When the Deal Goes South
When they started their real estate investment company three years ago, Mayor Daley's nephew Robert Vanecko and his partners made a promise to five City of Chicago pension funds they were seeking as investors:
We'll put $7 million of our own money into the deal to show we believe in our high-risk strategy of investing city retirees' pension money in developing inner-city neighborhoods
And today?
But now it turns out that Vanecko and his partners -- Chicago developer Allison S. Davis and his son Jared Davis -- will put in just $3.5 million, half of what they initially promised.
Despite some concerns, the city pension funds quietly agreed to rework the deal with Vanecko and the Davises last August, making changes that financially benefitted the mayor's nephew and his partners, recently subpoenaed records show.
So shouldn't the pension funds get a bigger cut of the pie since they're taking more of the risk? Of course, since DV Urban has done nothing but lose money, the funds are already taking it in the shorts.
Can pension funds invest in tar and feather futures? Just wondering.
Can pension funds invest in tar and feather futures? Just wondering.
Labels: corruption, pension
posted by SCC at 12:01 AM
53 Comments:
BARF
DIRTY ROTTEN COCKSUCKER.......
King Richie's responses...
"I didn't know."
"I asked him to not deal w/ the City."
"Cookcoo cookoo."
"Silliness, just plain silliness."
Mike Shields, please keep the pressure on.
SCC,
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or was he just a great machine hack actor to begin with?
I am so enraged with the bilking of our pension that I am ready to run myself.
This kid is just like Mark Donahue silent when the ship is sinking.
We are soooooooo FUCKED!!!!!! We have no Watch Dog group to keep the theft in check and the retiree's rep. Hauser votes with the Mayor and so does the Lt.'s and Sgt.'s reps. We need help please. Hey retiree's what the hell are you doing electing a Daley thief every time? F-U retiree's!!!!!!
Only the King decides what to do with the pension money.
It has been declared that all operations in the City of Chicago shall benefit the King's royal patrons.
Fork over the money, it's investment time.
OT...but we can we go into arbitration already! We have had enough pussy fottn around with this joke of a city. It's been over two years now and it will be a lot longer so lets fuckn go. Stop fuckn around FOP! The city is not fair and it's not worth wastn any more time.
The pension funds keep voting in favor of Vanecko-Davis because their boards are stacked with Daley appointees. The token elected board members who are not bought off can never outvote the Daley block.
It would be interesting to see how Hauser voted on this one. Did Hauser vote with the Daley block like he did on the previous Vanecko investment votes?
people need to be made to pay !
but, because we have no nuts in our sack, we will be the people who pay.
destroying an airport in the middle of the night is balls.
we have none.
WAKE UP PEOPLE !!!!!
fitz ain't comming to save us.......we are on our own.
Remember all you young officers. Think Deferred Comp. The good Mayor, Little Richard Shortshanks, will have already spent your pension on family, friends and any other needy Chicago Alderman, when you become of age to get it.
Whoever made the decision to invest your pension funds in high risk ventures should have their balls cut off and shoved down their throats. Oh, forgot, all politics and King Ritchie has no idea what went on.
Anonymous said...
SCC,
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or was he just a great machine hack actor to begin with?
I am so enraged with the bilking of our pension that I am ready to run myself.
This kid is just like Mark Donahue silent when the ship is sinking.
8/11/2009 12:47:00 AM
There are eight members on the Board of Directors. One each elected from the ranks of PO's, Sgt's, Capt's and retirees. The retiree rep, Ken Hauser frequently votes with the majority. Mike Shields gets outvoted on issues that Daley really wants passed.
That's how it goes, When we get to appoint the majority then it will go how we want. Until then, our (PO) rep can only make waves and go public with the most grievous of outrages that he uncovers. Mike Shields has been doing that thought I don't know why he didn't break this news.
Mike, are you out there and do you care to respond? How about this latest outrage?
Anonymous said...
OT...but we can we go into arbitration already! We have had enough pussy fottn around with this joke of a city. It's been over two years now and it will be a lot longer so lets fuckn go. Stop fuckn around FOP! The city is not fair and it's not worth wastn any more time.
8/11/2009 02:15:00 AM
And they get no goddamn work out of me so we are sort of even.
Anonymous said...
We are soooooooo FUCKED!!!!!! We have no Watch Dog group to keep the theft in check and the retiree's rep. Hauser votes with the Mayor and so does the Lt.'s and Sgt.'s reps. We need help please. Hey retiree's what the hell are you doing electing a Daley thief every time? F-U retiree's!!!!!!
