>> Hello and thanks for joining us on Chicago tonight.

I'm Nick Blumberg.

Brandis Friedman will join us shortly.

Here's what we're looking at tonight.

If you think that we don't pay our fair share, that's absolutely wrong.

A sit down with the CEO of JP Morgan Chase on the nation's economy investment in Chicago calls for a corporate head tax and much more.

Colin Corbett is running as an independent for governor.

We are his thoughts on the major issues facing Illinois residents.

And Chicago is known for its iconic skyline weeds for the city's lofty place in the history of the skyscraper.

We begin tonight with an exclusive broadcast interview.

Brandis Friedman sat down this morning with the CEO of JP Morgan Chase, Jamie Dimon, his visit to Chicago coincides with the release of a report on the banks.

Impact here.

The 2 discussed economic policy claims of discriminatory lending practices by the bank and how cities can remain competitive.

She began by asking about a recent Reuters headline that refers to Dimon.

Has Wall Street's say >> For Todd writer should be a little more careful in the headlines and that's because sloppy journalism, not a very optimist, but America I'm talking about and that thing.

It's a terrible word is there are serious issues out there.

We have to do it.

Everyone knows is true.

I don't know how they're going sort out wars, Ukraine, Iran, trade, Realtors, ation the world.

There's huge global deficits.

We need to do that to Frayne American dream.

Those of the issue of the deal with naming deuce, there is no shame on them.

>> Your newly released Chicago impact report.

It shows chases billions of dollars of investment into Chicago institutions like hospitals higher Ed entrepreneurs and small businesses, homeowners and buyers of course, chases own footprint.

How would you rate Chase's investment in the city?

>> He's been great guy.

We got the bank.

One of the stock is down 40%.

We had a layer of people.

We're closing branches.

She's I got the bank.

One in the year.

2000 going from 9,000 people Chicago to 15,000 becoming very healthy, vibrant company here we have more branches, more private banking, more investment banking where commercial banking.

think the city, the schools, the hospitals, the state, we're proud that we lift up society where we do all that.

We also do anything for the black community.

I've been to Stony Island branch.

We bring trying educate people and a mortgage and saving money we've hired.

I think we found veterans will be fired here.

We have a program to give job to disabled and artistic folks.

I went to a lockbox systems here that people do a lot great work confidential.

Roughly 9 states government, you know, doing payments immigration forms Senator.

proud of And to that point, you know, that is what banks do.

Write.

Some folks might say that that is what banks do lending and borrowing and investing in that.

You know, that's something that's the normal business of a bank.

You think?

>> Your approach is any different.

>> He's a different guy.

Say the most important thing to behold, rebuild, a healthy, vibrant bank that can do those things.

Well, I think it is our job to look tough side a little bit.

I think we do well.

I think if you lives in a lot of companies has been a lot more time talking about old charitable things they do, which they don't do well.

And their company stocks.

You know, that doesn't work for society.

So We to be we evaluated those that work.

Those didn't kind of like something or is it a permanent subsidy which this making up for big government that doesn't work.

You know, if you're making up for big government of the school system, you should reform the school system.

Not pretend you're doing a great job by doing something else is not really accomplish as a show.

We're quite critical of that.

And where broke lot of times.

We but that too.

>> All of that said back in 2020, an investigation by WBEZ.

The NPR affiliate here in City bureau found that the city's banks weren't lending nearly as much in the city's black and Latino neighborhoods as they were in white neighborhoods.

Chase being the biggest bank in the city.

Was this the worst offender doing 80% of its lending in majority white neighborhoods?

2% in black neighborhoods.

40 times more lending in white neighborhoods.

Why do you think that was in?

Do you view the work in the investments and all that you just named as an effort to right that wrong?

>> Don't totally different for numbers.

It was never right because they become a simplistic things in different time.

Scales.

If disease, if we do something, we're not going right.

We look at it, admit it, fix it.

Very different.

You're not trying to buy favoritism for anyone.

All of our pro wasn't meant to actually help people, citizens.

America.

We do a tremendous amount black community.

If you don't believe call them all up and we do it in veterans and disabled in in mortgages enough with a large affordable housing in the city would buy benefits.

The black community are all men are is quite a bit.

We started the second chance initiative we've hired.

I think in the city I the exact number.

