Thicker Than Water
- An exclusive story in Sunday's editions of the Chicago Sun-Times reveals questions about the financial dealings of Mayor Richard M. Daley's nephew.
Sun-Times reporter Tim Novak reports that Robert Vanecko stands to make millions of dollars in a new venture selling Chicago real estate. His investors, Novak reports, are pension funds representing 180,000 retired and current city workers."They received $68 million," Novak said.
"They'll have the money until 2014 to invest in various types of real estate deals -- they've only done a couple of deals at this point. It's a very risky venture -- it's a speculative real estate investment where no one is really sure if these projects will succeed because of the neighborhoods that they're in and the projects themselves haven't been defined yet."
Daley and his nephew deny any wrongdoing.
Nothing like giving your nephew a huge pool of money to play with. $68 million to mess around with risky real estate ventures? And in light of current market trends in real estate? Does anyone really think this is a good idea?
Labels: info for the police