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?
Labels: scandals
posted by SCC at 12:04 AM
43 Comments:
Not to worry. Nothing will come of it. Rahm is golden and protected. He has friends in very high places and he knows where two many bodies are buried.
Question: Dean and FOP were silent on Shakman.
Are Dean and FOP also silent on this conflict of interst?
OT: Thanks Dean for 1/18 foot patrol debacle.
"Why now? Why not decades ago when Rahm was pulling in $18 million as a "financial wizard" for a certain connected investment firm?"
That was then. This is now. What has Rahm done for them lately?
"SCC, the reason the alderman are doing this is to protect their own hides. This is the first politically damaged mayor in over two decades. There's a real possibility Rahms a goner so the alderman are trying to look like heros. This shit never hits the paper if 'The Babbling Asshole' was still in office. Instead, Chicago has a punk for mayor. The only way Fioretti loses is he dies.
There's going be changes in the aldermanic races. Zalewski is in real danger as a Hispanic named Marty Artega is making progress in the white area. Unfortunately for Zalewski, quite a few voters are no longer listening to the BS that you don't want somebody not of your race as an alderman. That may have worked in the past, but not this election. Voters are remembering who DIDN'T oppose Daley's thievery of the Skyway and parking meters. In Zalewski's case, it wasn't a Mexican alderman that allowed an out of control thief to cripple the future of Chicago. It was a white guy stayed silent.
Another model citizen --
Sharpton's debt issues resurface amid his political rise
November 19, 2014
"The Rev. Al Sharpton has made a remarkable rise to national prominence, from community organizer to President Obama’s consultant, amid a long and lesser-known history of debt and tax obligations totaling millions of dollars.
"Sharpton and his for-profit businesses owe more than $4.5 million in state and federal tax liens, according to The New York Times.
"And his influential nonprofit group, National Action Network, the Times said, appears to be in a similar situation, saddled with years of unpaid travel and hotel expenses while apparently staying afloat by not paying federal payroll taxes for employees..."
http://www.foxnews.com/politics/2014/11/19/sharpton-debt-issues-resurface-amid-his-political-rise/
Here ya go out there in SCC Land:
-Matt Taibbi on How Wall Street Hedge Funds Are
Looting the Pensions of Public Workers-
http://www.democracynow.org/stories/13907
October 2013 issue of Rolling Stone
-Looting the Pension Funds-
By Matt Taibbi
www.rollingstone.com/politics/looting-the-pension-funds-20130926
Viva Hate.
Know who your enemies are...
Rahm Emanuel is here at the behest of his Gold Coast/North Shore/Wall Street hedge fund money conjurer friends to steal Police Pension monies and give it to them to manage into the ground while they reap hefty "management fees" with a back-door remuneration to Rahm and his family in perpetuity...
Public employee pension funds are the last big honey-pots of "free" unmolested monies just sitting around doing nothing for the Wall Streeters.
And it irks the fuck out of those low-life bastards that these monies are just beyond their grasp... For now.
It isn't that the current structure is unsustainable so much as these fucking thieves see an opportunity to turn the public against first responders with all the shit-talk and propaganda about "Cush benefits and sweet early retirements with plus $100K pensions at taxpayer expense..."
This bullshit is an all-in by politicians in concert with these money conjurers to paper over years of theft and intentional underfunding/failure to make mandated contributions.
Does the name Miriam Santos ring a bell
Chicago?
Why the fuck are none of these crack investigative reporters from the used bowel rags that constitute Chicago print media (Main, Fusco, Novak, Spielman et al.) beating a path to this woman's door to glean even the tiniest nugget of truth behind how she was set up by Daley Inc. for delaying Shortshanks raiding our pension fund to cover up his stealing from the municipal till to the damage of an estimated (Joravsky & Dumke) $12 to $15 Billion dollars?
Rahm is the cleaner.
Period. Full stop...
Don't believe it?
Who are all the muthafuckahs who have stuffed his pockets with @ $10 Million to buy access in the event of a second term?
It ain't the poor working tax paying bastard who is being punished by Rahm for being a poor working tax paying bastard.
The public is being trained via media agit-prop to not give a flying fuck when "greedy" Policemen are reformed out of their pensions.
We will somehow be seen as deserving of that happening.
The Policeman did absolutely nothing other than his duty and people actually cheer this craziness.
The fuck kind of city has Chicago turned into that THIS is somehow ok?
Rahm needs to be investigated. Hopefully he gets caught. Too many shady deal he has done behind the scenes.
Where were they when Daley was Mayor. Not impressed.
Tee-Hee-Hee!
Wonder what Amer Ahmad told the Feds about Rahm?
