How a City Pension System Found Itself in Real Estate Hot Water.

Which pension system had less than favorable real estate investments? The pensions for Chicago’s teachers, cops, city employees and transit workers

Was it just a bad real estate market? Not, so much. An investigative report revealed:

• At the heart was “a real estate venture created by President Barack Obama’s onetime boss and a nephew of former Mayor Richard M. Daley squandered $68 million”
• The 5 pension plans have lost money on the investment
• The goal was to invest in risky real estate deals, primarily in neglected neighborhoods
• The real estate investment company collected its $9 million of the pension money for management fees

Chicago Sun Times | THE WATCHDOGS: Pension funds lost millions on deals with Daley nephew, Obama pal