Monday, February 20, 2012

Why Chicago police pension funds want firm with Daley relative out


I t’s been six years since five Chicago government pension plans hired DV Urban Realty — a start-up investment firm founded by then-Mayor Richard M. Daley’s nephew Robert G. Vanecko and President Barack Obama’s friend and former boss Allison S. Davis — to manage $68 million in retirement funds.

Those investments haven’t gone well for the pension funds that represent Chicago teachers, police officers, other city employees and transit workers. The funds have paid DV Urban a total of $7.2 million, including $4.7 million in fees to manage the small share of the pension funds’ money and another $2.5 million for a sister company to oversee the operations of three buildings bought with pension money.

Pension officials — including Mayor Rahm Emanuel’s two top financial advisers — are unhappy. By their estimation, the value of the funds’ real estate investments with DV Urban has fallen by 28 percent, or about $19 million.

CLICK HERE FOR THE FULL NEWS STORY

27 comments:

Anonymous said...

What a shock Daley and missing money in the same sentence

I Voted For Obama said...

I don't see a problem with this. It's only police pension funds and Allison Davis is close to Obama.......no problem!

Anonymous said...

...investments with DV Urban has fallen by 28 percent, or about $19 million.

Because they are no longer backed by Daley clout.

Anonymous said...

This Vanecko guy...He's not my kind of guy!

Anonymous said...

Damn the Daley clan won't rest until every penny, nickel and dime is grifted out of the formerly great city of Chimpcongo.

Cowboy Tim said...

Why was the fund purchasing 3 buildings, especially during a fucked-up real estate market?

Anonymous said...

I thought they closed that account long ago and here they are still collecting millions from the pensions lol.

Anonymous said...

HEY, maybe we'll win the DALEY DOUBLE, Vanecko WILL get dumped from the pension and then him and HIS USELESS UNCLE will get indicted for MURDER & OBSTRUCTIONOF JUSTICE, one can only HOPE.

Anonymous said...

Bad things happen when you cross paths with a Vanecko.

Anonymous said...

Arrest the entire Daley family. You might solve a lot of the high end cases.

john said...

First good news from the Pension Board in years. I would like to have them get into the CDS, CMBS and the rest of the nonsense and maybe sue some of those advisors. Others have.



old retired guy

Anonymous said...

scum-times buried the article already... some of the on-line comments were dead on target.

the media knows about the daley bullshit with the pensions.

assholes & cowards

Anonymous said...

Allison Davis is an attorney. He was Obama's boss at the law firm where Obama worked in Chicago. I believe there is also a connection between Davis and Tony Rezko.

Anonymous said...

He should be in a Federal Pen with his Uncle Richie!!

Anonymous said...

Where ever there's money ---Vanecko has his teeth and claws all over it!

Anonymous said...

I'll hand it to Rahm for trying to kicking this clout baby out of the pension fund!

Anonymous said...

What kind of a mother raises children like the vanecko brothers????

Anonymous said...

I know it's not nice to wish pain and death on anyone, but the thieving these bastards have done and the pain it will cause many families I wish a pox on the whole Daley clan.By that I mean horrible painful deaths.

Anonymous said...

I will make your investments lose money for half their fee.

Anonymous said...

vanecko looks like the devil.

Anonymous said...

Who sold these properties to us?????? Might be interesting to find out. Somebody got paid.

Anonymous said...

VANEKO BOUGHT THE BUILDINGS, AND THEN LEASED THEM TO THE CITY ON A MONTHLY LEASE.ITS A LOOP HOLE SO THE CITY COUNCIL DIDNT SEE THE DIRTY DEAL LEASE.

Anonymous said...

Why are the people on the pension board who voted yes to invest with DV Urban NOT being held accountable. Was it not their responsiblity to make sure things like this do not happen with our pension money? At least the ones that voted yes on giving the pension funds to DV Urban should all be removed from the pension board ASAP!

How do you justifiy give millions of dollars of pension money, to a company that has little to NO experience in investing money? GET RID OF THE DEAD WEIGHT ON THE PENSION BOARD!!!!
Otherwise, we can expect more of the same!

There should be indictments and jail time for all involved!!!

FBI.....US Attorney... where in the hell are you?

Anonymous said...

Certainly the FBI should chime in instead of just reading the comments like useful idiots.

Anonymous said...

Shut the fuck up you little nigglet..... my tax dollars are paying for your monkey ass to live.....all you coons are all the same....its time to cut off your nigger link cards bitch...

Anonymous said...

Mikey Shields voted for the deal..The only one who voted against it was the Sgt.

Anonymous said...

I'd be curious to know if there was a legal way to hold pension board members liable for approving this fiasco. This needs to be done on a federal level& by someone who doesn't quake when the names of Daley & Vanecko are mentioned. Hello Patrick Fitzgerald? Hello Lisa Madigan?