I write in response to the Sept. 14 Sun-Times article “Chicago pension fiasco: $54M lost on deal with Daley nephew, ex-Obama boss” by Tim Novak. The story recycles prior stories and distorts what really happened. Worse, it ignores the market context in which the pension losses occurred.
First, the piece disregards the national trend that public pension funds had turned to real estate to compensate for lower contributions from state and municipal partners. As they looked for new ways to maximize returns, pension funds were questioning their traditional reluctance to invest in property.
SEND LETTERS TO: email@example.com. Please include your neighborhood or hometown and a phone number for verification purposes.
Second, many officials across the country believed public pension funds could and should be used to assist in the re-development of major urban areas, which in turn would provide jobs and opportunities for workers.
It’s ironic that the Sun-Times chose to run this piece close to the 10th Anniversary of the Lehman Brothers bankruptcy; the piece fails to recognize the market-wide impact of the “Great Recession.” But according to the Sun-Times, losing money in real estate ten years ago stood out as remarkable. Not until the story’s 24th paragraph does the piece even suggest a broader market downturn.
The story never recounts the extensive development experience of both Robert G. Vanecko and Allison S. Davis, either.
Former Cook County Assessor
The joke of Trump the businessman
While his father was providing him almost $430 million in support, Donald Trump reportedly was involved in fraudulent real estate and financial deals and evading a whopping $500 million in taxes. Meanwhile, the media was promoting Trump as a successful businessman. They never seriously investigated “the boy wonder” and bought into “The Art of the Deal.”
Not until Trump became the GOP presidential nominee did the media actually look behind the curtain to uncover the lies, fraud, criminal activity, billionaire cronyism, disastrous policies and Russian collusion. But, of course, by then they were too late.
Our only hope now is for the Mueller investigation to complete its work. And for the media to remain vigilant.
Maybe voters finally have had enough.
Tom Minnerick, Elgin
What FBI investigation?
It seems like the FBI’s further investigation into Brett Kavanaugh has been conducted with a fervor similar to the Chicago Police investigating a Daley nephew. I’m certain Donald Trump, Chicago basher, is ignorant of the irony.
John Powers, Rolling Meadows