8/11/2009 01:34:00 AM
HEY ASSHOLE, F-U! HE RAN UNOPPOSED... I DIDN'T VOTE FOR HIM AND GUESS WHAT? HE STILL WON !
Thanks Mike Shields for doing what people only bitch about and don't get involved in. You got involved and are doing the best you can instead being a monday morning quarterback. Some of us really appreciate your hard work for the future retirees of this city. Keep up the good work.
its bad when some people have no shame...its worse to be proud of the fact. this is what happens when you have pols and their lackies entrenched /not afraid of voters or the feds.
where is Mike Shields??????
THIS IS THE EXACT REASON THAT EVERY FUCKING POLICE OFFICER ON THIS JOB NEEDS TO ATTEND THE PENSION BOARD MEETINGS, ITS OUR MONEY, LETS START GETTING INVOLVED!!!!!!!!!
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or
**************************
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When did you last attend a fucking pension fund meeting??? Its great to blame everyone else but guess what moron, your just as to blame, start attendign the meetings. If it was your personal checking accunt I bet your ass would be involved!!!!!!!!
Before everyone goes crazy that Mike isn't paying attention, look at the date this took place. Mike wasn't even on the board yet. So hers's a nutty idea. Read the fucking article before you start to jump on people. Just an idea......
keep writing tickets for the rotten baster you will not get a pension check the city is broke when is fop going to stand up for the policeofficers time is running out guys do something marke
You are all missing the big picture: If you are a DCF Daley Crime Family) member, contracts mean nothing to you. Promises mean nothing. Legal agreements mean nothing. The rules/laws/moral obligations DO NOT APPLY TO THE DCF!
Remember this, IOC: You are coming to the Daley Crime Family turf to play. You will lose. He will not meet their contractual obligations. It will be too late for you to change the Olympics to another location, so YOU TOO will be stuck with whatever the DCF tells you that you will get. You will wave previous signed contracts that the DCF negotiated with you, agreed to by the City Council, and he will force you to renegotiate and make further concessions. You will find it to mean less than the paper it is printed on.
The Daley Crime Family: RESISTANCE IS FUTILE.
Mike Shields is legit. Call him at his office. It's in the FOP book. Who the fuck do you think is responsible for all of the current investigations against DV? You can't be that blind.
Anonymous said...
The pension funds keep voting in favor of Vanecko-Davis because their boards are stacked with Daley appointees. The token elected board members who are not bought off can never outvote the Daley block.
It would be interesting to see how Hauser voted on this one. Did Hauser vote with the Daley block like he did on the previous Vanecko investment votes?
8/11/2009 03:54:00 AM
"fat kenny" is a daley hack all the way another daley POS! Mike Shields please run for fop president with a new slate,start there pension board is next!!
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or was he just a great machine hack actor to begin with?
thanks steve!
It was Shields that uncovered this and put it out there. Pay attention!
Before you blame Shields, you should know the facts. This vote to restructure the deal was taken in 2007. You should read the minutes.
SCC,
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or was he just a great machine hack actor to begin with?
I am so enraged with the bilking of our pension that I am ready to run myself.
This kid is just like Mark Donahue silent when the ship is sinking.
8/11/2009 12:47:00 AM
Listen up you GIANT PIECE OF SHIT:
Our Trustee, Mike Shields, was not sworn in until December, 2008. Therefore, he was NOT on the Board when this shit went down. You are an ass. Mike Shields brought all this shit to light, douchebag!
SCC, you should know better than to print these lies.
I am so enraged with the bilking of our pension that I am ready to run myself.
This kid is just like Mark Donahue silent when the ship is sinking.
8/11/2009 12:47:00 AM
If you're considering a run, then you ought to reveal yourself. Coward.
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
HEY DUMMY, THIS VOTE WAS TAKEN YEARS AGO, IT SAYS SO IN THE PAPERS. AND NO, MIKE SHIELDS WASN'T ON THE BOARD THEN.
READ HIS FOP NEWSLETTERS AND SEE WHAT HE WRITES IF YOU FIND HIM TO BE SILENT. YOU CAN FIND THEM ON PAGE 9 OR 10 AFTER SID AND FRANK'S PICNIC REVIEWS.
Imagine a relative of mayor Daley lying. What's the world coming to?
How is it that the Pension Fund is still playing footsie with these rat fucks relations and friends of the mayor. Vaneko and Davis should be in jail, money striped and given back to the fund and the scam artist at the fund fired and also put in jail before the mayor, his relatives, rat friends and appointees steal all of the pension money.
