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 ...
Democrats claim to be for the people, but here they go stealing from the very people they claim they represent.
I know that this may seem peculiar to outsiders, but this is basically how the Illinois economy works.
Well, no reasonable prosecutor would..........Never mind.
Too many folks from outside of Illinois are mistaken in the belief that there are free elections in Chicago.
How about the disastrous Senators of Illinois, including Barack Hussein Obama?
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