Walter Knorr Takes a Bow: Chicago Alderman Praise Departing CFO.

When Chicago's chief financial officer Walter Knorr appears before the City Council's Finance Committee to explain an upcoming bond sale and talk turns to the underwriting syndicate, committee chairman Edward Burke always gets a laugh as he points out the "Gucci crowd" of bankers and lawyers seated in a corner of the chamber.

After 13 years of working for Mayor Richard M. Daley, first as his comptroller and then as the CFO, Knorr will join that crowd later this month. Knorr recently announced month that he is leaving to take a job with Salomon Smith Barney Inc.'s local public finance group.

Burke and his fellow aldermen paid homage to Knorr last week at what will likely mark his final appearance before the committee. Aldermen -- from Burke to his less financially-inclined brethren -- showered Knorr with praise for his work on the city's budget, pension funds, and bond deals, and for answering their questions with patience.

"The respect he has generated in the financial community from Wall Street to the rating agencies in no small measure contributed to the opinion all observers have as to the strength of the city's financial position," said Burke, a longtime alderman who has served as chairman of the powerful finance committee since Daley took office in 1989. And he's known the CFO much longer than that, since Knorr served in the administrations of former Mayors Jane Bryne and Harold Washington.

On a more personal note, Burke complimented Knorr for his "openness, candor, and self-deprecating sense of humor."

Other aldermen, many of whom have dealt directly with Knorr when financial issues arose in their communities, were equally appreciative of his service.

"You are a credit to your position and to the city of Chicago. I know you went to New York and many times worked wonders," said Alderman William Beavers, the current chairman of the Budget Committee.