EQUITY: First up in our new special section: The business case for diversity. PAGE 14 CRAIN’S LIST: Chicago’s biggest minority-owned businesses. PAGE 8 CHICAGOBUSINESS.COM | NOVEMBER 2, 2020 | $3.50 COVID CONUNDRUM Is Illinois prepared to vaccinate 10 million people? BY STEPHANIE GOLDBERG ILLINOIS IS GEARING UP for an unprecedented logistical chal- lenge in the midst of a public health crisis. e goal is simple: vaccinate 80 percent of the popula- tion against COVID-19. But getting the shots from manu- facturers to people’s arms will require precise coordina- tion among numerous public and private entities, as well as an airtight supply chain—not to mention a safe and ef- fective COVID-19 vaccine. e complexity, urgency and scope of such a vaccination See VACCINE on Page 22 BLOOMBERG Here’s the story behind Lost luster at Illinois political spending Northern Trust Madigan spends to enhance his power; Republican Safeguarding trillions for institutional donors aim at Justice Kilbride, graduated income tax investors isn’t paying o like it used to BY A.D. QUIG lionaire Gov. J.B. Pritzker is large- ly keeping out of legislative races, BY STEVE DANIELS ern linchpin that for de- Heading into Tuesday’s election, while spending $51.5 million since cades was an unquestioned a trail of campaign cash maps the April 1 to pass the “fair tax.” Northern Trust is worried triumph. priorities of big-money players on Speaker Madigan’s money could IMAGES AP about COVID’s e ects on its Northern is one of three both sides of the aisle. boost his power, even as federal Michael Madigan business like all other banks, banks that dominate the Longtime Democratic power prosecutors appear to be circling but it has an additional con- business of holding and broker Michael Madigan is pour- him. Piling up more IOUs from ing Illinois Supreme Court Justice cern most of them don’t. processing trillions of assets ing millions into legislative races Democratic legislators reduces the omas Kilbride and blocking e monied institutional for the world’s largest insti- in a bid to enlarge his party’s al- threat of an internal challenge to the graduated income tax sug- clients Chicago’s largest lo- tutional investors. e fees ready enormous voting edge in his leadership if he escapes indict- gests they see legislative rac- cally headquartered bank Northern is paid for custody the Illinois House. Meanwhile, ment. Pritzker’s decision to leave es as a bad investment this cy- built a costly global platform and fund administration ac- Republican megadonors are fund- House races to Madigan shows he’s cle. Better for GOP donors to to serve aren’t paying like counted for 40 percent of the ing e orts to defeat the graduated not angling to usurp the speaker as protect themselves from a big tax they once did for the work, bank’s $3.86 billion in fees income tax and knock a Democrat Democratic kingmaker. leaving analysts wondering o the state’s Supreme Court. Bil- Conservatives’ focus on oust- See SPENDING on Page 13 about the value of a North- See NORTHERN TRUST on Page 23 NEWSPAPER l VOL. 43, NO. 44 l COPYRIGHT 2020 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED COMING NEXT WEEK: THE 2020 UNDER CLASS OF 40 UNDER 40 FORTY 2 NOVEMBER 2, 2020 • CRAIN’S CHICAGO BUSINESS Much is at stake up and down the Cook County ballot ome elections are about is- right-leaning Supreme Court terribly shattered and paranoid sues. Others are about per- judges, a shake-it-all-up attitude country together for the next Ssonalities, war and peace or that oozes out of every presiden- four years? Donald Trump or Joe some other big subject. tial pore. Biden? GREG HINZ This election is about some- If you’re a Democrat, you The same question of what ON POLITICS thing more basic and funda- point to a horrid mishandling kind of place we want to live in BY GREG HINZ mental: Who we are. What kind of the COVID-19 pandemic that also is on the ballot in the state’s of country, state and city do we has hobbled the economy, utter key race: whether to adopt or want to live in when the last vote disdain for curbing climate reject the proposed graduated Illinois already lived through crime and repeat violent offend- is counted? (Hopefully sooner change and the enormous debts income tax amendment. four years of crisis under former ers,” making neighborhoods rather than later.) those big tax cuts have left As I wrote a couple of weeks Gov. Bruce Rauner. Is that where unsafe, asserted Democratic Let me start with the office behind. ago, the campaign around this we want to live again? Committeeman and 42nd