukemia Cup regatta demonstrate the value of charitable efforts combined with sailboat racing events.
Was anyone on the floor during CNBC today?
Thank you to all traders taking a stand.
Chicago2016.com – “a comprehensive, balanced discussion about the Chicago 2016 Olympic bid.”
Chicago2016.org – Chicago 2016 Olympic Bid Committee website.
Citizen Media Law Project – Chicago 2016 v. Frayne – vexatious litigation by US Olympic Committee and Chicago 2016 Olympic bid organization against Chicago2016.com website domain.
Don’t Give Up The Ship – Chicago Yachting Association and Columbia Yacht Club boating advocacy support for Chicago 2016 Olympics.
The International Olympic Committee will choose the 2016 Olympics host city on October 2, 2009.
Yacht club group tells members it fears retaliation from city if they protest proposal for Monroe Harbor
By Laurie Cohen, Kathy Bergen and David Heinzmann
February 12, 2009
Lots of boaters are unhappy with plans to use Monroe Harbor as the rowing venue for the 2016 Olympics should Chicago win the Games, but you won’t hear many complaints.
The Chicago Yachting Association, an umbrella group for 15 yacht clubs in the Chicago area, has asked members to keep a lid on it, noting in a memo obtained by the Tribune that yacht clubs “are vulnerable to retribution.”
Mayor Richard Daley’s office and the Chicago Park District have made it clear “that they do not wish to talk about issues that may be confrontational until after October 2009,” according to the memo by an association committee charged with formulating an approach to the city’s Olympic plans.
City officials say they aren’t trying to stifle dissent before Oct. 2, when the International Olympic Committee, which values popular support, selects a host city. But critics of the bid, from parks activists to concerned taxpayers, believe boosters have worked to suppress public criticism and withhold potentially controversial information.
The three-year Chicago campaign to win the Summer Games has been a study in how to carefully control the flow of information, with details parceled out only to the extent required to satisfy Olympic officials. The team has cited the intense competition among the finalists, which include Madrid, Rio de Janeiro and Tokyo, as a reason for keeping portions of its playbook private.
But critics want more information. The bid campaign “is not a very transparent process, and that makes it frustrating for us,” said Peggy Brennan, vice commodore of the historic Columbia Yacht Club, who wants more details on how use of Monroe Harbor as the rowing venue would affect boaters.
“When taxpayer dollars are involved, you’d like to be a little more transparent on these things,” said Allen Sanderson, who teaches economics at the University of Chicago.
Now, in formal bid documents due Thursday, Chicago and its rivals had to answer an extensive battery of tough questions from the IOC. The bid team has been saying for months that its book, to be released publicly in Chicago on Friday, will answer many remaining questions.
But other significant questions that aren’t required to be addressed will continue to go unanswered, including an accounting of donations to fund Chicago’s nearly $60 million effort to win the Games, information that would show who pitched in the most for one of the mayor’s favorite causes.
Chicago-area residents, while largely supporting the bid, doubt some of the city’s claims. A Tribune poll this month found that many Olympics supporters, as well as a vast majority of those opposed to bringing the Games here, don’t buy Daley’s pledge that private funds would cover nearly all the costs.
So far, the city hasn’t been quick to own up to the financial risks taxpayers would have to bear. Over time, it became known the city would make a variety of commitments, from a $500 million guarantee against the potential of operating losses to picking up the cost of city services and purchasing the site for an Olympic Village, for ultimate resale to a private developer.
Visit www.chicagotribune.com to continue reading this article.
Lou Jacob announces:
T-10 Fleet Gathering at Goose Island (Clybourn) Friday 2/6 @ 6:30
A reminder and notice to those who were not on the original Evite invitation:
T-10 folks, friends, and potential crew are gathering at Goose Island Brew Pub (on Clybourn in Lincoln Park), Chicago tomorrow at 6:30pm.
It will be a great time to catch up with friends, crew and many of the new potential crew-members who visited the T-10 boot at Strictly Sail!
If you are interested in racing with the T-10’s this summer, come check it out, remember, you’ve tried the rest now sail with the best!
We can make you a winner!