DV Scandal Wraps Up
- A dozen years ago, five financially strapped city of Chicago pension funds invested $68 million in a shaky real estate deal put together by a former boss of President Barack Obama and a nephew of Mayor Richard M. Daley.
It was a high-risk investment. Allison S. Davis — a longtime Daley ally who once headed a small Chicago law firm that gave Obama his first job out of Harvard Law School — and Daley nephew Robert G. Vanecko even warned in the prospectus that the pension funds could lose their entire investments.
But, with Daley in office and three top officials in his administration in on the decisions, the city pension funds agreed to give Davis and Vanecko’s DV Urban Realty Partners the money, which they said they would use to buy and develop properties in struggling Chicago neighborhoods.
Eleven years ago, the Chicago Sun-Times exposed the deal, which quickly turned sour. The mayor publicly distanced himself from his nephew, whose pension deals created friction in the Daley family.
Vanecko pulled out of the partnership with Davis and his family in June 2009 — 12 days after a federal grand jury issued subpoenas for DV Urban’s records.
Three years later, the pension funds dumped Davis and seized control of the real estate portfolio DV Urban had put together, with lawsuits filed in Illinois and in Delaware.
No one is going to prison? No money is forthcoming? Is there a "Vanecko Cat Food Company" where we can get some snacks? The article outlines many of the local property deals that enriched the connected few. Maybe somewhere we can camp out in our retirement years?
Labels: corruption
posted by SCC at 12:03 AM
47 Comments:
Every time I hear or see something with that POS obama in it I cringe. Kind of like when hear something about that holy POS cupich.
Public hanging?
Tied to a chair and thrown
out of a very high window?
Chain one to the back of the other
to be carried around in a national
for a goodly many years?
When I was a kid, I went to the bank with my uncle. Dating myself, this was before the popularity of ATM machines and the like. He pointed out a white man with a briefcase and asked me what I saw? I said, well looks like a businessman. Nope, my uncle said, he is a bigger thief than someone coming in with weapons and a mask. He can steal millions with a pen. That is what Vanecko did. That is what Trump's boy did. They hit the banks and the pensions funds for millions. Millions. And never face jail time. I always ask this question about companies who invest in pension funds. When you look at the market, Gates, Buffett, Bezos and the like. Their net worth skyrocketed. How come not one of the pension fund gurus invested just a piece in any of those stocks? Not even a little piece? Think about that when the funds go insolvent.
isnt Vanecko relates to the Kauchman case??
The first clue that the guy is a moron is that he was the first to hire Obama out of college
Prison in this county is only for hard working, high tax paying citizens. The crooked and the rich have control.
Once they get it, it is GONE.
The Law = Can't Do Nuthing But Shit.
The Courts = Ditto above x Infinity.
The Voters = Paid pennies to vote D + Duped to vote D + Paid millions to dupe the dummies + Belly Up don't even vote + Ass to Sky not even registered to vote + Illegals registered and voting + The Dearly Departed registered and voting + The Senile registered and absentee "voting" + Fictitious registered "voters" voting = Demons get it and it stays GONE.
Ain't nuthin' but a Grafter's Game.
Oh, dem Democrats!!!!!!
only a 'daley' could fuck up 68 million into oblivion.
And no one goes to jail only in crook country
Since every Democrat has flunked Econ 101, this is no surprise.
What about out trustees? No one ever mentions anything about the elected trustees that we vote in and never hear from them again. Maybe they should have notified the unions like FOP and PBPA (Sgt and LT) that Daley then Rham was taking "pension Holidays".
Who approved giving Davis/ Vanecko 85 million to lose. Obviously they are connected just like Ariel Investments. the pension boards are run by thieving democrates.
Time for our pension board to pay for their malfeasance and crimes. All we have now are too many questions and not enough answers.
Didn’t a Judge named OBrian just sitting on the bench in Crook Co. having been barred from the bench and refusing to give up her seat after being found guilty in some Englewood mortgage fraud debacle? What about her sentence. Her husband is also Judge OBrain.
Who hired Davis-Vanecko? Are the trustees going to sue for malfeasance? What was there trac record with real estate development that they were given 86 million dollars to invest? Maybe Lisa Madigan should do some real legal work and prosecute Davis-Vanecko and the pension board. How do you lose 86 million dollars in real estate transactions and just walk away. If that were in the stock market I think the Sec regulators would be all over the principals and pension board.
Mafia Teamsters Penion Fund Alan Dorfman......Vanecko.... Why hasn't Lisa ever gone after crooked Deals ? Bcause they are all connected it's a chain of corruption.
Has anyone ever lost money in Deferred Compensation program with Nationwide?
It's quite amazing isn't it? Maybe 5,00 dumb cops can pick investments and everyone makes money. Then you have a pension board of some elected and some appointed of supposedly very knowledgeable trustees to make investments and they manage to lose 86 million.
Don't forget the 26 million that the former FOP boss Donahue let the city slide on. How was that? The pension board members had nothing to say about that? Did anyone hear anything from their elected board member?
Maybe the US Attorney and Lisa Madigan should be asking these questions.
Anonymous Anonymous said...
isnt Vanecko relates to the Kauchman case??
Yes, You are correct. If you didn't live in Chicago and someone told you the story you would think they made it up. In the meantime all my days off are cancelled and the suicide rate continues to climb.
As Long as there is Money left, these swine will be at the trough asking for more Money. And no jail time for any of them...What a travesty! Now another Daley carpetbagging into town. If you still think things are gonna change for the better, THIS is your wake up call.
Plan an exit strategy, this city is going to crumble. It's foundations are already shaking. I suggest get out of Illinois entirely.
Silly Rabbit, Prison is for Blagojevich's only!
That poor bastard "never" took a dime!!
These aaaholes cut up millions and "NO ONE " goes to court, never mind PRISON!!!
That's why it's called SHITCAGO, CROOK COUNTY, ILLANNOY!!!!
Sounds like a lot of people saw The Godfather movie
as kids and said to themselves "I can do that stuff,
too. All I need to do is go into politics or get a law
degree, or both."
Anonymous said...
isnt Vanecko relates to the Kauchman case??
9/15/2018 12:48:00 AM
Now, now put on your fuzzy slippers and house robe it's time to take the little yellow pill...
When will people learn that voting democrat only hurts your pockets and fills theirs(demonrats)
Who at the Chicago police Pension Board freely gave our money away question is why are they not held responsible for misappropriating the money that is for the police officers? Whoever from our Police Pension board allowed that their names need to be outed immediately there is need to be a federal investigation I’m not worried about the other Pension Board sorry we have to worry about our own!
Funny...
Local media paid no more than passing notice to this
Daley Inc. financial chicanery because it was "only
cop/teacher/city employee pension money."
The clock on possible Federal prosecution must've expired...
Now...
How about finding an answer to the suitcases of "other people's money"
that flew to Copenhagen in September of 2009 with Shortshanks and the
rest of Daley Inc. but somehow didn't make the return flight?
>Dented empty pop can rolling down the street-
a rat scurries- a far off gunshot- a dog sniffs
a clump of weeds then turns, squats, takes a shit
then trots off sideways<
"Gonna show dese Yerpeens how we do t'ings in Chicaguh..."
Those "Yerpeens" took that money, royally pantsed
Shortshanks and rolled him like he was a suburban
Blackhawks fan who trolled west of Western for "fun"
and got way more than he bargained for.
"PUH-LEASE DON'T TELL MY WIFE!"
("Hey ya you nasty m/fer! Damn right we're calling her!")
Anyhoo...
The curious bit was the various rumors that Shortshanks
lost his mind on the return flight.
Wailing, yelling, slapping his valets, throwing
things around the cabin etc...
A privileged and powerful man(ling) who realized the jig
was up and that his insulation has burned off.
Now another made member of Daley Inc. has announced for mayor.
The cosmos rolls it's eyes in derision.
Losing money and still being allowed to operate as property investors...with government insiders help.
Burn through everyone’s money and very little of their own.
Find someone to do that for you.
Everybody got their upfront commission, fund managers kept their jobs and eventually moved elsewhere.
Nobody held responsible or accountable.
Well protected and a contract written by the experts to avoid taking these select properties as loan collateral.
Try that on your own.
Democrats duck, dodge, deny, hide.
Oh, and don’t forget to pay your Water Bill due this week.
Sanctuary City needs the cash.
When you lay down with rats you get fleas and maybe even bitten. How stupid could they have been working with any Daley. Got what they deserved. Sorry guys you need better leadership.
Three thousand five hundred and sixty seven days ....that's ...
Nine years nine months and five days after he punched a drunk kid 100 lbs lighter and six inches shorter, then ran away and left him in to die with a brain injury, Richie Vanecko got Daley justice for his crimes.
He spent 60 days in jail. And another 60 on home confinement. For a dead kid. In the middle of the city.
Every single thing in this case reeks with the unmistakable stench of a crime family.
From 'lost files' miraculously rediscovered behind a cabinet, to the eye witnesses who lied, to a case concluded after the statute of limitations for civil litigation had run out.
A fucking sewer.
Say what you will about the P Stones and the Latin Kings and the rest. All of it's justified.
Those aren't the only criminal gangs in the territory.
Plenty of other rats in that sewer.
And the sheeple line up to vote for them.
Where’s the blame on the trustees?? THEY sold us out. If someone is willing to give you millions and you’re guaranteed to make money either way, wouldn’t you take it? Who were the trustees that’s agreed on it?
The problem with politics
Most young PPO,s coming into the job don't even have a clue of whats been going on for the past lets say 20 years (in politics)in Shitcago and Crook County and our very own worthless FOP. If you don't believe me ask any or all of the young recruits. Point being is, that is why we are so screwed living and working in Shitcago. That also goes with the rest of the different departments in this fucked up corrupt city. For the rest of us older generation guys, we have to mentor these young people so they make the right choice in these upcoming elections for the better. The only problem I see is their really is no good candidate, could be wrong myself but let's just pray we don't get stuck with another anti-goof everything and steal everything goof as our next mayor.
Lisa Madigan can find problems in the police, but can't find anything wrong with this pension deal. Maybe it also involves her daddy!!!!!
Has anyone ever lost money in Deferred Compensation program with Nationwide?
It's quite amazing isn't it? Maybe 5,00 dumb cops can pick investments and everyone makes money. Then you have a pension board of some elected and some appointed of supposedly very knowledgeable trustees to make investments and they manage to lose 86 million.
Don't forget the 26 million that the former FOP boss Donahue let the city slide on. How was that? The pension board members had nothing to say about that? Did anyone hear anything from their elected board member?
Maybe the US Attorney and Lisa Madigan should be asking these questions
This poster stole my thunder!! I've been in deferred comp over 20 years I'm a small potatoes stoonad who's seen my contributions and stocks averaging double digit returns for as long as I can remember so wtf can't you'd think much smarter ppl trained in investments get higher returns than me? Fuck even if they put 100% in fixed pensions be in way better shape.
Three thousand five hundred and sixty seven days ....that's ...
Nine years nine months and five days after he punched a drunk kid 100 lbs lighter and six inches shorter, then ran away and left him in to die with a brain injury, Richie Vanecko got Daley justice for his crimes.
He spent 60 days in jail. And another 60 on home confinement. For a dead kid. In the middle of the city.
Every single thing in this case reeks with the unmistakable stench of a crime family.
From 'lost files' miraculously rediscovered behind a cabinet, to the eye witnesses who lied, to a case concluded after the statute of limitations for civil litigation had run out.
A fucking sewer.
Say what you will about the P Stones and the Latin Kings and the rest. All of it's justified.
Those aren't the only criminal gangs in the territory.
Plenty of other rats in that sewer.
And the sheeple line up to vote for them.
****
Vanecko was allowed to get away with murder because the CHICAGO POLICE DEPARTMENT detectives working the case covered everything up! 60 days for taking a life... give me a break. Had it been anyone else they'd be looking at 25 to life. Goes to show some people are untouchable in Chicago.
They're are idiots on this job that still love to kiss the Vanekos family Asses.
Nationwide offers Fidelity Contrafund as an investment choice for Def. Comp. 25% return for the past 12 months and for the past 10yrs an average annual return of 12%. Vaneco and Obama’s old boss could have more than doubled our money and not had to bother with real estate taxes. Oh, but that would have left Mike Madigan out wouldn’t it?
I will vote for willie wilson. All brother Daley did was kick the can down the road. Hell, he even sold the skyway and parking meters. You think Daleys have solutions? They don't. Just like the madigans they find a way to enrich themselves and their dumb families. All at the expense of the common taxpayer.
A carrier battle group of drunken sailors on a 6 month leave could not squander that kind of money!
little barackie beat that chump change deal
he spent $1,000,000,000,000 in "shovel ready jobs" and had nothing to show for it but chuckles when asked about it, where that trillion dollars went.
He should have shrugged and said, "It was just other people's money, taxpaying suckers"
BTW, bill ayers of the cop killing/bombing weathermen underground gang, convinced obama to come to chicago after harvard. It took place in ayer's apartment in NYC. IT was set up long ago that little barackie would be the untouchable face that would bring the chicago democrat machine to DC and get access to the national vault.
leftist politics was a distant second consideration.
Well we need to ask the elected representatives about this shit. Who voted for it and why. it is apparently the trustees fault and no one is calling them out. what are we afraid of? these mopes kiss ass before getting elected and that is the last time you hear from them.
These Daley cretins have no shame. Public servants my ass!
Anonymous said...
Three thousand five hundred and sixty seven days ....that's ...
Nine years nine months and five days after he punched a drunk kid 100 lbs lighter and six inches shorter, then ran away and left him in to die with a brain injury, Richie Vanecko got Daley justice for his crimes.