But in America, we fight for 5,000 and I learned here I went to lunch here and expo could there 70 million people with criminal records in America motion misdemeanors who don't want to go back to jail.

And when we met with, said, right, we don't do enough to give people a second chance and sure public understands the can't get driver's licenses.

They can't get rental.

They can't get jobs.

They can't get is that we meant to do not give people a second chance.

So we started that for ourselves.

The BRT now is like 50 companies doing it.

>> In your annual letter to stakeholders, you said cities need to compete.

Some folks might argue.

And I just heard someone say just a couple of days ago that that means cranes in the sky to show that you are developing and building and growing.

What is what is that competition look like to you?

Especially for city like Chicago.

He prefers?

I think naive to say cranes.

It's not cranes.

So, you know, and I didn't cities.

I said cities, companies and countries, no one has a divine right to success.

And if you think you do, that is guaranteed way to failure.

You know, and and so cities, if you city's a little bit different.

But how you hospitals, how your schools, which a crime, you know, people are their jobs.

Are you are you conducive to healthy companies?

Are you driving them out?

What are you doing to fix things?

How you do with homelessness?

you doing with only 6?

That's how they compete.

And, you know, a lot of people get in jobs, mayors and governors, and they actually think now the ideological phrases is going to fix those problems.

They think they're more moral everybody else.

It's going to fix it will not.

Every mayor learns the hard way you have to attack the problem and understand it and they did not.

Do we have a problem?

Do we have own schools?

Describe to high wind to go up, you know, and then you analyze it and you have a plan.

And if you're politically explain to people because sometimes out your favor in this group or that group, if you drive up business good jobs, you're hurting your city.

You may feel good about yourself.

You may think becomes evil or something like that.

But you will hurt your city and you heard all your sins.

You see Chicago Mayor Brandon Johnson.

He has repeatedly and so far unsuccessfully attempted to tax large corporations often saying that they need to have, quote, skin in the game.

>> Believing that large firms aren't paying their fair share to the city.

Do you think large corporations would leave Chicago if he were able to impose the $33 month per employee had tax that he has proposed.

I find astounding when people say fair share and they have no idea what the facts are.

And and so I think people should pay their taxes.

So by that, he means they're avoiding legitimate taxes.

He's absolutely right.

But if you think that we don't pay our fair share, that's absolutely wrong.

>> You know, and enjoy.

And then when you have policy heat, if you are here home, you should think about if you knew pretty would you pay tax at all because it will drive people out and again, don't don't listen to me.

Go look at the facts.

You know, when people say no, it's not good go.

Look at the facts.

Hot, very high taxing cities detect individual the highs and you guys are not good here.

The North New York, right?

My home California, highest individual, highest corporate highest real estate highest.

People can't afford it.

And she's not even with JP Morgan Chase, which is what our employees want.

Sometimes I'd rather live here and live here and people do a good job.

They're booming.

We have more jobs we had.

When I go to JP Morgan, we had.

12,000 jobs in Texas and 35,000 New York.

And now we have 35 of 3, 3,000 Texas and 26,000 New York.

Is that what York wanted?

I mean, is that is that successful?

You know how many jobs would state in your kit?

They didn't do things to get very expensive.

Do business there.

So that to make a political choice.

You know, Jane will make its choice but to make a political choice, they should do more analysis taxing head count.

would less account just by the nature of the tax.

I mean, thank I mean, taxing profits is a little bit different, but should be very thoughtfully go about But it happened with Chase.

Do you think you would like withdraw some of the footprint that, if I say some you a dime, orange mayor, but I'm not morning anybody.

I'm saying is a fact things that are not conducive to companies and growth.

Unemployment reduce company's headcount unemployment.

It's got nothing to do me.

It's not a moral statement.

Okay.

You know, that's what happens in life.

You move somewhere to a job you like in Chicago.

There few better job.

Dc was day there got nothing to do with your moral view of staff.

I think people should be very careful.

We have done a lot of damage to a company because the shooting policy.

That's what we've done.

If you don't believe look at our schools.

Look at some of our cities.

Look at some of the crime rate over time and we have to get this right to help all of our citizens, you know, the more but the more vibrant people or your of your head count go 9,015 1000.

Is it a lot of jobs?

compensation lot of taxes here.

Chicago's got to get right for Chicago.

I'd be happy spend time with the mayor.

I've spoken the phone.

