Pension Fund Abuse?
We missed this at the very bottom of Friday's article on Shortshanks' son and nephew hiring criminal defense attorneys:
- Vanecko and Davis are guaranteed $3 million in fees for managing the pension fund investments under a deal that runs through Dec. 31, 2014. Among the real estate deals in which they have invested so far, they have bought an apartment building at 1212 S. Michigan and loaned $1 million to help restaurateur Matthew O'Malley redevelop the former Chicago Defender building.
If we recall correctly, the Defender building was the subject of a couple of newspaper articles because of a most unusual occurrence:
- Jeffrey Duerwachter made $413,000 in one day last year by buying and selling the Chicago Defender building.
But he did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city's biggest African-American newspaper. And he did it all in one day -- June 8. First, Duerwachter paid $3.72 million for the building and a nearby vacant lot Then, Duerwachter resold the building and lot for $4.1 million to a company owned by Matthew A. O'Malley, a politically connected Chicago restaurant owner who had been negotiating to buy the property from Stratievsky.
O'Malley bought the property with three loans -- including $1 million in city pension funds managed by DV Urban Realty Partners, a company co-owned by Mayor Daley's nephew, Robert Vanecko, and one of Daley's key African-American allies, Allison S. Davis. This was one of the investments Davis and Vanecko made after their newly created company was hired to manage $68 million for five pension funds for city workers, police officers, Chicago teachers and CTA workers.
If we recall, the Pension Fund has agreed to let DV Urban Realty Partners run a $15 million portion of the fund. They have drawn on $5 million of that amount and have lost $1.5 million in shaky investments. But Duerwachter made $413,000 flipping the Defender Building in one day, a connected restaurant owner is making who knows how much and the DV people got their management fees.
Anyone know how the Pension Fund made out in the deal? And can anyone connect the dots here? Mr. Fitzgerald?
Anyone know how the Pension Fund made out in the deal? And can anyone connect the dots here? Mr. Fitzgerald?
Labels: pension
posted by SCC at 12:02 AM
30 Comments:
DALEY! YOU VILE LITTE LUMP OF CHIHUAHUA STOOL!!
It is NOT ok for your son, nephew and friends to STEAL from our pension fund!
Coppers have been railroaded to prison on a whim & a pretext in this town while members of the Daley Inc. crime family continue to breathe sweet air!
Prison for the entire Daley Clan... period!
Someone please help us! We are stuck with this corrupt, unchecked dictatorship in chicago. If the Feds won't do anything we need the media to put on the pressure. This is all real stuff and it's been going on for a long time. SOS HELP!!!!
O'Malley is the owner of that restaurant in Millennium Park. The Park Grill. You know the one. Where he got the real sweet rental deal from the Park District where the district might actually be losing money because they pay for garbage collection and more.
O'Malley knocked up a Park District official while this was all going on. Read this purloined Sun Times story:
http://www.ilcampaign.org/press/news/illinois/2005/2005-3-24ParkOfficial.html
Also many of Daley's friends and neighbors invested in that wonderful restaurant. Purely coincidence I'm sure.
See ya at the rally!
Connect the dots....Da Mare is connected to every single deal that his friends and family is involved in. The Feebs have sat on this and tons of other overt acts of political corruption but refuse to give up their INSIDE guy! Why sever the head when you can cut away the fingers and toes.
I forgot one things ladies and gentleman.
Laura Foxgrover, the Park District official O'Malley knocked up is the daughter of former Judge Foxgrover. You remember him. Went down on corruption and theft charges.
http://blogs.chicagoreader.com/politics/tag/Laura%20Foxgrover/
Ah, it is becoming clearer........this city needs a political enema.
Judge Foxgrover treated the police like sh$t years ago in branch 29- in the 80s. I saw him go off on some officer for stepping over the wall, he went nuts. Then the good judge got pinched for stealing money that was supposedly being held for restitution. He had a " problem" - I think he was a 19th ward political guy. Paul T. Foxgrover
old retired guy
If I was not in Arizona, I would march.
