Fiduciary Duty
Ever hear of it?
- A fiduciary duty is a legal obligation where one party, known as the fiduciary, must act in the best interests of another party, called the principal or beneficiary.
The city treasurer is flirting with abandoning that legal precedent:
City Treasurer Melissa Conyears-Ervin touched off a political firestorm Wednesday by declaring that the city’s $10 billion portfolio her office controls will no longer invest in U.S. Treasury bonds to protest what she called the “authoritarian regime” of President Donald Trump.
“Chicagoans do not want us to bankroll the regime — the authoritarian regime — of Donald Trump where he has waged a war on our city,” said Conyears-Ervin, one of thirteen Democratic candidates and fifteen candidates overall vying to succeed retiring U.S. Rep. Danny Davis in the 7th Congressional District.
“In the past three years, our office has held over $200 million in Treasury securities,” Conyears-Ervin said, speaking at a hearing on Mayor Brandon Johnson’s proposed 2026 budget. “Beginning today, I have directed my staff to boycott the purchase of United States Treasury securities.”
She claims that the returns on corporate bonds, money market accounts and asset-backed securities are "the same" but that is a questionable proposition at best.
No one can predict with 100% accuracy what the markets are going to do (except Nancy Pelosi) so a unilateral move like this should be questioned by the aldercreatures. Some already are, but there ought to be more than a few eyes on this with calculators at the ready.
Budgets and pensions rely on that money.
Labels: money questions
posted by SCC at 12:07 AM
82 Comments:
I hope she see the light but I hope in vain, I'm no finance genius but this sounds bad. I do hope she loose her war with Trump and election bid.
Huh?
This nitwit 'reasoning' begs for an investigatory probing deeply into the dank, dark depths of dei delusional drama queening.
Maybe the ctu has incorporated as an investment management firm. With petrified pelosi as it's guiding glow worm.
👻
Vote all the Democrat’s out! That is crazy to invest the city’s money with politics in mind and not investing.
The city treasurer has been a turtle, hidden in her shell, not doing anything.
Recently Danny Davis announced his pending retirement.
Davis represented the 7th district.
City treasurer's husband announced for the seat.
All of the sudden city treasurer suddenly started a series of seminars on building wealth th
More people should be involved in making these decisions.
Instead of investing in treasury bonds and securities watch for the city to invest into the new financial firm…
Vanecko Bonds & Assets.
It's just tax money,
Just another political hack blaming an overwhelmingly elected president for enforcing federal laws in the corrupt city of Shitcago which is run by a cabal of communist criminals!
Maybe the treasurer’s office should be audited by the Feds.
Wouldn’t be a surprise to find a little skimming going on “managing” 10 billion.
JESUS take the wheel. Amen
You'll find a lot of defaults in the corporate market although it's inevitable the US does at some point. But it begs the question, why not lend it to Chicago?
Can not the pension fund representatives fallow what this idiot is doing, and bring suit against her for being a F-N idiot???
She is about to break the pensions! Better read how Detroit did the same thing two years prior to Detroit going bankrupt. And the retirees taking the loss?
US treasuries are eventually going to be crypto backed. Scott Bessent is there for a reason. Another Chicago failure looms.
She sounds like an insurrectionist to me.
The CTU socialist has officially identified herself.
And confirmed that she and her leader Brandon are complete idiots and incompetent in handling any type of economic entity let alone a billion dollar municipal budget.
Brandon's morons brought to you by the socialist Democrats of Illinois and the CTU
All I know is Chicagoans better keep paying their pension obligations.
You can’t fix stupid
Treasury Bonds have a guaranteed rate of return, unlike the other investments this idiot espouses.
Another great move by this entire inept administration
Another political ZERO “hero”
what does she care, when the city needs more money, they just make up new taxes
First Trump couldn’t care less. Next, Federal bonds are considered a risk free rate of return. If you seek investment elsewhere you can get higher returns but take higher risk. Next, I guess if you hate elected officials and the job they are doing you can refuse to fund it. Lastly, the bond rating for Chicago tells you they don’t think much of the financial situation in Chicago.
The idiot just don’t get it - treasuries are safe !
She was sending out emails inviting people to some investment scam last week I’m sure her scam has something to with with her new investment plan for public funds. I see more “Red Flags” going up than at a Soviet circus
Conyears-Ervin earned a Master of Business Administration from Roosevelt University. Prior to her political career, she worked in the insurance industry at both Allstate. and CS Insurance Strategies.[5]
In 2023 Conyears-Ervin faced an ethics investigation into allegations surrounding abuse of power.[6] Former employees alleged her of requiring staff to perform personal tasks including planning birthday parties, grocery shopping, and forcing BMO Harris Bank to provide a mortgage for her husband, Chicago Alderman Jason Ervin.
