Daley picks Obama friend Reynolds as CHA chairman

The Chicago Tribune reports:

Mayor Richard Daley on Friday appointed a friend and fundraiser of President Barack Obama to serve as chairman of the Chicago Housing Authority.

James Reynolds Jr., 56, replaces Martin Nesbitt, a close Obama friend and adviser.

Reynolds is co-founder and CEO of Loop Capital Markets, a global investment firm. In 1999, Obama's brother-in-law served as a managing director at Loop Capital. Several of the president's most active financiers have said Reynolds introduced them to Obama.

One hand washes the other.