Wasn't O'Malley the guy who knocked up a high ranking staff member of Mayor Daley? Or am I mistaken.
Talk about a personal piggy bank. You guys are fucked. Jeeeeesus.
---not a cop.
I forgot one things ladies and gentleman.
Laura Foxgrover, the Park District official O'Malley knocked up is the daughter of former Judge Foxgrover. You remember him. Went down on corruption and theft charges.
http://blogs.chicagoreader.com/politics/tag/Laura%20Foxgrover/
Ah, it is becoming clearer........this city needs a political enema.
3/29/2009 01:30:00 AM
And I don't think he married her either so she evidently got fucked literally and figuratively. When a woman in her thirties gets pregnant accidentally...wellllll
ALL OF THIS MAKES SANCHEZ AND HDO LOOK LIKE CHILD'S PLAY.
IT SEEMS THE FEDS ARE VERY SELECTIVE AS TO WHAT THEY CONSIDER CRIME.
Don't expect any help from the Feds. Why? A Democrat now sits in the White House, put there with the help of Daley. The President will never allow a fellow Democrat to go down by use of the Feds which he controls. Best of both worlds, a Democratic Presient and a Fed Head Cop of the City - Daley is laughing all the way to his Swiss Bank.
Amazing isn't it that the Mayor's kid has retained a big time defense lawyer and the media only casually mentions it in the section that usually reports on a city worker sleeping in a truck
Why isn't this a screaming headline?
If this was a Stroger,Burris or Blago kin the media would be camped out at their homes demanding answers. Fitzgerald was ordered to stay away from Daley by Bush after the birthday celebration a few years ago and Obama has continued the order
C'mon you know Mr Fitzgerald isn't going to go after the Short Fat Little Bitch mayor. Even if he tried now, Barak will put a stop to it. Nothing is going to change in this city.WTF.
"Laura Foxgrover, the Park District official O'Malley knocked up is the daughter of former Judge Foxgrover. You remember him. Went down on corruption and theft charges."
OMG! Breeding the next generation!
The O'Malley twins, there are TWO of them, are nothing more than 19th Ward political hacks. Think along the lines of the Rugai's, The Sheahan's, The Joyce's, all of them connected to Daley.
If you looked at the jobs the kids of all of these people, wow the parents must be proud, all of their children have done SO well. Must be the great upbringing they all had, huh?
It would never be clout, not in this city, not a chance, right?
Just look at the schools the twins went to, and see who they went to school with, and then you will see how easy it is to piece the clout line together. It is amazing a reporter cannot uncover any of this.
Christ the King, Marist, Mount Carmel and McCauley - all great schools no doubt, but it is baffling how the kids of these parents did So well, better than most of the grads from these schools, yet none of their kids were in the honor society, valedictorians, etc, etc...
What could it be?????
Clout maybe? Connection to Daley? Or are the O'Malley twins just THAT good with money (you know, borrowed for free) and business?
Why does the CPD pension fund refuse to let the IG subpoena theur records regarding DV realty? Stand up and force the union to turn over the records, CPD union is covering up for Vanecko.
Did it ever cross anyone's mind that Daley is a federal snitch?
Strange that everyone around him goes to jail but nothing ever touches his corrupt ass.
What's you CI number Richie?
Well maybe this will get a fire under Fitzgerald’s ass before the pension fund starts looking like the Teamster fund back in the 60's and 70's. Of course maybe we could call for a pension meeting over at the Lincolnwood Hyatt...
Assistant Superintendent Brian Murphy divorced Laura Foxgrover after she got knocked up by O'Malley. ADS Murphy worked directly for the Mayor and has knowledge of all the corruption in City Hall . Why do you think he got promoted after he had a big fallout with Daley? To buy his silence and shut him up . Murphy father was also Fast Eddie Vrdolyaks driver.
WHO says the outfit is gone!
Why does the CPD pension fund refuse to let the IG subpoena theur records regarding DV realty? Stand up and force the union to turn over the records, CPD union is covering up for Vanecko.
