The law firm of Katten Muchin Rosenman will now change its name to Daley, Cheatem and Howe.
Former Mayor Richard M. Daley is now entering the most lucrative phase of a politician’s career. Let’s call it "dessert."
After more than 40 years of subsisting on a public servant’s salary, he’s finally getting a chance to "make some real money," as trading political office for a private sector job is called.
As Carol Felsenthal wrote in Chicago magazine, Daley will be working alongside one of his best buddies:
Terry Newman, 64, a partner/rainmaker at the firm…was described to me by insiders as the ultimate Daley insider: a best friend and dining buddy of the Mayor’s. When the mayor attends social/city events, Newman, who is single, is almost always close at hand. I attended an Economic Club farewell tribute to Daley last February and Newman sat on the dais with such stalwarts of corporate Chicago as Lester Crown, John Bryan, Patrick Ryan, Edward Liddy, and Christopher Galvin.
Katten Muchin made a lot of money off the Daley Administration: $663,000 for negotiating the parking meter deal; $160,000 for work on the leases of the Chicago Skyway and parking garages. The firm was also a recipient of $406,000 in municipal bond work, a coveted contract. Newman is just paying Daley back for all that largesse over the years. What else are friends for?
This doesn’t just happen in Illinois:
On the other hand, former Gov. George Ryan earns 12 cents an hour for his prison job.
Life after politics is lucrative, but only if you leave on the right terms.
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