Richard Fuld Becomes a Target of Powerful Chicago Alderman Ed Burke

Sneed of The Chicago Sun-Times reports:

The investment banking firm Lehman Brothers, which crashed during the economic crisis, may be responsible for approximately $15 million in losses at the city's four pension funds!

"It's outrageous," said Ald. Ed Burke, who, along with Ald. Leslie Hairston, has filed a resolution directing the city corporation counsel to sue Lehman Brothers and its CEO, Richard Fuld Jr., in hopes of retrieving the pension fund loss.

• • Back story: Fuld denied responsibility for hiding information regarding the firm's bad investments during his appearance before Congress.

• • Art smart: Meanwhile, the aldermen want the city corporation counsel to petition the Circuit Court of Cook County for a temporary restraining order preventing the tycoon (Fuld) from selling his modern art collection at a Nov. 12 Christie's auction in New York.

• • Art dart: Noting Fuld owns a master sketch titled "Study for Agony I," Ald. Burke stated: "He has created agony for cops and firemen and city workers whose retirement depended on these funds!"

• • Shop 'em: In addition to his $15 million art collection, Fuld owns a $13.75 million oceanfront house in Jupiter Island, Fla., a $21 million Park Avenue co-op, and homes in Vermont and Sun Valley, Idaho.

Guess who slates all the judges in Cook County,since 100% of the judges are registered Democrats? None other than Alderman Ed Burke. Good luck to Dick Fuld,if Chicago lost the first round, on appeal Alderman Burke's wife sits on the Illinois Supreme Court.