A decade of Sun-Times coverage investigating insider pension deals that benefited ex-Mayor Richard M. Daley’s nephew Robert G. Vanecko and his business partner Allison S. Davis, a developer who gave campaign money to Daley and was appointed by the mayor to head the Chicago Plan Commission.
How the Sun-Times uncovered costly insider pension deals
From our first coverage in 2007, stories revealed how ex-Mayor Richard M. Daley’s nephew and backer snagged contracts that cost city pension funds $54 million.
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Total Updates Since
September 23, 2007 06:00 AM
September 23, 2007 06:00 AM
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Mayor’s nephew, backer got $9 million in fees, most of that for managing deals that tanked.
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When the final accounting is finished by year’s end, each of the five city pension plans - funded to support the retirement of Chicago teachers, police officers, municipal workers, garbage collectors and bus drivers - will have lost about 80 percent of the money they invested in the Davis-Vanecko deal.
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Over the past nine years, two nephews of former Mayor Richard M. Daley have been involved in plans to redevelop a rundown warehouse. It hasn’t turned out well for Chicago taxpayers.
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Real estate deals are falling apart, potentially jeopardizing the money from five city pension funds.
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City pension funds quietly reworked deal, making changes that financially benefited mayor’s nephew and his partners.
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Sources said Robert Vanecko was told nearly two years ago that Mayor Daley wanted him out of deals involving pension funds.
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City paid $500,000 in 15 months to lease at South Side site owned by Daley nephew, partners, bought with city pension money.
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Mayor Daley’s nephew Robert Vanecko and ally Allison Davis in grand jury probe on how they snared city worker investments.
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A day after Sun-Times investigation, Mayor Richard M. Daley tries to distance himself from nephew’s city pension deals.
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ORIGINAL SUN-TIMES INVESTIGATION (published Sept. 23, 2007): A nephew of Mayor Daley stands to make millions from pension funds for city workers.