3/29/2009 11:20:00 AM
________________________________
Who writes this?? It's not the union, it's the pension board dummy.
Assistant Superintendent Brian Murphy divorced Laura Foxgrover after she got knocked up by O'Malley. ADS Murphy worked directly for the Mayor and has knowledge of all the corruption in City Hall . Why do you think he got promoted after he had a big fallout with Daley? To buy his silence and shut him up . Murphy father was also Fast Eddie Vrdolyaks driver.
3/29/2009 12:58:00 PM
Lordy Lordy. It's almost downright incestuous!
Did it ever cross anyone's mind that Daley is a federal snitch?
Strange that everyone around him goes to jail but nothing ever touches his corrupt ass.
What's you CI number Richie?
3/29/2009 12:31:00 PM
It's The Departed all over again.
"Jeffrey Duerwachter...did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city's biggest African-American newspaper. And he did it all in one day -- June 8. First, Duerwachter paid $3.72 million for the building and a nearby vacant lot Then, Duerwachter resold the building and lot for $4.1 million to a company owned by Matthew A. O'Malley, a politically connected Chicago restaurant owner who had been negotiating to buy the property from Stratievsky."
If you've gotten the impression that economic activity in America largely consisted of men like this driving over your feet in their Lexuses while refusing to even look up at you as they talked on their cell phones, you'd be right.
The bastards kept this up until they triggered a depression. Then they fired you and took your house away after their trick mortgage "adjusted." Then they paid themselves bonuses out of your tax money.
Cheer up, though. "American psychologists have coined the phrase 'econocide' to describe a wave of suicides they say is linked to the current global economic crisis.
"The suicides of Irish property baron Patrick Rocca, London-based financier Kirk Stephenson, Chicago real estate mogul Steven Good, French financier Rene-Thierry Magnon de la Villehuchet and German billionaire Adolf Merckle have all made headlines around the world in recent months..."
http://news.bbc.co.uk/1/hi/business
/7912056.stm
Since we, as a society, seem to lack the moral fiber to organize firing squads, perhaps this is the best we can hope for.
Cold comfort...
Anonymous said...
Assistant Superintendent Brian Murphy divorced Laura Foxgrover after she got knocked up by O'Malley. ADS Murphy worked directly for the Mayor and has knowledge of all the corruption in City Hall . Why do you think he got promoted after he had a big fallout with Daley? To buy his silence and shut him up . Murphy father was also Fast Eddie Vrdolyaks driver.
3/29/2009 12:58:00 PM
Lordy Lordy. It's almost downright incestuous!
3/29/2009 07:36:00 PM
Another "punk" with no clue but daley is scared! Like rosie andolino she knows all about victor reyes and daleys "ghostS" Hope Patrick Fitzgerald scoops them up for "interviews" and of course indict vanecko,the daley kid and daley head of the criminal empire!
All this talk about "The Departed" and Daley possibly being a snitch reminded me of "The HeFarted".
Bon apetit!
ALL OF THIS MAKES SANCHEZ AND HDO LOOK LIKE CHILD'S PLAY.
IT SEEMS THE FEDS ARE VERY SELECTIVE AS TO WHAT THEY CONSIDER CRIME.
3/29/2009 08:54:00 AM
_____________________________
Not really. They just have so MUCH to pick and choose from here.
We sit here and cry and bitch about the Daley crime family but at our disposal is the most experienced investigative tool around! YOU! Why don't a couple of you smart college educated Detectives do a little investigating yourself and if you find something so corrupt and criminal bring it to the newspapers and the Feds!
Jeez- no wonder Murphy is angry all the time. Now that EVERYONE on the Chicago Police Department knows about this, we all feel for you bro.
Unless someone on CPD grows some balls and gives the FEDS some real dirt, you guys are f'd. Daley's vice grip over this city is going to last forever.
Daley's arrogance and control over this city is enabled by the weaklings who obey orders and live off scraps that Daley feeds them.
All that is necessary for the triumph of evil is that good men do nothing.
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