Chicago’s pension obligations are a time bomb nearing explosion. Taxes already have been increased, but far steeper hikes will be necessary, worrying city council members.  Imagine yourself a Chicago homeowner receiving a property tax bill that has risen by middle double digits, knowing that the pension funds are going to have to replace $54 million that was lost in deal handed to insiders who lost money while collecting $9 million in developer’s fees. Would it be any comfort to know that the two principals in the deal were former Mayor Richard M. Daley’s nephew and a politically connected developer that was Barack Obama’s boss when the Harvard Law graduate entering Chicago political life. The Chicago Sun-Times reports on the scandal, minus the Obama connection of one of the principals. If there ever was any hope that five Chicago city workers pension funds would make any money by investing $68 million with then-Mayor Richard M. Daley’s...(Read Full Post)