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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
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To: All

Lost? Balderdash.....

This is a slimy cover-up by greedy pols to loot and pillage the Chicago taxpayers for connected insiders.


21 posted on 09/16/2018 1:35:00 PM PDT by Liz ( Our side has 8 trillion bullets; the other side doesn't know which bathroom to use.)
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To: PBRCat

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.


22 posted on 09/16/2018 1:36:02 PM PDT by MichaelCorleone (Jesus Christ is not a religion. He's the Truth.)
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To: TigerClaws
Obama’s first job was not the law firm. He first worked for a CIA front organization and traveled to Pakistan.

http://www.abovetopsecret.com/forum/thread491300/pg1

That's right !

23 posted on 09/16/2018 1:36:02 PM PDT by timestax
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To: PBRCat

And to think.....Chicago still votes democrat............how stupid


24 posted on 09/16/2018 1:36:52 PM PDT by blueyon (The U. S. Constitution - read it and weep)
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To: PBRCat

This is no surprise for a state that is blowing $224 million to contribute the messiah worship and presidential library.


25 posted on 09/16/2018 1:39:31 PM PDT by VideoPaul
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To: Liz

The only thing to cure this bunch is a gas leak of monumental volume and a well timed spark.


26 posted on 09/16/2018 1:41:29 PM PDT by blackdog
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To: PBRCat

It’s okay....it went to good cause. [/s]


27 posted on 09/16/2018 1:41:58 PM PDT by rbg81 (Truth is stranger than fiction)
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To: PBRCat

They really had good intentions.


28 posted on 09/16/2018 1:47:50 PM PDT by gasport (deplorable, SMELLy, WM-shopping hillbilly with only one doctorate)
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To: PBRCat

Steal from the poor and give to the rich. It’s the Chicago way.


29 posted on 09/16/2018 1:49:56 PM PDT by Huskrrrr
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To: PBRCat

Did Tony Rezco say it was agood deal?


30 posted on 09/16/2018 1:50:47 PM PDT by seowulf
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To: PBRCat
$54 Million Lost on Deal With Daley Nephew and Ex-Obama Boss?

I doubt it was LOST!

Some lucky Dem hanger-on FOUND that bag!

31 posted on 09/16/2018 1:56:57 PM PDT by jaz.357 (Blithering Intellectual.)
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To: jaz.357
I suppose the people whose money was stolen will keep voting for the thief's.
32 posted on 09/16/2018 2:00:52 PM PDT by Aria
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To: \/\/ayne

You then know nothing of New Jersey

New Jersey Dems make the Chicago Crew look like 1st graders


33 posted on 09/16/2018 2:09:37 PM PDT by Trump.Deplorable
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To: PBRCat

If you vote for dopey politicians and they squander your pension, now whose fault is that?


34 posted on 09/16/2018 2:12:45 PM PDT by The_Media_never_lie ("The MSM is the enemy of the American people"...Democrat Pat Caddell)
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To: PBRCat

$54.2 million! That could have covered oh, about 5 union retirees.


35 posted on 09/16/2018 2:14:20 PM PDT by Basket_of_Deplorables (Q: Believing Is Seeing!)
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To: The_Media_never_lie

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.


36 posted on 09/16/2018 2:16:00 PM PDT by PBRCat
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To: Trump.Deplorable

I’ll take your word for it, Bro!


37 posted on 09/16/2018 2:25:48 PM PDT by \/\/ayne (I regret that I have but one subscription cancellation notice to give to my local newspaper.)
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To: PBRCat

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.....


38 posted on 09/16/2018 2:37:28 PM PDT by cranked
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To: PBRCat

Investing in resorts in Detroit? They didn’t lose it, it’s been recycled into DNCObamaHillary coffers.


39 posted on 09/16/2018 2:42:39 PM PDT by Bommer (Help out 2ndDivisionVet and his wife - https://www.gofundme.com/married-recent-amputees)
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To: PBRCat

Not a problem. They can just squeeze some more tax money out of the Proles.....


40 posted on 09/16/2018 2:56:55 PM PDT by Kozak (DIVERSITY+PROXIMITY=CONFLICT)
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