Posted on 09/16/2018 12:55:23 PM PDT by PBRCat
A dozen years ago, five financially strapped city of Chicago pension funds invested $68 million in a shaky real estate deal put together by a former boss of President Barack Obama and a nephew of Mayor Richard M. Daley.
It was a high-risk investment. Allison S. Davis — a longtime Daley ally who once headed a small Chicago law firm that gave Obama his first job out of Harvard Law School — and Daley nephew Robert G. Vanecko even warned in the prospectus that the pension funds could lose their entire investments.
But, with Daley in office and three top officials in his administration in on the decisions, the city pension funds agreed to give Davis and Vanecko’s DV Urban Realty Partners the money, which they said they would use to buy and develop properties in struggling Chicago neighborhoods.
And not only did the pension funds not make a profit, records show they will end up losing a combined $54.2 million for the retirement plans, which cover Chicago teachers, police officers, municipal workers, garbage collectors and bus drivers.
(Excerpt) Read more at chicago.suntimes.com ...
Lost? Balderdash.....
This is a slimy cover-up by greedy pols to loot and pillage the Chicago taxpayers for connected insiders.
I thought pension and insurance companies were largely restricted to Treasuries and high grade corporate paper, and dividend paying blue chip stocks.
People should go to jail; heads should roll, but these are Chicago Democrats, so huge bonuses are in the cards, and several big parties will be scheduled, I’m sure.
http://www.abovetopsecret.com/forum/thread491300/pg1
That's right !
And to think.....Chicago still votes democrat............how stupid
This is no surprise for a state that is blowing $224 million to contribute the messiah worship and presidential library.
The only thing to cure this bunch is a gas leak of monumental volume and a well timed spark.
It’s okay....it went to good cause. [/s]
They really had good intentions.
Steal from the poor and give to the rich. It’s the Chicago way.
Did Tony Rezco say it was agood deal?
I doubt it was LOST!
Some lucky Dem hanger-on FOUND that bag!
You then know nothing of New Jersey
New Jersey Dems make the Chicago Crew look like 1st graders
If you vote for dopey politicians and they squander your pension, now whose fault is that?
$54.2 million! That could have covered oh, about 5 union retirees.
I do not blame the voters when the election process is rigged. In too many elections, the Democratic candidates run unopposed because the crooks make ballot access impossible for challengers.
Too many folks from outside of Illinois are mistaken in the belief that there are free elections in Chicago.
I’ll take your word for it, Bro!
The DEM way.......moderate DEMs and minority DEMs had better wake up to the fact that the libtard progressive DEMs care LESS about anyone other than the pursuit of socialist power.....
Investing in resorts in Detroit? They didn’t lose it, it’s been recycled into DNCObamaHillary coffers.
Not a problem. They can just squeeze some more tax money out of the Proles.....
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