Newspaper article St Louis Post-Dispatch (MO)

Edgar Part of Firm Built to Profit off Budget Stalemate

Newspaper article St Louis Post-Dispatch (MO)

Edgar Part of Firm Built to Profit off Budget Stalemate

Article excerpt

CHICAGO * Former Illinois Gov. Jim Edgar has been critical of fellow Republican Gov. Bruce Rauner over the state's ongoing budget stalemate. But Edgar is also a partner in a business that is trying to make money off the crisis.

Edgar is a partner and chairman of the board of Illinois Financing Partners. According to the Chicago Sun-Times, the company advances money to vendors that aren't being paid by the state. In exchange it will keep late fees the state owes those vendors.

Edgar says the company and five others in the same business are performing a service made necessary by the crisis.

"Because we're in the financial mess we're in now, you need something like this to protect the vendors," he said.

Former U.S. Rep. Jerry Costello, a Democrat from southwestern Illinois who is now a lobbyist, is also part of the business. He and Edgar each own 1 percent of Illinois Financing Partners, according to ownership records.

Edgar says he is paid a monthly stipend, though he will not say how much that is. …

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