Sounds like someone we should let run finances! Another DEI hire to a position she has no experience in..
That’s what happens when you have somebody who’s dumb and unqualified in a job like that.
I looked at the police pension fund numbers. We have approx $100m in 3 month t bills. There is no likelihood that the money would be placed into Euros, Swiss Frans, or Jap Yen for that bucket of money. Also no lik.ihood that it would be placed with corporate bonds.
She didn't get upset when Joe Biden was allowing illegals to flow into the country and a large amount of them ended up here. That was okay.
I would also hope that the city will also refuse to accept any of the Federal tainted money. What an idiot!.
BIPOC
The definition of insanity is to do the same thing over and over again and expect different results
Like voting for democrats over and over again and expecting different results.
Why does Melissa Conyears-Ervin have a PO assigned from 544 to be her driver? Since when does the City Treasurer need a detail? Her driver is the same dummy who got caught on the west side with a crack whore and had his car stolen with his equipment inside.
I think Melissa and her husband should be boycotting the All-You-Can-Eat buffet lines at their local restaurants. They obviously are frequent visitors. They make Pritzker look like a Navy SEAL.
She’s got a lot of complaints with the Ethics Board, and I can’t help but wonder was that $25,000 the Pension Board gave her a few years back ever reported to the Ethics Bureau? I still don’t understand why she was given that money allegedly $25,000 whether it was for Danny Davis’ seat or something else she needed from our fund. It’s listed under a line item, so unless someone digs into the books, nobody really knows. But with all these ethics complaints piling up, something definitely doesn’t seem right.
She should invest it with Citadel. They did the smart thing and left Chicago.
Wish I could refuse to fund it, but I pay taxes.
Then why don't the unions sue the city and the dingbat. The end result is going to be bankruptcy for the pension plans. ALL OF THEM.
I'm no financial guru what so ever, but one thing I do understand is fuck with my pension and put me in a corner. ???????????????????????
They have been replaced by Moe Betta Bonds and Assets.
How the actual fuck did we ever get such a gaggle of boneheads to run this city???
+1
Not to worry!
She has friends in high places who will guide the City's investments to even greater returns!
And when the new investments tank, her friends' sons-in-law will still be able to support their wives and girlfriends in the style to which they are accustomed...
My nightly prayer
With that kind of democrat ideology, the city should be broke in no time at all...
Too stupid to realize that the stock market is on fire right now. Even Nancy Pelosi is reaping the benefits of having Trump in charge. Must be another CPS alumni.
Probably the only solid investment the city has.
Wrong vanecko is a white own criminal firm Conehead want a black own criminal firm with tides to cps/ctu criminal enterprises
As i was typing the above, everything disappeared.
so continued below:
The City Treasurer suddenly starts holding seminars on building wealth, through home ownership.
I saw several full page ads in slum times-advertising multiple seminars, all being held in the 7th Congressional District.
Her and husband reek of self serving.
7th District voters should look around.
Find someone better.....
FAFO when Trump cuts off all federal funding to these Socialist sanuaury shit hole cities, and states !
They don't expect anything different.
The money in question is not pension money. It is city dollars. How would the pension fund have any jurisdiction in this issue?
Wouldn’t trust this slug to manage a bank account
True, but that’s just one small piece of the picture. The $100M in T-bills is the safe money. The real concern is what’s happening with the rest of the fund, the investments that aren’t so easy to track. We need full transparency across every asset class, not just the short-term holdings they like to highlight. Forensic audit since Beyna is Deputy Executive Director of the fund earning $120,000 a year salary while collecting a pension. Boy wonder loves crypto.
Democrat party 'our democracy' ?
Aka, demo crazy?
Keep chuggin' it down, hog girl, eventually that pipeline will collapse from the only genuine workload it does.
Sure they do. Way too safe for the grifters to grift from.
When fat slob , Melissa Conyears-Irvins talks… people listen
Nah she has that Ozempic face now….
This is nothing more than a political stunt to get more name recognition.
Ervin is a fucking moron!
I hope the fop is ready to file a suit against this moron, for abandoning her fiduciary responsibilities, or are they too busy protecting John boy
https://www.oflaherty-law.com/local-law/analyzing-the-60k-fine-against-melissa-conyears-ervin
The pension fund never gave her or any other politician and money. EVER. !!!
