SEC to Investigate Rahm?
- Chicago lawmakers are planning to send a formal request to the Securities and Exchange Commission for an investigation into donations to Mayor Rahm Emanuel from executives at financial firms that manage city pension money. The donations were first documented by International Business Times in a report quoting former SEC and federal prosecutors saying the contributions may run afoul of the agency's pay-to-play rules.
The aldermen scheduled a City Hall news conference Tuesday to announce the action.
In a letter to Andrew Ceresney, who directs the SEC's division of enforcement, Aldermen Bob Fioretti, Scott Waguespack and John Arena write the donations constitute "pay-to-play actions" that "have violated the public trust and are a breach of the fiduciary duty" by the Emanuel administration officials who oversee the city pension systems. They say "Chicago has a deep history of pay-to-play" and that their "goal is to end these tactics and protect the citizens of Chicago and employees' investments."
Why now? Why not decades ago when Rahm was pulling in $18 million as a "financial wizard" for a certain connected investment firm?