CBOE Chairman "Embarrassed" To Live In Illinois After Receiving $6 Million Tax Break Package

CBOE Holdings Chairman William Brodsky

In reference to Illinois' recent bond rating downgrade by Moody’s Investors Service, Brodsky told reporters at a luncheon that he was “embarrassed to live here.”

Moody's lowered Illinois' bond rating to A2, the lowest for any state. Brodsky also said in response to the move, "We need people to come together and recognize the gravity of the situation and work together to a solution."

The statement comes on the heels of the Illinois legislature passing a bill which gives millions in tax credit to CBOE, as well as CME Group, Sears Holdings Corp. and other big businesses.

Later in the luncheon, Brodsky said the state needs to deal with pension reform, and trumpeted both Cook County's and Chicago’s efforts to deal with financial problems, saying that the state has “yet to take serious steps” in dealing with its budget crisis.

Yes, Illinois needs to deal with its fiscal crisis, but we echo Miller’s statement on Brodsky’s words:

If he was so concerned about Illinois’ budget problems, then perhaps he shouldn’t have threatened to move his company out of state unless he received a big tax cut.

Springfield passed legislation that curbs the amount of trades taxed as Illinois sales because many trades occur over electronic systems by out-of-state parties. Brodsky wouldn't disclose the full amount of CBOE's tax breaks, but analysts estimate they would save the company $6 million annually.