Stephanie Neely turned both ankles and sprained an ass muscle trying to run away?
Who was the window jumper at the Pension Board and why?
Is the celestial hand reaching down from on high to finally snatch the covers off and expose a bunch o' dirty asses?
This was in the comments a few days ago. Think he knew something was wrong?
Anonymous said...
OT: News to anyone else that our pension investment officer quit?
Chicago cops CIO joins University of California in new managing director role
Pensions & Investments
By: Christine Williamson
Published: November 12, 2014
Samuel Kunz will join the investment office of the University of California, Oakland, in the new position of managing director, asset allocation and investment strategy.
Mr. Kunz's appointment is the first to the new asset allocation and investment strategy group being created by Jagdeep Singh Bachher, chief investment officer and vice president of investments, Mr. Bachher said in a memo to the UC investment team that was obtained by Pensions & Investments. Mr. Bachher took over as CIO in April.
Mr. Kunz was most recently CIO of the $4 billion Chicago Policemen's Annuity & Benefit Fund. Mr. Bachher said in the memo that he expects Mr. Kunz to begin work in California at the end of November.
The process for replacing Mr. Kunz, who resigned Nov. 7, will be discussed by the investment committee of the Chicago Policemen's fund at a meeting on Nov. 21, said Regina M. Tuczak, executive director, in an interview.
Mr. Bachher could not be immediately reached for more information about Mr. Kunz's appointment and the new asset allocation and investment strategy group.
11/12/2014 05:01:00 PM
The average age of a widow receiving pension benefits is 75 and the average annual benefit is $19,872
Try living on that
From page 8 of the PABA Actuarial Report
The g will get him bet on it
the chicago media will not follow this story,the media in america today are a clear and present danger to our republic,of course so are all politicians!
Many pension funds across the nation sued ( or threatened to sue) certain big banks, brokerages, etc. for selling them various derivatives for their funds. These derivates were usually interest rate swaps that went by many acronyms -CDO-CDS and many others. Some of the pension funds received negotiated settlements. I always wondered why our fund never attempted that as the fund lost 100s of million during the meltdown. I wonder who was getting the campaign contributions then. When they the cut the benefits, everyone will wonder why. How about the elected officials to the board? The Patrolman, Sergeant and Lieutenant- have they attempted to regain some of that scammed money?
100s of million of dollars.
Nothing will happen
Fioretti is closing in.
Once again, it is not the Inspector General(s) that find the Scandal, but rather those who are outside of Chicago Government! As with our police department, it never ceases to amaze how the Feds come in and find scandals that IAD miss. Why can't we police ourselves? We are apparently paying too much and getting to little from local investigations.
"SCC, the reason the alderman are doing this is to protect their own hides. This is the first politically damaged mayor in over two decades. There's a real possibility Rahms a goner so the alderman are trying to look like heros. This shit never hits the paper if 'The Babbling Asshole' was still in office. Instead, Chicago has a punk for mayor. The only way Fioretti loses is he dies.
There's going be changes in the aldermanic races. Zalewski is in real danger as a Hispanic named Marty Artega is making progress in the white area. Unfortunately for Zalewski, quite a few voters are no longer listening to the BS that you don't want somebody not of your race as an alderman. That may have worked in the past, but not this election. Voters are remembering who DIDN'T oppose Daley's thievery of the Skyway and parking meters. In Zalewski's case, it wasn't a Mexican alderman that allowed an out of control thief to cripple the future of Chicago. It was a white guy stayed silent.
I'm not Zalewskis biggest fan but take a look around the west end of his ward. Streets are paved, no graffiti, city services are usually pretty quick. Some guy that isn't from this neighborhood or for that matter doesn't live in it will not get my vote or any of the other police or city workers that live in the area.
All Rahm has to do is give Obama a wet Willy. All will be forgotten.
This is all smoke and mirrors. Nothing will come of this. Typical Chicago politics. Half assed investigations that never find anything worth while and place the blame on some low level stooge. Im so tired of these politicians. They continue to fleece the city and state and they keep getting re-elected. Rant over, carry on.
These errant fund managers are not out of the grasp of pissed off men in dark hoods.
Anonymous Anonymous said...
Rahm needs to be investigated. Hopefully he gets caught. Too many shady deal he has done behind the scenes.
11/19/2014 04:39:00 AM
No one is investigating Rahm unless he has sex with 100 children on live TV. Remember who is in the White House and who sat right outside the door to the Oval Office. No SEC official is ever going to get the OK to investigate Rahm Emanuel.
Don't think so? Look up Brooksley Born, she was chairperson of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the futures and commodity options markets.
