Prompted by a Crain’s report on local developer Sterling Bay pitching the Chicago Teachers Pension Fund to become an investor in the Lincoln Yards development, Ald. Gilbert Villegas, 36th, will introduce a resolution at next week’s City Council meeting calling for a hearing in the Committee on Economic, Capital and Technology Development, which he chairs.He said the potential investment prompted him to wonder, “Why aren’t we doing that? Why aren’t some of our pension funds taking a look at investing in projects here in Chicago and creating economic development?"
I always take financial advice from a skulk with an office under a viaduct.
Old Spartan
2 years ago
Alderman, have a staff person do ten minutes of research for you will you please. It is called “fiduciary obligation’– which means fund managers are supposed to be motivated by one thing only– maximizing returns for beneficiaries. They don’t do economic development, or tourism promotion, or social engineering projects or any other hair brained objective some ill informed politician might dream up. Pretty basic principle that the Chairman of a committee ought to know already.
Only natural that CTU would invest in a crooked business like Chicago real estate, where Obama BFF Tony Rezko was the poster boy for insider corruption
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
I always take financial advice from a skulk with an office under a viaduct.
Alderman, have a staff person do ten minutes of research for you will you please. It is called “fiduciary obligation’– which means fund managers are supposed to be motivated by one thing only– maximizing returns for beneficiaries. They don’t do economic development, or tourism promotion, or social engineering projects or any other hair brained objective some ill informed politician might dream up. Pretty basic principle that the Chairman of a committee ought to know already.
Why aren’t pensions doing direct investments in real estate for economic development, Villegas asked. Who wants to explain Pensions 101 to him?
CalPERS owns a significant stake in Oakbrook Center.
Only natural that CTU would invest in a crooked business like Chicago real estate, where Obama BFF Tony Rezko was the poster boy for insider corruption