Marry a Daley become a instant millionaire. Remember when Mayor Daley set up Mariam Santos, click here: http://findarticles.com/p/articles/mi_qn4155/is_20060104/ai_n15973785 to get control of the Chicago Fireman’s Pension? Victor Crown saw right through the lies years ago. Bob Vanecko should make sure he coughs up the “Daley Cut”, for this lucrative “can’t loose” contract. In the ghetto, Bob and his pals can shortchange the quality because they know the west side of Chicago is easy pickings for Daley’s operations. Low grade work, “Blame the Minority Contractors” ect., shady insurance deals, and clever financing. I hope all the Chicago Building Inspector’s know to look the other way also. Read this article by Tim Novak, http://www.suntimes.com/news/politics/570056,CST-NWS-vanecko23.article to learn more about Bob Vanecko. Chicago area’s poor blacks never seem to figure out there is a gold mine in the ghetto, all you need is the right connections and keys to the public trough. As a Chicago City Worker, I know if Daley and his family steal every penny in our pensions, I know the Taxpayers will need to replace the money. Remember one thing that is a fact, the posting of the pension board is a corrupt as the postings for promotions in the past. Some old crap, same old lies, same old corruption, same old lies, and same old Mayor. Mayor Daley is a disgrace. Patrick McDonough.
6 Replies to “Look at this new Daley Pig at the public trough again Bob Vanecko Oink Oink”
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Does David Hoffman have the power to do something about this? Does the Chicago Sun-Times need to figure everything out? Dump Daley, he is a blatant racist. If a black man did this in Chicago, he would be in jail.
Thanks for letting people know about the work Vic Crown has been doing. He is another tireless whistleblower/good government advocate but tends to stay below the radar of the media.
Daley: I don’t control him
‘HE’S GOING TO MAKE DECISIONS’ | Says deal involves nephew, pension boards — not mayor
September 25, 2007
BY FRAN SPIELMAN City Hall Reporter
Mayor Daley said Monday he has no control over how city employee pension funds invest their money — or over the professional lives of his nieces and nephews.
One day after the Chicago Sun-Times reported that the mayor’s nephew stands to make millions by investing city-connected pension funds in a risky real estate venture, Daley tried to distance himself from the matter.
The mayor was asked whether city employee pension funds should be making such speculative investments at a time when unfunded liabilities could saddle generations of Chicago taxpayers with a debt they can’t handle.
• Mayor’s nephew cashing in
• Taxpayers on hook for city employee pensions
• Brown: It’s deja vu over deal for Daley’s kin
“Well, they have to make their professional decisions. I am not on that board. They make decisions. Pension boards do that every day. Public and private pension boards have to make quality professional decisions — and that’s what they do,” Daley said.
The mayor was asked whether he would have preferred that his nephew, Robert Vanecko, not be involved with pension funds whose board members include members of the mayor’s Cabinet.
“It could be any business. They could be in real estate. They could be in development. They could be anything. These are professional young men, and he’s going to make decisions,” Daley said.
Sun-Times investigative reporter Tim Novak reported Sunday that Vanecko formed a partnership with developer Allison Davis and convinced city employee pension funds to invest $68 million with their company, DV Urban Realty Partners.
Vanecko and Davis plan to use the pension money to redevelop some of Chicago’s most neglected neighborhoods. Among those could be the area around Washington Park, site of a temporary Olympic stadium.
Since the April 2006 investment, the pension funds have lost $1.5 million on the deal, largely because of the $1 million in management fees paid to Vanecko and Davis. The partners are guaranteed at least $3 million in management fees and could make as much as $8.4 million before the deal ends on Dec. 31, 2014.
Davis and Vanecko will also share in any profits from the real estate deals — along with a 3 percent fee on property they develop.
‘No one forced them’
Civic Federation President Laurence Msall said the deal underscores the fact that years of pension underfunding have resulted in riskier investments in hopes of producing a greater financial return. Msall questioned whether pension fund managers have the necessary expertise to “evaluate such highly speculative real estate investments.”
“The role of the pension boards is to maintain and build assets for beneficiaries. If you run the risk of losing your principal as a result of your investment, it’s something that should only be undertaken after extraordinary examination and a full understanding of the rewards and risks,” Msall said.
“It also raises concerns that some members of the pension boards were not aware of the principals and the possible conflicts with city officials.”
Vanecko’s pension fund deal marks the second time in a week that a Daley nephew has been at the center of controversy.
Last week, the Sun-Times disclosed that another mayoral nephew, attorney Patrick Thompson, represented the Children’s Museum at a series of heated community meetings. Thompson promptly withdrew as the museum’s attorney to avoid being at the center of a conflict between Daley and downtown Ald. Brendan Reilly (42nd).