She tried to blow the whistle on the derivatives that almost brought down the entire economy. She wanted to seriously regulate them. The financial powers all lined up against her and he office was gutted of all such regulatory power by the president. She resigned.
She was absolutely correct.
Similar will happen if anyone tries to get close to Rahm. Recall how quickly Blago was snatched up in handcuffs and that investigation was wrapped up.
Nothing will happen. The only thing that might trouble Rahm is if the Republican Senate conducts hearings on his activities but this case is just not strong enough.
Every politician should remember the lesson of that Rot in Hell Thieving Democrat Dan Rostenkowski.
If you are surrounded by Government Employee, don't fuck with their pay, pensions and benefits.
If you do, they will find out something sooner or later, your petty crimes, misdemeanors, mistresses, kid's problems, bad habits or anything that will nail your career and send you to join Blogo at Club Fed.
I hope Rham's phones are now tapped, I at least hope he thinks they are tapped. I want him to see Feds around every corner and under his carpet. I want him to feel the eyes staring at the back of his head. I want him to think every room he is in is bugged and everyone he meets is wearing a wire. I wish him no peace until he is a raving loony in an orange jump suit in a cell if he fucks with our pensions or benefits.
"...Voters are remembering who DIDN'T oppose Daley's thievery of the Skyway and parking meters. ..."
The only way to get rid of that Parking Meter deal is to go with a criminal investigation. Grant the Aldermen "Queen for a Day" immunity and ask if they received bribes for voting for that deal.
YES! (we knew they were crooks anyway). Then the deal could be taken to court and shown a criminal enterprise and made null and void.
The same with the destruction of Meiggs Field, it wasn't for "security" or to build another park we don't need. It was destroyed so Shortshanks' pals could make a lot of money building high-rises in the glide path.
What is the Patrolman's elected officials job on the Police Pension Board? I need to get more involved and recently became aware of that role. I have less then 3 years on the job and have way to much education for this job then needed. I wasted time and money on school loans and have a degree in finance from Michigan State. I want to ask what this persons job details. I have a brief understanding that he or her votes on finances and so forth but where is there voice in this? Who do I refer my questions to directly? I am well aware of how pensions work but need to be more informed. I would also like to here from our members who are elected to these positions more often about a allegation such as this current one. Where is there input? They need to step up and brief us and our futures besides FOP. I figure that it is the job of our elected member on the board to be involved. Who is that person and where is her or his voice for officers?
OT: looks like the snow they ordered (needed) in Ferguson got delivered to Buffalo????
Cause we'll get him as soon as we all make some money here...relax,take it easy we'll get him"
Remember theses people dean and the fop. Next time they want a break on traffic ticket or Dwi .say the same thing they tell you Theirs nothing at can do for you Cooter said
You coppers on this blog need to STFU about your pension being stolen or else Rahm is going to release another naughty list and have the media outlets run another series of anti-Police hit pieces.
You guys aren't working hard enough to fight crime
and we're tired of reading all of your complaining on this blog.
>Sarcasm<
When do we start shooting?
Anonymous said...
What is the Patrolman's elected officials job on the Police Pension Board? I need to get more involved and recently became aware of that role. I have less then 3 years on the job and have way to much education for this job then needed. I wasted time and money on school loans and have a degree in finance from Michigan State. I want to ask what this persons job details. I have a brief understanding that he or her votes on finances and so forth but where is there voice in this? Who do I refer my questions to directly? I am well aware of how pensions work but need to be more informed. I would also like to here from our members who are elected to these positions more often about a allegation such as this current one. Where is there input? They need to step up and brief us and our futures besides FOP. I figure that it is the job of our elected member on the board to be involved. Who is that person and where is her or his voice for officers?
11/19/2014 12:28:00 PM
PO's rep is PO Mike Lappe. He was elected last time. You are overeducated for that job too. Typically, the PO is outvoted by everyone else. Although there are 9,000 or so PO's, we have only one rep on the pension board. Same as the Sgt's and Lt's. You do vote on disability cases and if you are doggedly determined to not let the sneaky petes down there do Rahm's bidding you have a chance at least to make public attempted thievery.
The job pays nothing, you get PO's pay only from the City. Go to the web site of the pension board and read and learn.. Show up for pension board meetings. Ask questions. Good luck.
Anonymous said...
"...Voters are remembering who DIDN'T oppose Daley's thievery of the Skyway and parking meters. ..."
The only way to get rid of that Parking Meter deal is to go with a criminal investigation. Grant the Aldermen "Queen for a Day" immunity and ask if they received bribes for voting for that deal.
YES! (we knew they were crooks anyway). Then the deal could be taken to court and shown a criminal enterprise and made null and void.
