Skip to comments.Chicago Pension Fiasco: $54 Million Lost on Deal With Daley Nephew and Ex-Obama Boss
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 Vaneckos 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 ...
Move along folks, nothing to see here.
Democrats are always somewhat corrupt but Chicago always seems to take the cake.
That’s how they roll in Chicago.
But to be fair, they steal from everyone else too, not just pensioners.
Not to worry...the taxpayers will pick up the loss.
They thought they could rejuvenate the city with the pension funds, probably because a bank would not finance so wherelse to turn to? Other people’s money. So much for Algores lock box
Why call it a Fiasco, when that was the intended result all along?
Chicago, that is all one needs to know, the epicenter of corruption in our country.
Which is why I felt that all of the Obama supporters in 2008 were smoking dope with their “Hope and Change” mantra. Claiming that Obama could swim through the raw sewage that is the Democratic Party without being corrupted was utter nonsense. The idea of expecting a Chicago Democrat to be a reformer was ludicrous.
Ahem, lost or laundered?
ONLY $54 million!?
The elegance of it all is that the vast majority of those getting the purple shaft from Chicago democrats are...Chicago democrats.
And so another Daley...Bill Daley, son of Richard Daley, is running for Chicago Mayor. Might as well keep the graft in the family.
They cheat their own people and the people still vote for them? How does that happen?
Somehow the ignorant Democrat voters in Chicago will believe the Republicans, and by extension Donald Trump, are responsible for this fiasco. As a former Democrat I learned a sad fact that many Democrats still refuse to grasp. Everything that party touches turns to a stinking pile of excrement, and they leave you with the mess to clean up!
“Lost” should be changed to “stolen”.
Solid, detailed piece of journalism.
And, of course, because it involves Obama corruption, it will be completely ignored.
EVEN IN THE DC SWAMP Valerie Jarrett STILL Received
A $36K Annual Pension For a Part-Time Chicago Transit job
dailycaller.com ^ | 2/17/2016 | Chuck Ross / FR Posted by rktman
Chicago is known for its L-train. But it's the gravy train that White House senior adviser Valerie Jarrett prefers to ride. In addition to the $173,922 Jarrett earns per annum as President Obama's senior adviser, she is also paid an annual pension of $35,660 for the eight years she served as chairman of the Chicago Transit Authority, according to a Chicago Sun Times investigation. Jarrett was appointed to chairman of the agency - a part-time position - in 1995 by then-mayor Richard Daley, whose brother, William Daley, served as Obama's chief of staff. Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other positions during his term. (Excerpt) Read more at dailycaller.com ...
That one Chicago pension check is what she'll admit to. Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative insider Chicago bond deals.
But tolerant and compassionate progressives can't live by do-goodism alone (smirk).
We demand to know how many US govt checks this motley crew of incompetents hangers-on is cashing. (including US govt payroll and pension checks.)
An old political trick is to pad pensions, and put insiders on govt payrolls long after you think they're gone. The vouchers for reimbursement would also prove enlightening.
VALERIE JARRETT IS THE KEEPER OF (smirk) "OBAMA'S FEDERAL INHERITANCE" Iran-born Valerie Jarrett held secret meetings with Iran that resulted in the US giving Iran $150 billion dollars......later additional millions and gold got handed over secretly.
Post-presidency Obama and the missus have mega dollars dancing in their heads. Two Clintonesque foundations and the Obama library fund are all set to get BIG donations from his Muslim confreres. We need to see solicitation letters Valerie sent, requests for donations to Obama's billion dollar Chicago library (to be built using eminent domain).
CONTACT CONGRESS: Capitol Switchboard 1-866-220-0044
Call President Trump: Comments: 202-456-1111 Switchboard: 202-456-1414
FBI TIPS PAGE----https://tips.fbi.gov
ITEM --- We need to see all of Valerie's correspondence, emails, snail mails, hard drives, wire-transfers,
text files, offshore banking activity, and the like. and reports of all tax dollars outlay to White House Senior
Adviser Valerie Jarrett, and everyone employed in her office.
Obamas first job was not the law firm.
He first worked for a CIA front organization and traveled to Pakistan.
They were figuring that President Hilary would bail them out.
One big reason why the dems flipped out over the Trump win.
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