It’s been six years since five Chicago government pension plans hired DV Urban Realty — a start-up investment firm founded by then-Mayor Richard M. Daley’s nephew Robert G. Vanecko and President Barack Obama’s friend and former boss Allison S. Davis — to manage $68 million in retirement funds.(emphasis my own)
Those investments haven’t gone well for the pension funds that represent Chicago teachers, police officers, other city employees and transit workers. The funds have paid DV Urban a total of $7.2 million, including $4.7 million in fees to manage the small share of the pension funds’ money and another $2.5 million for a sister company to oversee the operations of three buildings bought with pension money.
Pension officials — including Mayor Rahm Emanuel’s two top financial advisers — are unhappy. By their estimation, the value of the funds’ real estate investments with DV Urban has fallen by 28 percent, or about $19 million.
President Obama's pal and former boss ripping off the folks? Well, hush my beak!
That is news Goo-goos, Go-Alongs and their Media cheerleaders want hushed up.
I never hear Thundering Dick Simpson rail against real corruption around this burg. I never hear Abner Mikva beef about the cozy Progressive bed-bugs that have dominated the bad old Democratic Machine's mattress for decades.
Blago, Rezko, and Daley relatives get plenty of news ink, but only the great Tim Novak of the Chicago Sun Times keeps his choppers locked on the butts of IVI-IPO champion boondoggler Allison Davis.
God Bless Tim Novak! Now, if only an editorial board in this Crossroads of Crusading Crooks would grow a pair on tenth the size of the set Tim Novak is packing, we'd be informed.
It seems, Allison Davis is everywhere Federal, State and Local tax-dollars get dumped into a sanctioned cache of cash - HUD Money, Pension Funds, and Save the Children coffee cans. The Sun times Editorial Board did Old Allison a solid and did not post his photo along with Tim Novak's report. That Allison Davis up above with post shine -box President Obama.
Allison Davis is bullet-proof with Medill School Power Rangers and Bruce Dold's Chicago Tribune Editorial Morning Zoo Crew.
Davis Père ( his boy Cullen was briefly in the jackpot when a toddler was crushed by Cullen's rusty gate) might be bullet proof, but if turns around and down he will find Tim Novak's choppers locked on his rump.
DV Urban turned a small profit — about $500,000 — when it sold one of the most valuable properties, a 344-unit apartment building at 1212 S. Michigan Ave., for $65.5 million last Nov. 30, county records show.
DV Urban bought the building using $9.9 million in money from the pension funds, records show. The pension funds will get back about $9 million from the sale, according to DV Urban’s countersuit.
Davis, 72, and Vanecko, 47, both of Chicago, founded DV Urban in 2005. Vanecko has given sworn testimony in a legal deposition that his father, Dr. Robert M. Vanecko, introduced him to Davis, a well-known lawyer and developer.
Every Chicagoan knows the names of Patrick Daley and Mr. Vanecko, but I'll be a Sacajawea Gold coin that less than a tennis double in each word has heard of Allison Davis.
Davis ran a small Chicago law firm that hired Obama after his graduation from Harvard Law School. Davis eventually left the law firm and became a business partner with one of his clients, Tony Rezko, in a venture to build affordable housing with taxpayer money.
Davis became a central figure in the trials of Rezko, a top fund-raiser for former Gov. Rod Blagojevich, and William F. Cellini, a longtime fund-raiser for Illinois Republicans, who were both convicted on corruption charges.According to testimony, once, during a meeting with Rezko and another Blagojevich fund-raiser, Christopher Kelly, Davis suggested they could raise money from Thomas Rosenberg, a Hollywood movie producer who also owned an investment firm that managed state pension money. Rosenberg tesified he was told he would lose his state deal unless he gave money to Blagojevich’s campaign. Cellini was convicted in the shakedown of Rosenberg. Davis was never charged with any crime.
Gee, Thundering Dick Simpson, one might get the idea that things aren't all on the square, on the up-and-up. Speak on it, Son! Testify!
Readers might also like this one from Tim Novak
http://www.suntimes.com/business/10416320-417/both-sides-file-lawsuits-in-flap-over-city-pension-fund-investments.html
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