Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Chicago Pension Fiasco: $54 Million Lost on Deal With Daley Nephew and Ex-Obama Boss
The Chicago Sun-Times ^ | September 16, 2018 | Tim Novak

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 ...


TOPICS: Crime/Corruption; Government; Politics/Elections; US: Illinois
KEYWORDS: chicago; daley; obama; pensions; thechicagoway
Navigation: use the links below to view more comments.
first previous 1-2021-4041-44 last
To: PBRCat

Democrats claim to be for the people, but here they go stealing from the very people they claim they represent.


41 posted on 09/16/2018 3:08:44 PM PDT by Retvet (Retvet)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PBRCat

I know that this may seem peculiar to outsiders, but this is basically how the Illinois economy works.


42 posted on 09/16/2018 3:15:38 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day")
[ Post Reply | Private Reply | To 1 | View Replies]

To: PBRCat

Well, no reasonable prosecutor would..........Never mind.


43 posted on 09/16/2018 3:34:26 PM PDT by Mark (Celebrities... is there anything they do not know? -Homer Simpson)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PBRCat
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.


Yes, I thought there were free elections in Illinois. At least the police are not on the mob payroll as in the 1920 Al Capone era.

How about the disastrous Senators of Illinois, including Barack Hussein Obama?

44 posted on 09/16/2018 7:15:01 PM PDT by The_Media_never_lie ("The MSM is the enemy of the American people"...Democrat Pat Caddell)
[ Post Reply | Private Reply | To 36 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-44 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson