400%?
Why isn't this guy running our pension? With smarts like these, we'd be solvent by the end of the year:
- The property doesn’t look like much — a weed-strewn eyesore at the northwest corner of 21st and Prairie in the shadow of McCormick Place.
But the vacant piece of land proved to be very profitable for Drapac Group LLC, Australian developers who hired Langdon D. Neal, one of the city’s most politically connected lawyers.
Neal was a registered lobbyist for Drapac when it paid $1,020,000 for the 21,857-square-foot property in the shadow of McCormick Place in May 2013 — its first deal in Chicago.
[...] McPier paid Drapac $5,473,750 — meaning Neal’s current client helped his former client make a 400 percent profit in just 14 months, records examined by the Chicago Sun-Times show.
That sounds waaaaaay better than the Vanecko deal that cost us what? Tens of millions or so - plus the transaction fees Vanecko undoubtedly charged at the front end. If the Australians can make 400%, why not the pension fund? At least we're local.
Labels: pension, sarcasm AND silliness
posted by SCC at 1:05 AM
47 Comments:
Off topic: Just received word, new Sgt. class starts after Labor Day, big class, around 100.
Makes Peter Lynch look like he ran a child's lemonade stand.
Holy shady profit
And meanwhile , the FBI yawns and looks away .
You are not serious, asking that question, are you?
Nice profit! Is that the rahm daley vaneko friends and family plan? Let's review vaneko and Daley connected Daley crime family members were given over 60 million of "our pension money" to invest is a risky venture entitled "dv urban realty" and lost it all, or this being "the Chicago way" just took our beleaguered pension money and kept it! The biggest question who at the pension board what kind of a person would give our money away to these crooks? What is the name of who signed off? Called the pension board of course no answers!
As a blue shirt recently retired street copper who dutifully invested in the fund over 31 years I would like to take just 19 million out and invest in a business that would be successful who do I call? I know coppers who have life threatening diseases could they get a load of cash from the idiots that gave away our money they really need it! Is there a federal investigation looking into misappropriation of our money? Rahms doesn't want to do what is required bylaw and fighting to fund it, and we have another plain and simple deal plundering tax money that could be used to build up pension funds! This is not the next president Trumps "the art of the deal" investment this is "the art of the steal" written by evil people who allow the criminals to keep on taking from hard working stressed out taxpayers!
Wasn't this guy responsible for the Cook County Election Commission? If so, were his election results as legit as this deal?
We recently received our Chicago city vehicle sticker courtesy reminder from our Chicago city clerk.
The mailing has a return address with the official city of Chicago seal and says;
City of Chicago
ATTN: office of the City Clerk
PO Box 247
Bedford Park, IL 60499.
It has Rahm Emanuel Mayor,'s name on it. He must know about it because he allowed her to use his name.
Think that it is the only Hispanic company that she could find to do the mailing? Bedford Park is running some very nice ads to relocate your business there. Maybe the clerk wanted to beat the rush and relocated there?
Way too funny.......You can't make this stuff up!
Very interesting, the sale took place in 2013, while Neal was still with Election board. As a licensed lobbyist he cleaned up selling the city an empty lot for 400% profit.
Now if anyone else did this they would be investigated for insider dealing with city. Guess election board has no ethics
rules on what you can do with your influence or position when dealing with city contracts.
This is the newest, latest and grandest scam perpetrated upon us the taxpayers by the politicians and their cronies. Wall Street calls it Public Private Partnership. It's when local tax dollars are used to purchase assets from third parties or to purchase municipal assets and then sold to someone else. Third parties that are connected by the way (i.e. parking meters, Skyway, charter schools, etc.). You see, it is illegal for the politicians to help themselves from the cash register. You go to jail. The Public Private Partnerships are a legal conduit for the political class to help themselves, their friends, family, and the crony capitalists.
Big changes coming to OCD. should be interesting.
Shootings on the Kennedy? Guess knocking down the projects and scattering its rejects has helped spread the crime citywide.
It is the oldest form of stealing in Government. Politically connected but not elected know the mayor and various others. The a big wig comes with a great ideas like closing states street or building a cheesy stadium. The connected reaches out promise cash and only ask that the project be placed at the location the land was acquired.
Bribes and jobs are handed out and the public is happy to have a shiny new building they will pay to use.
Look at this guys history do you really think he was that great a lawyer? A lawyer in government is a lazy lawyer who wants a pension and was in the bottom third of his lawyer school.
The pension fund doesn't have connections to Rahm....
>>>>> The property doesn’t look like much — a weed-strewn eyesore at the northwest corner of 21st and Prairie .... ***McPier paid*** Drapac $5,473,750 — meaning Neal’s current client helped his former client make a 400 percent profit in just 14 months ... <<<<<
First off, it's on the NORTHEAST corner, you Sun-Times idiots.
(sheesh, is everybody a fucking moron today! dammit to hell!)
Anywho...I'm glad it was **McPier** that paid that ridiculous amount -- can you say Graft, Kickbacks, and Payoffs kiddies -- and not Chicago and/or State Taxpayers. Oh...wait...when push comes to shove, the bottom line is that 'McPier' IS us taxpayers. That is unless they have a 'Magic Money Tree' growing in a sub-basement somewhere in the bowels of McCormick Place.
---[ps: I know its the NE Corner due to the Sun location and direction of the shadows in the Google street-view photo. Oh, and the map's compass confirms that ;-)]---
Let Truenews webmaster known that his site is having problems. last two days it locks up the browser and comments won't load... SCCB works great...
Everybody connected with the pier should be wearing orange jumpsuits. This is just a small sample of the outright theft going on.
8/17/2015 07:31:00 AM
Anonymous Anonymous said...
We recently received our Chicago city vehicle sticker courtesy reminder from our Chicago city clerk.
The mailing has a return address with the official city of Chicago seal and says;
City of Chicago
ATTN: office of the City Clerk
PO Box 247
Bedford Park, IL 60499.
It has Rahm Emanuel Mayor,'s name on it. He must know about it because he allowed her to use his name.
Think that it is the only Hispanic company that she could find to do the mailing? Bedford Park is running some very nice ads to relocate your business there. Maybe the clerk wanted to beat the rush and relocated there?
Way too funny.......You can't make this stuff up!
8/17/2015 07:39:00 AM
Is Susie Mendoza getting paid? Hmm strangely she terminated various Caucasian employees hired in "her people" did she get the police detail she wanted due to backing rahm? Another disgrace then again she wants to slip into Secretary of State spot hope not!
Shootings on the Kennedy? Guess knocking down the projects and scattering its rejects has helped spread the crime citywide.
8/17/2015 08:49:00 AM
$$$$$$$$$$$$$$$$$$$$$$$$
Just another freaking brilliant idea of the stumbling, bumbling Richie dumbass Daley
Deals like this don't come easy. I can't imagine foreigners getting in on what only Daley insiders have been privy to. Not only is Rahms Trnsparency Program working, it's paying dividends to foreign investors. Getting to be a key player and funding the right bundler to contribute to Rahm's Big Money Club was well worth their effort. Heck, only a Clinton can do better than that. If only our Pension Bd. could muster a deal to yield us a mere 20% return, seems they've invested in 67th and Damen every year compared to this deal.
Sorry you voted Rahm 2016 yet?
In The Immortal Words of The Democratic Nominee for President "What Difference Does It Make"! Truth is the only people who care, are the one's that our powerless to do anything about it.
"With All Our Rage, We Are Still, Just Rat's In A Cage"
Anonymous said...
Big changes coming to OCD. should be interesting.
8/17/2015 08:48:00 AM
We OCD's don't like change!
Also a class of 30 E.Ts along with the sgt class of 100
Making money for themselves and making money for the pension is two totally different things,caring about others or caring about yourself,taking care of your own pockets or taking care of the pockets that help secure the safety of our city as others made money,how hard can I ride you or use you until I reach my personal goal at wealth,then ride you harder and longer until you scream my name.....I need a cigarette,and I don't smoke😂!
It's good to be a FOR. Friend of Rahm.
Off topic but a great video all the same. Asshat Ferguson protester gets body slammed by copper after taunting the police.
http://www.gruntstyle.com/magazine/2015/08/13/protester-meet-pavement/
The feds dont give a rats ass about going after the big wigs in chicago. Everyones dirty - White House to the State house to City Hall.
I think Vanecko's return on investment from when he looted our pension fund was like minus 400 percent.
Yet Daley is still a free man holding several six figure jobs along with 2 or 3 government pensions.
Something's rotten in Denmark
"Look at this guys history do you really think he was that great a lawyer? A lawyer in government is a lazy lawyer who wants a pension and was in the bottom third of his lawyer school."
8/17/2015 08:51:00 AM
Really frightening? "Psychologist" who works for the state. 50 stack/year, pension, house in inexpensive area paid off, king of all he surveys.
...and the craziest man on the property.
The pension is fucked. A retired cop is receiving a $130,000/yr pension + an asst commissioners salary of $100,000. How can a system where this is allowed to happen succeed? BTW, this same guy in his role as head of security tries to fire guys making side money off of construction scrap. Are you kidding me ? Who's the real thief ?
HAHAHA! That's just silly, silly, silly! Don't you realize that those kind of profits aren't for the common man! They are only for the connected!
- RMD
Big changes coming to OCD. should be interesting.
Should I go to the bank?
Neal has announced his retirement as Chairman of the Chgo Bd of Election Commissioners last November.
I bought a $1 scratch off and won $5, that's a 400% profit. Now I know how this guy feels!
8/17/2015 07:39:00 AM
been like that at least for 2 years now.it's for the children.
OT,
Random drug/alcohol is now calling people in on Saturdays.
welcome to theft "Chicago style!" Who got paid off? Just like at the airports rahm announces Midway 245 million (Which we really know will be over a billion with cost over runs err payoffs), rahm says at midway vendors for space will be subject to "competitive bidding but only 1 "vendor" will control it all! Would that be the Rand brothers who donate how much to politicians? Rahm finds billions under rocks he is the "magic man" making billions appear when he says we are broke and cannot pay pensions! Wonder if when Trump gets sworn in will he go after all this corruption! I know we will be busy getting all the illegals and anchor babies sent back to their countries freeing up millions of jobs for American citizens, and that will save us trillions in freebies and health care will improve won't have to wait for these free loaders to get care ahead of taxpaying legal citizens!
Hey Dean. call Trump see if you could get him on board to reverse what that diabolical thief danny rostenkowski did, by cutting our earned social security to 1/3 what we are legally owed now Dean that would be "change we could believe in!"
What are the trustees of the different pension funds supposed to do? Isn't it their function to ensure that everything going on with the pensions is on the square? Did anyone ever hear from them that Daley and Co and Rahm were not doing their duties?
What recourse do we have against them?
Fardon ! Fardon ! You awake yet?
Are they going to fast for you?
I think I know why the democrates wanted Fitzgerald out. O'Bama owed that to his handlers the Chicago democrates didn't he, Fardon, Fardon?
Everyone of you beat cops could do the same thing. Tell me you don't drive by a property everyday that you see potential in? Thats right I forgot you in Chicago and you would have to be a nut to invest in Chicago real estate. Try Wisconsin or Indiana, I do hear Wisconsin has high property taxes though.
"Look at this guys history do you really think he was that great a lawyer? A lawyer in government is a lazy lawyer who wants a pension and was in the bottom third of his lawyer school."
-----------
Langdon Neal is no dummy, nor a government atty. he heads up his own law firm.
Education
University of Illinois Law School, J.D., 1981
Cornell University, B.A., 1978 (Ivy League)
He did follow in the footsteps of his grandfather and father who also worked for the city as outside real estate counsel. Very connected family.
Agree this deal stinks, but don't make assumptions about his intelligence.
Taxes high in Wisconsin you say? Hmm. I pay 3,500 for an acre of land. My house is twice as big as the one I had in Chicago. In Chicago I paid 3,500 and had a small home on a postage stamp size lot. I do not receive a water or sewer bill and do not see Department of Revenue guys walking down my driveway looking for City sticker violations. And that's not the best part. That's just for beginners.
Detectives class coming after the holiday
It seems McPier is stupid, whey didn't they purchase the property first?
WOW! I can't believe Andy Shaw missed this one?
Anonymous Anonymous said...
Detectives class coming after the holiday
8/18/2015 09:41:00 AM
Thought is was happening on a Friday!
Anonymous Anonymous said...
What are the trustees of the different pension funds supposed to do? Isn't it their function to ensure that everything going on with the pensions is on the square? Did anyone ever hear from them that Daley and Co and Rahm were not doing their duties?
What recourse do we have against them?
8/17/2015 07:15:00 PM
Exactly. When we come with pitchforks and torches for the politicians, the pension board should be included on the list too.
I can't figure out why this one is filed under sarcasm and silliness. This level of corruption is as serious as a GSW to the head.
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