Prairie State Wire

Venture capitalist Jeffrey Carter believes Illinois Rep. Mike Madigan (D-Chicago) is "buying time" by halting his campaign for House speaker.

Madigan said he would suspend his bid to lead the chamber earlier this week, but made it clear he wasn't withdrawing, leaving the possibility he could reignite his bid for speakership should the House Democratic Caucus not find another candidate who could receive the 60 votes necessary to hold the position. Madigan received 51 votes in a "closed-door" session. The runner up, Rep. Ann Williams (D-Chicago), got just 18.

Carter, the author of the Points and Figures blog, believed Madigan isn't "giving up," just merely buying time with this move to figure out where the remaining nine votes he needs will come from and at what cost.

Carter said no one else received the number of votes needed. He believed other Democrats would have to step into the spotlight and "move fast" if they'd like to rise into the leadership position.

"It's all a bluff," Carter told Prairie State Wire. "The Democratic Machine never sleeps and it is a chessboard. Madigan is the one that moves the pieces. Right now, it's a stalemate, but he probably holds the cards. There is too much graft, money, control and patronage at stake."

Madigan started losing support from fellow Democrats when he got tied up in an alleged bribery scheme with electric services company Commonwealth Edison, the Chicago Tribune reported. During the summer, the company conceded it had a role in the alleged plot in which they offered employment and contracts to Madigan's allies in exchange for laws that worked in their favor. ComEd agreed to pay a $200 million fine. Four people have since been indicted and pleaded not guilty in connection with the alleged scheme, including Madigan's longtime friend Michael McClain.

Carter said he'd like to see Madigan charged with corruption next.