It was a week that saw a major media publisher file for bankruptcy, a governor arrested, and an old-fashioned sit-in. And it all happened in The Prairie State: Illinois.
It’s where John Deere was founded and home of flat, fertile prairie land. It's called the Land of Lincoln because Abraham Lincoln launched his political career there (though he was born in Kentucky). It is the birth place of another Republican president, Ronald Regan. It's also Barack Obama’s political launching pad.
And while Obama's win thrust Illinois into the spotlight, it's this week’s news that brought it under the microscope. Here's a recap with the usual December zingers (for you to throw out at those holiday parties):
The bankruptcy
On Monday the publisher of The Chicago Tribune and owner of the Chicago Cubs—Tribune Co.—filed for bankruptcy protection, saying its debts ($13 billion) exceed its assets ($7.6 billion). The Cubs aren't part of the filing, but the Los Angeles Times, the Baltimore Sun, and about 100 other publications owned by Tribune Co. are. Many blame Chairman Sam Zell for taking the company private last year in a controversial deal to save the company. That said, the newspaper industry as a whole is struggling—ad revenues are off 15% this year and sales are down.
Zinger! One
The top three newspapers by circulation are: 1) USA Today (2.3 million subscribers), the Wall Street Journal (2.1 million) and the New York Times (1.1 million); the Chicago Tribune ranks 8th (540,000).
The arrest
It would have been hard to miss the arrest of Illinois Gov. Rod Blagojevich (pronounced bluh-goy-ya-vich), whom prosecutors allege tried to sell Obama's senate seat, among other corrupt doings. The governor's still on the job but the state’s attorney general says she may ask the state supreme court to declare him unfit to govern.
Zinger! Two
Blagojevich's arrest comes just as a former Illinois governor seeks a presidential pardon before President Bush leaves office. Former Gov. George Ryan, who had the job before Blagojevich, is serving a 6 ½-year sentence for racketeering. He wants his sentence commuted to time served (one year so far) so he can help care for his sick wife.
The sit-in
In a throw-back to the 1960’s, 250 laid-off employees at a window and door manufacturing company in Chicago staged a sit-in for six days, demanding unpaid vacation money and underscoring the plight of workers in the weak economy. The company gave workers just three days notice that the plant was closing. On Thursday Bank of America and JP Morgan loaned the company money to pay out the vacation days and severance.
Zinger! Three
So far 1.9 million jobs have been lost this year, 500,000 of them in November alone.
It’s where John Deere was founded and home of flat, fertile prairie land. It's called the Land of Lincoln because Abraham Lincoln launched his political career there (though he was born in Kentucky). It is the birth place of another Republican president, Ronald Regan. It's also Barack Obama’s political launching pad.
And while Obama's win thrust Illinois into the spotlight, it's this week’s news that brought it under the microscope. Here's a recap with the usual December zingers (for you to throw out at those holiday parties):
The bankruptcy
On Monday the publisher of The Chicago Tribune and owner of the Chicago Cubs—Tribune Co.—filed for bankruptcy protection, saying its debts ($13 billion) exceed its assets ($7.6 billion). The Cubs aren't part of the filing, but the Los Angeles Times, the Baltimore Sun, and about 100 other publications owned by Tribune Co. are. Many blame Chairman Sam Zell for taking the company private last year in a controversial deal to save the company. That said, the newspaper industry as a whole is struggling—ad revenues are off 15% this year and sales are down.
Zinger! One
The top three newspapers by circulation are: 1) USA Today (2.3 million subscribers), the Wall Street Journal (2.1 million) and the New York Times (1.1 million); the Chicago Tribune ranks 8th (540,000).
The arrest
It would have been hard to miss the arrest of Illinois Gov. Rod Blagojevich (pronounced bluh-goy-ya-vich), whom prosecutors allege tried to sell Obama's senate seat, among other corrupt doings. The governor's still on the job but the state’s attorney general says she may ask the state supreme court to declare him unfit to govern.
Zinger! Two
Blagojevich's arrest comes just as a former Illinois governor seeks a presidential pardon before President Bush leaves office. Former Gov. George Ryan, who had the job before Blagojevich, is serving a 6 ½-year sentence for racketeering. He wants his sentence commuted to time served (one year so far) so he can help care for his sick wife.
The sit-in
In a throw-back to the 1960’s, 250 laid-off employees at a window and door manufacturing company in Chicago staged a sit-in for six days, demanding unpaid vacation money and underscoring the plight of workers in the weak economy. The company gave workers just three days notice that the plant was closing. On Thursday Bank of America and JP Morgan loaned the company money to pay out the vacation days and severance.
Zinger! Three
So far 1.9 million jobs have been lost this year, 500,000 of them in November alone.