I think I've ever met him and talk about what policies we think works in wind come to detailed But this has become a real problem.

The people.

Don't do the work.

You now says.

And we're back with more Chicago tonight right after this.

>> Chicago tonight is made possible in part why the Alexander and John Nichols family.

The Joyce Foundation.

The Pope Brothers Foundation.

And the support of these donuts.

>> Voters in next month's election only see JB Pritzker and Darren Bailey is their choices for Governor Colin Corbett is a longtime political strategist who's worked with Republican candidates.

Now he's running as an independent, describing himself as fiscally conservative and socially moderate Corbett's called out the Democratic and Republican parties for becoming too extreme and is hoping to draw voters eager for an alternative.

And Colin Corbett joins us now to talk more about his campaign.

Thanks for being with us.

Thanks for having me.

Absolutely.

So we Sui said, you know, you worked in politics for many years, but you haven't mounted a campaign of your own more what you want to be.

Governor?

I became so frustrated with the lack of activity in the lack of focus on making people's lives better.

Political process has become one where >> the candidates each other, the parties each other and nothing actually gets done and working families not right now are really, really struggling.

And so I want to put the focus on that.

How do we actually help make life more affordable for working families?

How do we get the state growing again?

So we can raise everybody's wages.

We're hyper-focused on that note.

The partisan circus.

you know, you've acknowledged that running as an independent can be an uphill battle, you know, hoping to 15% of the vote.

If you don't necessarily expect to win.

What's what's driving you out in this campaign?

Yeah, we're going all in here and I've put everything into it.

So we're running to try to win.

But I'm also a realist.

I understand that that's unlikely against a billionaire incumbent.

>> But what we know we can do is start something in this election.

Can we start to put the focus on the fact that we deserve better?

vote for me isn't just a vote for good policy for mainstream positions.

It's also a vote to say, you know, we've had enough with what we're getting out of these primaries have been too many people are showing up at the ballot box and going.

This really is what I have to choose between.

And it's because over 77% of Illinois don't participate in the primary because they're just they're fed up with the choices that been provided.

And so it's not just a vote for common sense and mainstream policies.

Would you vote for us?

It's also vote to say, you know what, we'd like better in the future because we're gonna be building this independent majority for the long haul.

Yeah.

Something that you're looking to for the future, not necessarily just this one race.

You know, as we mentioned, worked for Republican candidates, including Senate candidate Don Tracy in the primary earlier this year.

How did you make that decision to kind of leave the party been aligned with versus staying in the GOP in trying to effect change from within.

>> Yeah, I've been frustrated within the Republican Party going back to 2011 and I've been sharing those frustrations.

I worked really, really hard and >> we've invested most of the profit from our companies into trying to fix that party and but it became clear to me not only were the problems on fixable and my own party, but also in the other part I realized that it's not the people in the party star really good people on both sides get the system itself that's broken.

And once I came to that realization that was clear, I could spend another 50 years and one party.

It wasn't going to fix that.

And this is an anti any think there really good people still in that fight.

But because the system is set up to pit us against each other.

It puts good people in positions where you're just going to hate the other side instead of focusing on how can we actually moved the ball forward and help people?

Let's talk about some of the ways you're hoping to help folks.

I know affordability is the top issue for voters across the country.

Basically every election at every level this year, day one.

What would you be working on to make life more affordable for Illinoisans?

Yeah.

So it's going to take time.

And that's only kid out here who's admitting that this will take time.

I don't have magic pixie dust that I can spread out.

If you do you, can you share?

I mean, wish I had some for myself, but ultimately we've got to lower property taxes that is going to be the first place we go because it hits everybody.

Even if you don't own your property, you're paying rent and you're paying those property taxes.

And so we've got a whole plan, but it will take over a decade.

The problem is the Democratic candidate in this race is saying that there's nothing the state can do, which is untrue and the Republican candidate is making promises that he's got that magic pixie dust that you wishing we can't.

We had which is also not true.

I think the voters are sick and tired of promises from politicians that can't happen to my running mate.

And I have put out over 20 pages of solutions, actual policies on how we're going to make life more affordable.

3 or 4 of those are just on property taxes.

How do we actually make this happen?

Respecting your time?

I'll pause there, but I can talk property taxes all day because we've got to lower those property taxes for families.

Well, you mentioned there are things the state could do that it's not doing right now.