In defense of Mike Shields, this deal was done before he was voted in. I think he ran because of it and because of him being elected stalled, if not ended a second deal that would have robbed us of more money.
There is alot of behind the scene bullshit and if you don't watch the people who handle your money, you'll never know just how much they fuck you. Of course in the name of the, "Brotherhood."
I'll bet everything that I own that Mike Shields didn't vote in favor of accepting half of what was promised. And as for not hearing a thing from Mike recently, why would you assume that he's just laid down? Did you ever think that something big may be in the works?
The smart people, whether it's pension fund-related or otherwise, generally tend to keep their mouths shut and their ears open as to assemble strategy for their next move(s) - something which 95% of coppers aren't smart enough to do because it's the "nature of the beast" to run your mouth and be a big-talker, especially if you've got a star in your pocket and you're relatively newer (and "invincible") to the job. And we all know that the majority of big-talkers are good for shit when it comes time to drop the hammer. Although just my humble opinion as someone that's been around the block a few times, I say sit back and keep your mouth shut and wait for the climatic conclusion.
Mike Shields has made more headway with exposing the corruption with our pension in less than a year than anyone I can recall in the last 20 years. He's got a ton of "important" people squirming at the mere mention of his name. That's more than the majority of us could accomplish in his shoes, not to mention more fear than most of the big-talkers on this blog would be able to instill in a simpleton gang banger.
So sit back and try not to jump to conclusions like with every other topic posted on SCC. As anyone with half a brain sees, there's oftentimes more than 2 sides to a story. And for the blowhard that claims he/she just might run for Pension Board Trustee him/herself, I'm officially calling you out as just another big-talker. If you were so concerned with the state of our pension, YOU should've made your moves a long time ago, pal.
On a side note: can we petition to have "DV Urban" changed to "VD Urban" considering Vanecko and Davis are more like a Venereal Disease; festering pustules that need to be eradicated before they completely contaminate the collective vagina that is the majority of the Daley bought-and-paid-for Pension Board.
12:47 AM
In less than a year on the PABF Board, Michael Shields has accomplished more than all of his predecessors in memory.
I am optimistic that Ken Hauser, Mike Lazzaro and Jim Maloney will grasp the critical importance of a united BLUE front in standing up against the evil Daley-led forces that have made Chicago corruption a national laughingstock.
Furthermore, I now understand that the Board has retained an attorney to go after Vanecko and Davis.
Remember, in the 8-member board, four being mayoral appointees, ties lose.
I encourage all of you, both active and retired, to stand behind Brother Shields as he focuses on funding level issues that plague our Retirement Fund.
The Daley Family Theives will take advantage of any situation that fattens their bank accounts.
I blame those effing asswipes who are supposed to be taking care of our Pension.
I say "OFF WITH THEIR HEADS and Feed em to the Jackals !!!!!
Mike Shields is working hard on our behalf. Gallagher and the city reps hate this guy. He brought to light the Huberman pension grab and did much to expose Vanecko.
Instead of knocking Shields, attend a meeting and see for yourself what goes on. I have and
Shields is all right. Hauser and Gallagher have got to go, so does Dave Kugler, the outfit connected attorney for our pension board.
Anonymous Anonymous said...
Remember all you young officers. Think Deferred Comp. The good Mayor, Little Richard Shortshanks, will have already spent your pension on family, friends and any other needy Chicago Alderman, when you become of age to get it.
8/11/2009 05:21:00 AM
Think again on Deferred Compensation!
Deferred Compensation is a City of Chicago asset until you retire, resign, die or get terminated.
Have you ever heard of Orange County, California's bankruptcy? They tapped into 457(B) plans/ deferrred compensation.
Truer words were never spoken:
In a WTTW special on Chicago’s Irish heritage earlier this year, John Cullerton recalled his great uncle Ald. Ed “Foxy” Cullerton allegedly saying during a campaign, “Don't vote for my opponent. He's never run before. If he gets in here he'll steal you blind. I've been here eight years. I already have enough.”
Anonymous Said...
Remember all you young officers. Think Deferred Comp. The good Mayor, Little Richard Shortshanks, will have already spent your pension on family, friends and any other needy Chicago Alderman, when you become of age to get it.
8/11/2009 05:21:00 AM
___________________________________
And also remember that all that deferred comp money/457 funds are the city's money and not yours until you take it out. That is how you get to save it pre-tax. That's right I said it is the City's Money NOT Yours! Creditors can claim it if the city goes bankrupt.
