“But junk by any other name is still junk, and Chicago’s finances have continued to erode even as property taxes soar to pay for pensions that remain woefully underfunded. … So he’s now considering a plan by Michael Sacks, CEO of asset management firm GCM Grosvenor, to issue $10 billion in bonds to backfill the city’s pension funds. … Like those other pension bonds, Chicago’s version would also have to be financed every year out of city revenues. A chunk of sales tax revenue is already earmarked for other bonds.”