More Trouble for Daley's Nephew
By Kevin Robinson in News on Jun 29, 2010 3:40PM
Robert Vanecko, nephew to Mayor Richard Daley, doesn't seem to be able to make any kind of investment that works out profitably - at least not for his investors. After Vanecko and Daley's son Patrick were discovered to have been involved in a business that the city contracted for millions of dollars of sewer work, Chicago's Inspector General began an investigation into a real estate investment venture involving Vanecko and Allison Davis, an aide to the mayor. That business was funded by $64 million from five city worker pension funds. And the icing on the cake? Turns out the city has been leasing space from Vanecko to park vehicles, while local business owners in Vanecko's properties struggled to stay open under Daley's wrought iron mandates.
Now the Sun-Times is reporting that a Vanecko scheme to take over a parcel of land once owned by the Letter Carrier's union is falling apart, potentially jeopardizing the tens of millions of dollars of city employee pension funds that Vanecko used to finance the deal. Of course, a Chicago story like this wouldn't be complete without another family member's involvement. Enter the mayor's younger brother Michael, head of the law firm Daley & George who were hired to negotiate the deal.
While the city's inspector general is investigating the deals, a federal grand jury has also been looking into Vanecko's dealings. For his part, Mayor Daley has expressed both disappointment in Vanecko and optimism. "When I did find out, I made it very clear that it was not a good decision and that he should end the business relationship immediately,'' Daley told the Sun-Times when the scandal first broke. "But, as an adult, Bob made ... a different decision, which led to a very painful string of news stories that have, indeed, caused tension in my family. ... I love my nephew. It's difficult for me to have my disappointment in him made public." He also told the press earlier that in spite of what his family is going through, the investigations are“all right.”