OH, VANECKO!

Mayor Daley's nephew Robert Vanecko just won't go away.

The Sun-Times has more on the ongoing saga involving Vanecko and city pension funds. Daley's Nephew Gets Break from City Pension Funds:

Vanecko's negotiations with the pension fund officials are outlined in e-mails and other documents that a federal grand jury recently subpoenaed. Authorities are looking into how the pension funds decided to invest with the mayor's nephew, even though his new company had no track record; acknowledged that, despite potentially big payouts, its investment strategy was high-risk, and had been turned down by six other government pension funds.

Two weeks after the grand jury subpoenas were issued, Vanecko announced in June he would leave DV Urban by July 1. Neither the company nor pension officials would say if Vanecko has indeed left the company he started with Allison Davis, a longtime Daley ally in the city's African-American communities.

The Sun-Times also reports that Vanecko's company plans to build a high rise in the South Loop using city pension funds:

Next up for DV Urban Realty, the investment company Mayor Daley's nephew created to manage city pension money: building a $120 million high-rise in the South Loop.

Robert Vanecko and his company have a contract to buy what's now the South Loop headquarters of the National Association of Letter Carriers at 1411 S. Michigan, which they plan to knock down and replace with a 220-unit apartment building.

DV Urban -- which Vanecko owns with partners Allison S. Davis and Davis' son Jared Davis -- has spent more than $4.7 million from city pension funds on the deal, records show.

Vanecko must be banking on the Olympics. After all, it was Mayor Daley that said this economy isn't getting better any time soon and that the Olympics will be our economic savior. I mean, why else would Vanecko's company be spending pension funds to build a high-rise in the over-condoed South Loop? For the sake of the city workers whose pensions are on the line, I hope he knows what he's doing.