“The mayor has a lot of nieces and nephews in this town. Are they not allowed to work?” said a mayoral confidante. “He can’t keep tabs on what they’re all doing. Can you imagine what would happen if Uncle Rich started telling them, ‘You can’t do this. You can’t do that.’ ”
Referring to the pension deal, the source said of Daley, “I’m sure he would prefer that [Vanecko] didn’t do this kind of work. But [pension board members] had a choice. There was a vote. No one forced them to do it.”
It’s deja vu over deal for Daley’s kin
Vanecko’s feeding at public trough takes ethics back to the early ’70s
September 25, 2007
BY MARK BROWN Sun-Times Columnist
Much has changed in Chicago since Mayor Richard J. Daley steered city insurance and law business to his sons in the early 1970s and then famously invited anybody who didn’t like it to kiss his behind.
These days it’s city pension business that’s going not to the son but the nephew of Mayor Richard M. Daley, who not only makes no allusions to strategically positioned mistletoe, he says he didn’t even know anything about his nephew’s good fortune.
We’ve come a long way, baby.
• Daley: I don’t control him
• Mayor’s nephew cashing in
If that seems overly cynical, sorry, but it’s stories like this that tend to make us that way.
I hope you caught Sunday’s report by our investigative ace, Tim Novak, but if you missed it, here’s the gist:
The mayor’s nephew, Robert G. Vanecko, is a partner in a real estate venture that has received $68 million from five city-connected public pension funds. The venture is supposed to earn money for the pension funds by investing the $68 million in individual real estate projects of its choosing.
The business just got started, so it’s too early to say how well it’s doing, but no matter how it does, Vanecko and his partner, mayoral ally Allison Davis, stand to collect at least $3 million in management fees from the arrangement. They could make as much as $8.4 million in fees alone over the course of their contract, which runs through 2014.
That’s aside from any profits they may make on the individual developments, which could include their own projects.
In short, it’s a nice deal if you can get it, which of course, you can’t.
‘I’m not on that board’
Naturally, though, everyone acts as if it’s just a coincidence that it’s the mayor’s nephew who landed on this inside track.
At an unrelated news conference Monday at Navy Pier, the mayor was asked by the Sun-Times’ Fran Spielman if he thought this was a sound investment for the pension funds.
“It doesn’t matter,” the mayor asserted. “They have to make their professional decisions. I’m not on that board. They make decisions. Pension boards do that every day.”
His comments ignored the fact that mayoral appointees serve on these pension boards and have been known to exert their influence, to put it nicely.
The mayor was then asked if he would rather his nephew hadn’t gotten involved with the pension funds.
“Wait, wait, wait,” Daley interrupted. “It could be any business. They could be in real estate. They could be in development. They could be in anything, and he’s a professional young man, and he’s going to make decisions.”
As you probably appreciate, it’s not a question of what profession the mayor’s nieces and nephews have chosen to pursue, but whether they choose to pursue it while feeding at the public trough.
Ever since the embarrassing revelations of the early ’70’s, the Daley family has seemed to operate under a philosophy that family members are either in government doing the people’s business and settling for a public paycheck or they make a living in the private sector. There are exceptions, but unless we’ve missed something, they’ve drawn the line at working in the private sector while taking government contracts, a world where you can get rich at the public’s expense.
The Vanecko deal crosses that line.
Vanecko, 42, is the son of the mayor’s sister, Mary Carol. He was the first born of the late Mayor Daley’s 22 grandkids.
The right people will know
Vanecko said he never told anyone at the pension funds about Uncle Rich.
“As a matter of practice, I don’t disclose this relationship,” he told the Sun-Times in an e-mail, choosing not to sit for an interview with Novak. “He is my uncle. I don’t trade on his name.”
I’d guess he doesn’t need to tell them. Whether he realizes it or not, there’s always going to be somebody around to make sure the right people know.
You can bet Allison Davis knew he was going into business with the mayor’s nephew and understood the potential benefits of such a relationship, especially for a man whose business success is dependent on the continued goodwill of the city’s political leadership.
One of the projects Davis and Vanecko are eyeing is one of the big CHA redevelopment projects along the lakefront. They’re going to need a lot of public subsidies to make that work.
Back in the ’70’s, Richard J. Daley responded to his critics with a quotation from his mother: “There’s a mistletoe hangin’ from my coattail.”
Maybe it was my own mother who liked to say: The more things change the more they stay they same.
19 yrs of pickin on them Daleys—leave em alone for crying out loud. Its just all insecurity and jealousy.
If they were bad, dont ya tink da media … and da “AUTHORITIES”woulda busted em by now? Go get a job! lol ha-ha
(look, ya may as well get a giggle at the very least out of all this)
hey why da call me low life?
from: now i am scared to giv my name