Ward we’re all voting on, whether Reasonable people can issue has been butt-ugly, filled Finally, the race for Cook Ald. Brendan Reilly in endorsing you live in Chicago or Oak Park, disagree about all of those— with distortions and misleading County state’s attorney. GOP candidate Pat O’Brien. and come up with twists. Foes make a credible We all want to live in a safe But I’m not totally convinced THIS ELECTION IS ABOUT SOMETHING workable solutions. argument against the proposal community, one in which you that electing O’Brien wouldn’t All-or-nothing stances when they assert that only its re- and yours can be safe at night represent a big step back to the MORE BASIC AND FUNDAMENTAL: are good in hockey jection will create the fiscal cri- wherever you are. We all also past. For instance, accepting championships, not sis needed to force lawmakers to want to live in a place where the a big campaign donation and WHO WE ARE. governance. But those slash unaffordable government law is truly colorblind, a place major help from the Fraternal workable solutions worker pensions and confront where police are respected and Order of Police comes with Matteson or Wheaton. That’s the will come about only if those political corruption. not feared by those they are baggage, lots of it. Whether presidency, where the vote, as involved are reasonable, only if But will it? Or will rejection sworn to protect. The question is O’Brien wants to admit it or not, is usual in such instances, has they’re willing to look beyond merely deny the state what it how to get there. FOP never saw an abusive cop turned into a referendum on the their own party and their own should have had long ago—a Incumbent Kim Foxx at times who needed more than a little incumbent. ego and get everyone talking more equitable tax system— seems more social worker than counseling or a law enforcement If you’re a conservative, you about a way out. while leading the Legislature to prosecutor. In her drive to keep problem that couldn’t be solved probably like much of what That’s the core issue in this instead hike the current flat tax minor offenders out of jail and by more arrests. Donald Trump has accom- presidential contest. Ask your- to a higher level next year. to not incarcerate a poor person Which of these contenders plished, even if you don’t like self a simple question: Who do I’ve never been much of a fan just because they’re poor, she’s will come closest to making this him: lower taxes and fewer you trust more, when the votes of governing by political crisis. “fail(ed) to aggressively and a better place to live? That’s the regulations, a new batch of are counted, to try to bring a Too many things can go wrong. consistently prosecute gun question for voters. What’s Griffin’s endgame in push against ‘fair tax’? hicago billionaire Ken Grif- who report making over a mil- income, of course. n has spent $53.75 million lion dollars a year. At that point, Grin recently unleashed a rhe- to convince Illinoisans the entire tax bill is taxed at 7.99 torical fusillade on the “spineless” BY RICH MILLER Cto reject a proposed graduated percent. But those folks are not Pritzker in an internal memo to his RICH MILLER income tax this year. exactly hurting. employees, deriding Pritzker for Illinois currently has a at in- Grin’s two publicly issued his inherited fortune and being a ON SPRINGFIELD come tax. Everyone pays the same statements since contributing his “shameless master of personal tax rate, rich or poor. Gov. J.B. Pritzker money mentioned outmigration avoidance.” at’s in the Pritzker campaigned heavily on increasing as one reason to be opposed to the family genes, by the way. ey’ve suer signicant political damage. So many questions, so few taxes on upper-income voters and new tax system, but most people long been infamous for coming up And being forced to raise taxes on answers. followed through by convincing who leave Illinois are not in the with ways to avoid paying taxes. everyone or make deep spending the General Assembly to put a upper brackets. ere’s no doubt that if the grad- cuts would only compound that Crain’s contributor Rich Miller constitutional amendment on the One of his statements and uated income tax doesn’t succeed damage. Is Grin trying to weak- publishes Capitol Fax and Capitol- ballot. e billionaire Democrat several of the ads he’s funding at the ballot box then Pritzker will en the governor ahead of 2022? Fax.com. has since spent $56.5 million of talk about how more people will his own money to promote the eventually pay higher rates in the change.