He spent 60 days in jail. And another 60 on home confinement. For a dead kid. In the middle of the city.
Every single thing in this case reeks with the unmistakable stench of a crime family.
From 'lost files' miraculously rediscovered behind a cabinet, to the eye witnesses who lied, to a case concluded after the statute of limitations for civil litigation had run out.
A fucking sewer.
Say what you will about the P Stones and the Latin Kings and the rest. All of it's justified.
Those aren't the only criminal gangs in the territory.
Plenty of other rats in that sewer.
And the sheeple line up to vote for them.
9/15/2018 12:18:00 PM
Venecko took the fall for short shanks son. venecko didn't do it,.
Attorney General, where are you?
When I was a kid, I went to the bank with my uncle. Dating myself, this was before the popularity of ATM machines and the like. He pointed out a white man with a briefcase and asked me what I saw? I said, well looks like a businessman. Nope, my uncle said, he is a bigger thief than someone coming in with weapons and a mask. He can steal millions with a pen. That is what Vanecko did. That is what Trump's boy did.
i take it ur either hispanic or afr-american.. What does color have to do we anything. White man, trump..thieves come in every color. From the Strogers, to Gutierrez, DAleys to madigans. All above have been in Politics for 30 years and stole 100 s of millions. Trump in office a year and jobs are back and paychecks are up. And he respect the police. The rest throw us under the bus every chance they get.Get off occupy democrat and try reading. Every city with the word democrat surrounding it is in shambles.
Funny how the lawyer who "handled" the Kotschmann line up, Terry Gillespie, got his wife, Pamela Hughes Gillespie, and his daughter in law, Alexsandra Gillespie, appointed and elected judges.
Anonymous Anonymous said...
The problem with politics
Most young PPO,s coming into the job don't even have a clue of whats been going on for the past lets say 20 years (in politics)in Shitcago and Crook County and our very own worthless FOP. If you don't believe me ask any or all of the young recruits. Point being is, that is why we are so screwed living and working in Shitcago. That also goes with the rest of the different departments in this fucked up corrupt city. For the rest of us older generation guys, we have to mentor these young people so they make the right choice in these upcoming elections for the better. The only problem I see is their really is no good candidate, could be wrong myself but let's just pray we don't get stuck with another anti-goof everything and steal everything goof as our next mayor.
Have to defend the recruits here. First let me clarify. I’m retired, made a lot of money in deferred because I started in 1983 or 1984 and am living comfortably , but myself like 99% of recruits also didn’t have a clue when we came on. Last thing we worried about was retirement, the pension or deferred. That wisdom comes later with age. Why did it take us age to make us so smart?
What makes you think the new recruits are smarter than we were?, especially with the new hiring standards
Anonymous Anonymous said...
Who hired Davis-Vanecko? Are the trustees going to sue for malfeasance? What was there trac record with real estate development that they were given 86 million dollars to invest? Maybe Lisa Madigan should do some real legal work and prosecute Davis-Vanecko and the pension board. How do you lose 86 million dollars in real estate transactions and just walk away. If that were in the stock market I think the Sec regulators would be all over the principals and pension board.
9/15/2018 07:30:00 AM
Don’t the trustees have to approve the funds investments? Remember tho, 4 of the trustees are appointed by the mayor
Venecko took the fall for short shanks son. venecko didn't do it,
-----------
And you're quoting....Alex Jones here?
Or maybe The National Enquirer?
Yes we got ripped off by the pension board, the trustee's, and then by the then FOP President Mark Donahue. but here is the dirty little secret: Look who are the fund managers and how much they charge the pension board in fees. After getting knocked on your ass with the fee's then look at the investments they are making. To poster 9/15/2018 5:25 PM brother you hit the jackpot with that post. I have made average approximately 19% on my investments for the past 3 years. Believe me I have no special training in investing. I read and read several different publications. If I can do it and not charge myself any fees how come we have these different fund managers investing our monies with the VERY EXXESSIVE FEES that they charge. It is truly amasing
Here's the kicker folks ---
"In addition, DV Urban collected $8 million over the years in fees for managing the pension funds’ money."
Plus Patrick DALEY Thompson helped push through a $1M tax break for one of the properties.
Sun Times 10/9/2016 (Say what you will about The S/T, but Tim Novak and Chris Fusco had real courage.)
https://chicago.suntimes.com/news/watchdogs-taxpayers-lose-8m-on-site-linked-to-2-daley-nephews/
Heads I win, Tails you lose.
Sort of like living in a damn criminal hell hole.
Line up and vote 'em all back in, sheeple!
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