Chicago Pension funds may not cooperate on subpoena

The Chicago Sun-Times reports:

Trustees for at least two city pension funds are considering stonewalling Chicago's inspector general over a subpoena for records involving their investments with a company co-owned by one of Mayor Daley's nephews.

The funds invested millions of dollars in DV Urban Realty Partners, founded by Daley nephew Robert Vanecko and Allison Davis, a mayoral supporter whose law firm once employed Barack Obama.

At their last meeting, trustees for the police fund voiced opposition to the subpoena. They're meeting again today. An attorney for another city pension fund has contacted Inspector General David Hoffman's office to say its trustees also plan to refuse his subpoena, according to sources who would not identify that fund.

Hoffman refused to discuss his investigation.

The police fund has committed $15 million to DV Urban Realty, which has drawn $5 million of that so far. The investment has dwindled as the economy has tanked.

Many officers and detectives are outraged by the investment, which they view as a political favor to Daley's family. Officer Mike Shields was recently elected as a trustee on a platform criticizing the deal.

Mayor Daley and his friends and relatives will push things as far as they can.Here's more on Mayor Daley's nephew getting millions in pension money without any real experience.No word from the SEC on this one.Also,no word from Patrick Fitzgerald's office.