The same with the destruction of Meiggs Field, it wasn't for "security" or to build another park we don't need. It was destroyed so Shortshanks' pals could make a lot of money building high-rises in the glide path.
11/19/2014 12:11:00 PM
The glide path is in the lake. It was barely a 5,000 foot runway. Small Learjets and King Airs were the largest planes using it. A Boeing 727 landed there once. It was taken apart and barged to the Museum of Science and Industry for display.
That airport was bulldozed up because the Friends of the Parks wanted for years to get that land for use as a park. An influential member of Friends of the Parks was one Maggie Daley. Figure it out yet? Richy got tired of hearing about the fucking Meigs airport at night and sent in the bulldozers one evening. Happy wife, happy life. No more sinister than that.
Any bribes paid/accepted for the parking meter deal happened far above the level of alderman. They have a bad habit of getting caught. Then they talk.
OK, consider this. The law firm that gave Richy a $300,000 a year do nothing no-show job also helped negotiate the parking meter deal. They collected many millions in fees. Richy got a retirement job. Something of value. There is your bribe. In plain sight. See if you can find one client of Richy's at that law firm or one, just one, case he worked on. That is bribery.
Anonymous said...
What is the Patrolman's elected officials job on the Police Pension Board? I need to get more involved and recently became aware of that role. I have less then 3 years on the job and have way to much education for this job then needed. I wasted time and money on school loans and have a degree in finance from Michigan State. I want to ask what this persons job details. I have a brief understanding that he or her votes on finances and so forth but where is there voice in this? Who do I refer my questions to directly? I am well aware of how pensions work but need to be more informed. I would also like to here from our members who are elected to these positions more often about a allegation such as this current one. Where is there input? They need to step up and brief us and our futures besides FOP. I figure that it is the job of our elected member on the board to be involved. Who is that person and where is her or his voice for officers?
----------
All that education and you don't know how to look it up on their website?
RAHM = Really A Horrible Mayor
It's ok, the wedding dress is still in the basement and obummer was born in Hawaii.
Now excuse me while I puke.
Anonymous said...
Where were they when Daley was Mayor. Not impressed.
11/19/2014 05:58:00 AM
Arena wasn't an alderman while Daley was in office. Daley had a major meltdown because of Fioretti that's on You Tube. Look up Mayor Daley rant.
Blogger BronxBullschitzHere said...
"SCC, the reason the alderman are doing this is to protect their own hides. This is the first politically damaged mayor in over two decades. There's a real possibility Rahms a goner so the alderman are trying to look like heros. This shit never hits the paper if 'The Babbling Asshole' was still in office. Instead, Chicago has a punk for mayor. The only way Fioretti loses is he dies.
There's going be changes in the aldermanic races. Zalewski is in real danger as a Hispanic named Marty Artega is making progress in the white area. Unfortunately for Zalewski, quite a few voters are no longer listening to the BS that you don't want somebody not of your race as an alderman. That may have worked in the past, but not this election. Voters are remembering who DIDN'T oppose Daley's thievery of the Skyway and parking meters. In Zalewski's case, it wasn't a Mexican alderman that allowed an out of control thief to cripple the future of Chicago. It was a white guy stayed silent.
11/19/2014 12:48:00 AM
I live in Zalewski's ward and totally agree. This guy voted for the Olympics, parking meters, skyway, red light and speed cameras. He was just a mayoral rubber stamp and money grabber. He lost this household of 3 votes and more are fed up with his BS. 1 squad car to cover Harlem to Cicero. I don't care what race anymore fix this nonsense in my ward. Oh by the way the politicians have money for everything except a viaduct / overpass for train travels in this ward which cripples traffic and emergency vehicles.
IG is too busy investigating overtimers and scrap thieves to get into this. City government has so much going on right now they don't know whether to shit or go blind and all they're looking at is stupid little b.s. Ridiculous doesn't even begin to describe it.
Did Mary OCOnner jump on this? What are her thoughts? A high percentage of people living in her ward are working toward a pension. Lets hear her thoughts.
Have Rahm write a to-from to the sec justifying his questionable wealth.
I thought it was funny during the campaign for governor when the anti Rauner television ads were saying what a prick he was and how he threatened the lady for not doing what he wanted. I was thinking that rahm was working for him at that time and what Rauner was alleged to have said to his employee sure sounded like something rahm would say. Rahm would have sent her a dead fish too!
By the way just what did rahm do to earn the millions he made at that company? Who was the nursing home inspector? Was the alleged abuse an attempt to get the patients pensions?
Rham will be held culpable for this event right after Daley is shown to be responsible for the Millennium Park debacle.
HINT: Cue the crickets
Before you run for the pension board, learn how to spell.
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