Posted on 02/28/2016 6:24:19 PM PST by lowbridge
A real estate venture created by President Barack Obama’s onetime boss and a nephew of former Mayor Richard M. Daley squandered $68 million it was given to invest on behalf of pension plans for Chicago teachers, cops, city employees and transit workers, a Chicago Sun-Times investigation has found.
The five public pension funds haven’t made a dime on the investments they made nearly a decade ago with DV Urban Realty Partners, a company created by Obama’s ex-boss Allison S. Davis and Daley nephew Robert G. Vanecko, records show.
In fact, the financially troubled pension plans have lost most of the money they gave DV Urban, which used the money to invest in risky real estate deals, primarily in neglected neighborhoods.
(Excerpt) Read more at chicago.suntimes.com ...
Hey—It’s only money.
“Squandered” is such a harsh word.
They “enjoyed” 68 million dollars.
See, see Trump was involved! /s
And the union folks will keep voting Demagogue, and sue the state or the feds to get reimbursed.
I had to check the date on this article and laugh again.
This story of malfeasance has been known for years by participants of the pension funds.
It looks like the Slum-Times finally got permission from Rahmbellina to publish the article about it they had been holding for all those years.
Great! The dopes keep voting the crooks in and give them the power over their affairs. It should happen to them, not those trying to get the corrupt element out.
The Chicago way.
“LOST”????
Is that what they call it now?
With a 2% or less interest rate for years. All pension funds are toast. Anyone that believes other wise is very brainwashed. Thus the American people. Find a way to be productive freepers, the ponzie government scheme is about to pop. Sorry that everyone that told you this was mocked on this site.
Bump
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