Why Chicago pension funds want firm with Daley links out

The Chicago Sun-Times reports:

It’s been six years since five Chicago government pension plans hired DV Urban Realty — a start-up investment firm founded by then-Mayor Richard M. Daley’s nephew Robert G. Vanecko and President Barack Obama’s friend and former boss Allison S. Davis — to manage $68 million in retirement funds.

Those investments haven’t gone well for the pension funds that represent Chicago teachers, police officers, other city employees and transit workers. The funds have paid DV Urban a total of $7.2 million, including $4.7 million in fees to manage the small share of the pension funds’ money and another $2.5 million for a sister company to oversee the operations of three buildings bought with pension money.

Barack Obama's sleazy comrades in rent seeking. You understand the game: Daley-Obama insiders loot Chicago taxpayers, then President Obama asks federal taxpayers to cover the losses through "stimulus" money.