What are some of the key points there?

So one of the key things is we don't fund education in the state the way that we're supposed to when JB Pritzker took office, the state provided 27% of the funding for local school districts snow down to 24 and a half.

So we're going the wrong direction right now on this.

And the problem is that causes 2 things.

One, our schools aren't getting the funding they need to to adequately educate our children, but to because those local school districts aren't getting what they need, they have to turn to property taxes.

The national average is 45%.

The state's only providing 24 and a half here that Delta is massive and your school district.

The only place they can turn to that is going to your property taxes.

So this is where it's a dual benefit.

We could fully fund our schools in Illinois.

We can improve education and start the process of lowering property taxes.

While in Illinois does have, you know, the evidence base funding model that's puts, you know, 3 billion additional dollars over the last 10 years toward schools.

Although, of course, the state is not on track to meet its goal of full funding by 2027.

You know, it's been some extremely tight budget conditions the last several years.

Are there particular approaches you would propose to boost state funding for schools?

Yeah.

And Pritzker like using that 3 billion dollar number.

But the truth is because of inflation over the last 3 years, those ebf increases haven't kept pace with inflation.

And so school districts are even further behind their adequacy targets today than they were 3 years ago.

So we're not keeping pace at the state level.

And that's a major problem.

And so what we want to look at doing is freezing discretionary spending in your one.

We've got bombed rolling off in 2030, 2033, let's not waste that on more spending.

Let's roll that into taking care of our expenditures that we need to make.

We also want to modernize the sales tax to make it less regressive, which will result also in revenue for the state.

Want to take all of that funding that invested in paying down our pension debt, fully funding, education and GDF, which is our funding to our municipalities or counties.

We can do those 3 things.

It's not.

If there's a ribbon cuttings, there was no press releases with that.

But if we can do the hard work of being fiscally responsible, that's how we can get the state of growing again.

Number one.

And number 2, finally get that tax burden lowering for working families.

Well, into your point about eliminating the sales tax on, you know, sort of these essential everyday items, groceries, diapers, medicine, how do you, you know, kind of account for the loss in revenue that that would mean yeah, that's where you're shifting that to services.

So ultimately you're trying to lower than those everyday essentials that working families really rely on.

You mentioned most of them, but people don't realize over-the-counter medicines, medical supplies, you know, school supplies.

We got a 10 day holiday on school supplies.

You've got teachers that are buying the supplies for their for their schools and further for their kids because their kids can afford and their families can afford it.

This is the kind of thing that we shouldn't be charging extra.

It's highly regressive.

You shift over to services, especially higher and services.

People realize that our tax system in Illinois was set up for a 1950's manufacturing economy.

It's 75 years later.

It's time to evolve.

You know, President Trump has loomed large in the contest between JB Pritzker and Darren Bailey.

If you are elected, how would you try to handle the president you've taken issue with in the past?

Yeah, we've got to find the right balance.

I think with my 2 opponents the checking of the too far in one direction.

Darren Bailey is obviously a big fan of the president and that's fine.

I think it's reciprocated JB Pritzker signed.

I think that the President Trump could solve cancer in particular, find some reason to be unhappy with that.

And listen, as you said, I've been unhappy and I'm sure happiness.

But you've got to have a relationship where you say I will oppose you when you're wrong, but I'll have your back when you're And actually does this quite well in New York.

He's the president of the United States.

I will happily work with anyone in Washington who's going to work with me to make people's lives better in Illinois when you're wrong, gotten pretty blunt.

I'm going to say you're wrong, but you're not always wrong.

And you know what?

Maybe I can influence you to be less wrong.

I wasn't just constantly taking pot shots at you on social media like Pritzker is because he wants to be president.

And you know, another big issue.

Another major question mark in this race is the future of the Chicago Bears Stadium.

What do you think?

You know, Illinois is elected official should do to try and keep the team here.

where do you draw the line on things going too far in terms of incentives?

I draw the line at paying no property taxes, which is, by the way, what JB Pritzker said a year and a half ago that he drew that line at billionaire sports owner shouldn't be given deals that that provide $0 in property tax payments.

Well, now Pritzker's actually negotiate a deal that would allow them to pay $0 in property taxes.

The Bears are willing to pay 15 million dollars a year in property taxes.

