Insiders Daley nephew, Obama pal blow pension funds in poor investments

Nephew blew it.

 

It’s not what but whom you know. (Better not be what in these cases)

A real estate venture created by President Barack Obama’s onetime boss and a nephew of former Mayor Richard M. Daley squandered $68 million it was given to invest on behalf of pension plans for Chicago teachers, cops, city employees and transit workers, a Chicago Sun-Times investigation has found.

The five public pension funds haven’t made a dime on the investments they made nearly a decade ago with DV Urban Realty Partners, a company created by Obama’s ex-boss Allison S. Davis and Daley nephew Robert G. Vanecko, records show.

In fact, the financially troubled pension plans have lost most of the money they gave DV Urban, which used the money to invest in risky real estate deals, primarily in neglected neighborhoods.

What lowers confidence in the Ruling Party more than stuff like this?

Source: THE WATCHDOGS: Pension funds lost millions on deals with Daley nephew, Obama pal

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