Your deferred comp might not be there either. I hope it is but you never know. Don't think it is a safety net or immune.
Read about risk to those funds here!
An interesting quote from the above on page 4:
"Because 457 plans maintain their tax-deferred status by requiring that the sponsoring government own the deferred amounts, plan participants may risk the loss of
some or all their deferrals if their sponsoring government goes bankrupt or funds are in some way mismanaged or lost. For example, if Orange County, California, is unable to emerge from its current bankruptcy proceeding without providing its general creditors with a settlement under which those creditors receive 100 cents on the dollar, the county’s 457 plan participants will be forced to share proportionately in
the losses of those general creditors."
Go into deferred comp with your eyes open to the risks involved from both the market & other issues.
I always thought DV Realty stood for DALEY/Vanecko Realty.
This kid is just like Mark Donahue silent when the ship is sinking.
Shields quiet?? Not the ones I know!
The city pension funds did this a year ago in august? How is this news
Speaking of paying what was originally agreed upon, did our great messiah of a president ever pay his victory bill like he promised? Or did that money go to the payoff to keep the feds in check against the machine? Seems to me that with the city in such dire financial need as daley says we are, now would be a good time to start collecting what was promised.
A lot of the blame has to go tothe retiree and who they vote in. They are fucking us.
Deferred Comp, u can't touch that shit till ur 63, who says u'll b around to get it. By then ur too fukn old to live it up. Live now, buy ur kids the shoes they want, the clothes they need now!!!! U must b the type of guy that wants to b burried with ur money. Gov pensions r mandated and secured unless the gov goes broke, shuts down goes out of business, that won't happen.
This kid is just like Mark Donahue silent when the ship is sinking.
8/11/2009 12:47:00 AM
Idiot. Shields is the kid who brought it to our attention. It's the whole police population who keeps voting in the "connected" incumbants (Lt, Sgt and retiree reps). Start getting in new blood that will not rubber stamp everything that the mayors "appointed" reps want. You know whoever the mayor appoints will most likely vote for whatever the mayor wants. Stop voting in police reps who do the same. Time to stop the thievery.
SCC,
I remember just before the Pension Board Trustee elections every thread contained 20 resounding assurances from Mike Shields about how he was going to change this absolute theft of our funds. I voted for this kid and now I don't hear a thing.
This Mike Shields kid sounded good when he was running, where is he now? Why isn't he doing media interviews now? Did he sellout already or was he just a great machine hack actor to begin with?
I am so enraged with the bilking of our pension that I am ready to run myself.
This kid is just like Mark Donahue silent when the ship is sinking.
8/11/2009 12:47:00 AM
Hey A-Hole. You didn't vote for Shields. If you had, you would have known that he joined the Board in December, 2008, AFTER THIS DEAL!!!! He outed this shit and makes sure it keeps seeing the light of day. GFY!
When Do We Storm the Pension Board Again?
What Happened to the Large Venue That Pension Board and our Union Were Going to Arrange for the Rank and File to Address Our Pension Fund in an Open Forum?
For all that know everything;
The pension is backed by the State. Do you trust the judges to uphold that? If so, get real.
457b- you money is owned by the city until you retire. A participant can withdraw the money after he/she retires , at any age. At 701/2 there is a provision that a portion must be taken out every year. In Orange county, when they went BK, the 457 money was used by the county. The employees got screwed.
Pension fund- city could declare a bankruptcy. There are at least 2 cities in California that are doing it now to get out of their pension obligations. Employees are screwed. Detroit is considering bankruptcy to get out of their obligations and so are cities in Pennsylvania and counties in Pennsylvania , all to get out of their obligations.
old retired guy
Need all new blood on pension board, new sgt. Lt. and retired rep.= someone who understand CDOS,CMBS,CMOs and the like.
Deferred Comp, u can't touch that shit till ur 63,
WRONG! Defered comp is available at seperation from the job. No age limit or job term limit. If you quit or are fired, any money you have in defered comp is yours for the taking at that time.
nice post westside inside do-nothing. I think i may be the only one so far to see your clever way of defending shields. you gave more than enough clues to show that mike wasnt even on the board when that vote took place. i wonder how many wannabe detectives figured it out. keep up the good work Shields!!! you to Westside inside do-nothing. same for you northside
"Go into deferred comp with your eyes open to the risks involved from both the market & other issues.
8/11/2009 06:37:00 PM"
Simple solution:
Fuck you, pay me.
In cash.
Now.
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