Why are we saying let's take that revenue to our schools in our local communities, that tax burden that they would pay would be among the highest of any NFL stadiums in the entire country.

Let's capture that revenue.

There's a plan to do it.

But playing game simply because Chicago still wants a seat at the table, which I respect.

I'm a purist.

would love to keep the Bears at the lakefront.

That's a beautiful view.

It's the only view like that in the NFL, but we've been told that's not possible.

So it's time to accept the reality that it's Arlington Heights or Hammond and I don't want them going to him.

because all the economic benefit around the stadium, in addition to the tax payments in the revenue for government, we would lose all of that.

We need to keep that here in Illinois.

You know, you've proposed freezing the gas tax, capping sales tax on gas and said putting in place a road usage charge based on GPS data data from Interstate commercial character carriers.

>> One of the privacy safeguards that need to be in place for those GPS data you had on the exact thing that while we're being careful about this proposal because people have privacy concerns and they rightfully do have privacy concerns we see in this era flock everything.

Tracking your phone tracking you now to your car tracking you.

>> We've got to be really careful.

And that's why we have proposed a comprehensive privacy plan and a lot to protect people's privacy.

That is the shortfall here of this plan.

But the reason why we have to start talking about it is because you've got electric vehicles and other vehicles that are paying into this fund to repair and take care of our roads because it's all funded through nft through the motor fuel tax.

And so we've got to modernize how we invest in our roads and take care of our roads that there's there's no solution yet to this because of those privacy concerns.

We've got early start to have the conversation.

All right.

Well, we appreciate the conversation this evening.

Unfortunately, that's where we'll have to leave it in Concord.

But thank you very much for joining Can make.

>> And up next, W T Tw News explains the history of the skyscraper.

>> Chicago >> is credited as the birthplace of the skyscraper and from the Tribune Tower to the Saint Regis, we certainly have some showstoppers tonight.

We dig into Chicago's preeminent place in the history of the skyscraper in our W T Tw News explains series.

Chicago is a city of firsts.

Everything from the first Ferris wheel to the first brownie and the world's very first skyscraper in 18.

85, the home insurance building went up on the corner of Adams and This architectural Marvel clocked in at a staggering 12 stories and 180 Okay.

Maybe not a skyscraper by modern standards, but for a time it was an impressive supported by a steel frame, reinforced concrete.

>> As the years to provide the city of big shoulders became a city of big buildings.

Builders got more ambitious and the heights just kept on getting higher.

>> Wrigley Building Tribune Tower, carbon carbon less than 50 years after the home insurance building and more than 3 times as tall, the iconic Chicago Board of Trade Building Rises and Reigns as the city's tallest for more than 3 decades later on the standard oil building now known as the Aon Center held the title for a year before being beaten out 1974.

By the massive Sears Tower at more than 1400 feet, it became the tallest building not just in Chicago, but the world the Windy City skyline has changed a lot over the on is now only the city's 4th tallest still followed by the building getting thrown in 1973, the John Hancock Center now called 8.75 North Michigan Saint Regis completed in 2020 is the city's 3rd tallest and Trump Tower completed in 2009 6 and the number 2 spot.

Willis Tower as we have watching me call it still holds the title of tallest in Chicago but was long ago knocked off its perch as the tallest in the U.S.

and the world.

>> According to the Council on Tall Buildings and Urban Habitat.

New York's One World Trade Center is now tops in the country.

Year-old Willis is 3rd tallest in the U.S.

and 23rd worldwide.

But even though we lost that top spot, Chicago's place in the history of the skyscraper, still towers above everyone else.

>> You can see this and other episodes of our Emmy award-winning series W T Tw News explains on our website W T Tw Dot com Slash explains.

Make sure to tune in Friday evening at 8 for the premiere of Chicago stories, skyscrapers, you'll also be able to stream it on our website at Wt Tw dot com slash Chicago stories.

And we're back to wrap things up right after this.

That's our show for this Thursday night.

You can stream Chicago tonight on our W T Tw YouTube channel every evening and catch up on any programs you may have missed and be sure to join us tomorrow night at 05:30AM, 7 for the week in review.

Now for all of us here at Chicago tonight, I'm Nick Blumberg.

Thank you for watching.

Stay healthy and safe and have a good night.

>> Closed captioning is made possible by Robert a clip from Clifford law offices, Chicago personal injury and wrongful death that supports inclusionary excellence