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Chicago pension fiasco: $54M lost on deal with Daley nephew, ex-Obama boss


Sep 14, 2018 11:32 AM 5+ mon ago

Vanecko and Davis. Their firm made millions in fees even as retirement plans for teachers, cops, other Chicago city workers suffered big losses. 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 resident Barack Obama and a nephew of Mayor Richard M. Daley. It was a high-risk investment. Allison S. Davis — 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......Read more.

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