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A report finds that several “financially-strapped” Chicago pension funds invested $68 million in a “shaky” real estate deal brokered by a man associated with Chicago Mayor Richard Daley and Barack Obama that ultimately resulted in a $54 million loss.
The “high-risk” investment deal was reportedly arranged by Chicago lawyer Allison S. Davis — a longtime Daley family associate and the man who gave a young Barack Obama his first major Chicago job. Mayor Richard M. Daley’s nephew, Robert G. Vanecko, was also a principal in the deal, according to the Chicago Sun-Times.
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The deal, going by the name DV Urban, was aimed at buying and rehabilitating several properties in a few Chicago neighborhoods and, with Daley as Mayor and three of his top operatives at City Hall in on the deal, it was easily and quickly approved.
According to the Sun-Times, eleven years later, the deal had obviously gone bust at great cost to the several city pension funds. As soon as the stories chronicling the failed investments hit the presses in 2009, Daley’s nephew, Vanecko suddenly withdrew his involvement in the scheme.
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Several years later, and after a federal grand jury took up the fraud, the city pension administrators kicked Obama’s former employer out of the deal and tried to take control of the investments to save them from further ruin. Eventually, all the real estate properties in the original deal were shed, including...
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