Vanecko and Davis. Their firm made millions in fees even as retirement plans for teachers, cops, other Chicago city workers suffered big losses. 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 resident Barack Obama and a nephew of Mayor Richard M. Daley. It was a high-risk investment. Allison S. Davis — 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...