Trump Derangement Syndrome
Give her a break. She is good financial stuff. She intervened on behalf of a west side pastor seeking a mortgage loan from BMO Bank. She attempted to strongarm BMO as BMO does millions in business with the city. Never mind her alderman hubby had an aldermanic office in this church. The City's Inspector General and the Better Business Administration conducted an investigation.
Is anyone aware that the city paid out $100,000 in taxpayer money to two of Ervin's employees who blew the whistle on her having them run personal errands on city time. The employees received that $100,000. Unlike police that are routinely sued, no known website exists documenting the payout by elected representatives dirtying them up unlike the police. The city's inspector general unlike Copa did not recommend a warranted 365 day suspension. Outrageous suspensions only target police and seem to be exclusively reserved for the men and women in blue. Elected and appointed high ranking public officials are exempt from persecution.
Twelve ethic ordinance violations should be noted and Conyers-Irvin was fined $60,000 for her ethical breaches. Each of the twelve "sustained" ethic violations were assessed a $5,000 fine totaling 60K. Probably paid from the aldermanic slush fund that is off limits to the prying eyes of the public. Police take suspensions which cost them money often taking food off their table and police officer's children going to bed hungry as they are not eligible for sizable migrant benefits, SNAP or LINK prior to the democrats shutting down funding.
https://news.wttw.com/2024/04/15/chicago-city-treasurer-melissa-conyears-ervin-fined-60k-violating-ethics-ordinance
I guess the nationwide memo went out that the Trump Derangement Syndrome is of a higher priority than investing in the United States of America. What's more patriotic than buying U.S. Saving bonds much like flag waving documented U.S. citizens did during the Second World War. Effing communists riding under a more palatable banner of democrat socialists.
Someone who despises America having control of all the taxpaying American chumps money. A financial collapse is inevitable. Chase away businesses-discourage actual commerce. Sorry dems suffer cause Trump is the new sheriff in town. The previous administration would print up bailout money for your democrat ghettos. And all those printing presses pumping out new currency led to inflation or too many dollars chasing too few goods caused double digit inflation by the dimwit in diaper's previous regime. Failure is a very real option.
I went to her websites and social media pages. She is BLACK POWER. After being totally disgusted by it, I then went to Asian Power websites and realized the Asian Power sites were wholesome.
Culture
Vote the democrats out?
Aint gonna happen here in Chicago.
At least in our lifetime.
People here aren’t that smart, at least not enough people to get past the voting fraud.
In order for Chicago to declare bankruptcy, it would have to go through a forensic audit.
Under the Biden / obama administration, no problems.
Under the Trump admin, or any other Republican admin, people would be going to jail.
Dems won’t let that happen.
To these idiots, they figure that somehow we’re “paying” Trump.
That’s their fucked up, left wing mentality.
Bessent is a gold guy, always has been. They’re moving back into a gold backed dollar.
There will be a repricing of nominal 1 oz value from $42 to ?
Trump has hinted at this when he references “the golden age of America.”
Pay attention.
Sound like maybe y'all Chicagoans / Illinoisians picked the wrong place to live. The thing is, y'all can move....but for some reason don't
Chicago black politicians are the new world communists in the government, liberals keep voting for them.
I can only imagine what the cities investment geniuses have brewing. Surely a way to funnel that 10billion into the pockets of friends and family.
She’s veeerrry late to almost every pension meeting. The other ones she does not attend. In reality, it’s better that she is not there. But she’s there with staff and security at tax payer expense.
There's also a Sgt assigned as well. Those 2 alone cost the tax payers north of 340K just in OT last year. Factor in a vehicle, fuel,maintenance and base salary, that's a half a million dollars to protect these 2 buffoons all because someone west side bird call her the "Money Lady"? SO SCARY! There have been several attempts to put an end to it but Larry does as Brandon says, so the compromise was made. She got a CPD detail, Peacock got an assistant gig with her and old man Peete had to go. I heard it was an easy patronage gig except that she treats her staff like shit. The commonly used phrase is "don't make big momma mad". Do your job media and ask Brandumb why the security detail for the Ervin's isn't the first line item to cut in balancing the budget.
Correct. But there is no kickback to the politicians from doing that.
To avoid hearing that annoying pronunciation of two words, you all, every fucking place we go.
😗
Them touch screens are fickle trifling imps.
Time to remove MCE as trustee of the pension funds. She’s dangerous!
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