To say his Vanecko's life has become more complicated in the last few months is an understatement, as the Chicago Tribune's Clout Street blog informs us:
Mayor Richard Daley's nephew Robert Vanecko has quit a real estate firm he started whose city pension business is now under federal investigation.
The company, DV Urban Realty, announced Vanecko's resignation today, less than two weeks after federal prosecutors sent subpoenas to city employee pension funds that invested in DV Urban. Read the statement by clicking here: Download Vaneckostatement
City pension fund boards had agreed to invest $68 million in DV Urban, which was led by Vanecko and longtime Daley ally Allison Davis.
Pension fund officials had refused to comply with subpoenas from city Inspector General David Hoffman. Now the investments in DV Urban are the subject of a joint probe by Hoffman's office and prosecutors under U.S. Atty. Patrick Fitzgerald.
About Allison Davis: He is a former name partner at the goody-goody civil rights law firm where President Obama used to hang his shingle. Let me be more direct, he's Obama's old boss.
Davis is a former business partner of convicted felon Antoin "Tony" Rezko, Obama's first political sponsor. His Neighborhood Rejuvenation Partners L.P. received $1 million in Woods Fund money. At the time, Obama and ex-Weather Underground terrorist Bill Ayers served on the board of the organization.
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