Thursday, March 26, 2009

OUR MONEY


Michael J. Lazzaro


Via Sun-Times

Pension funds may not cooperate on subpoena

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.

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.

At the last trustees' meeting, he supported cooperating with Hoffman, pointing out that the pension is funded with officers' salaries and taxpayer money. But fellow trustees strongly disagreed, sources said.



Care to explain Sgt. Lazzaro? I would love to give you the opportunity to explain why you feel that the investigation by Hoffman should be stonewalled. Why does the trustee for the patrolmen, Mike Shields, have no fear in opening up the books to the IG?

UPDATE: In the comment section Sgt. Mike Lazzaro gave his explanation as to why he did not believe Hoffman had any legal standing in subpoenaing the funds records.

15 comments:

Anonymous said...

Can all these board members take the annual ETHICS TEST!! Board members, what are you all hiding? Is it possible to practice gov't tranparency? what is this board hiding? Appointed by SHORTSHANKS is not going to save this board in the end. These politicians seem to forget that their obligation is the well "being" of their hard working taxpaying citizen!!!!

Anonymous said...

Who voted for this asshole

Anonymous said...

Wait till next election and see who Shields endorses for Sgts representative thats who Ill vote for.

Anonymous said...

check out:

http://www.chipabf.org/Current%20Events/Minutes/2009/22609.pdf

In Particular...

It was moved by Trustee Shields, seconded by Trustee Lazzaro that the Board remove law school tuition from the Policemen’s Annuity and Benefit Fund’s continuing education program based on availability of funds and job relatedness.
ROLL CALL
For: Shields, Lazzaro, Neely, 3.
Against: Lux, Hauser, Reusche, 3.
Absent: Maloney, Volpe, 2.
MOTION FAILS


WHERE WAS MALONEY?

Anonymous said...

check out:

http://www.chipabf.org/Current%20Events/Minutes/2009/22609.pdf

In Particular...

It was moved by Trustee Shields, seconded by Trustee Lazzaro that the Board remove law school tuition from the Policemen’s Annuity and Benefit Fund’s continuing education program based on availability of funds and job relatedness.
ROLL CALL
For: Shields, Lazzaro, Neely, 3.
Against: Lux, Hauser, Reusche, 3.
Absent: Maloney, Volpe, 2.
MOTION FAILS


WHERE WAS MALONEY?

Anonymous said...

I got this e-mail and would like to share it with everyone. I agree 100%.

Sent: Friday, March 27, 2009 3:17:00 PM GMT -06:00 US/Canada Central
Subject: Letter to Chicago Police Sergeants Pension Board Trustee re: Investment in DV Urban Realty Partners


Dear Mike Lazzaro:



I’m writing this e-mail to ask you to support the Chicago Policemen's Annuity & Benefit Fund’s (PABF) compliance with Inspector General David Hoffman's subpoena for records concerning the pension fund’s investment in DV Urban Realty Partners, a company founded by Mayor Daley’s nephew Robert Vanecko. I expect you, as my pension board representative, to comply with all lawful requests for information concerning PABF – especially those requests which seek to ensure the propriety of fund investments and management.



I commend you for your April 25, 2006 stance when you cast the sole dissenting vote against investing our pension fund assets in DV Urban Realty Partners. At the time, you stated that you based your decision to vote against this investment on the fact that DV Urban Realty Partners did not have an established track record for this type of investment. Furthermore, you did not believe this type of real estate investment warranted the risk given the projected return. This investment’s performance over the past three years seems to have confirmed your original suspicions. Accordingly, I encourage your cooperation with Inspector General Hoffman’s subpoena for records in this matter.



Though I have previously supported your candidacy for pension board trustee in representation of sergeants, I will not do so in the future should you not advocate PABF’s compliance with Inspector General Hoffman’s subpoena or, at the very least, provide reasonable justification for noncompliance. Moreover, I am copying several sergeants on this e-mail and encourage them to voice their concerns to you and make fellow sergeants aware of this issue. Additional info can be found at: http://www.suntimes.com/news/cityhall/1496799,CST-NWS-refuse26.article and http://secondcitysarge.blogspot.com/2009/03/our-money.html.



Thank you for your past efforts on behalf of Chicago Police Sergeants and please continue to represent our best interests as well as those of all active and retired officers.



Sincerely,



Sean G. Joyce #2348

CPD Unit 120

Anonymous said...

"Who voted for this asshole"

I did, after listening to the other candidate interupt a sergeants meeting with nonsensical rantings, after seeing the other candidate's poster containing blanties about Huberman getting a pension okayed by the pension board (he did not!). Lazarro was the better choice but I think he owes us an explanation of why he did not vote to obey the subpeona.

Anonymous said...

blanties=blantant lies

I'm a better speller than typist!

Anonymous said...

What was promised to Mike Lazzaro to get him to change his mind. Inquiring minds want to know...

Lt jjthulis retd said...

As a former trustee for Lts and above I am truly embarassed that the Trustees would follow Board Atty Kugler's suggestion to fight the subpoena.
Our Fund should not cater to politically connected or those firms who make donations to any politicians..
By not cooperating the Fund gives the appearance of having committed improprieties in hiring Daley's relatives(vanecko et al)
I hope the sgts, lts and retirees remember this at the next election

Lt John J Thulis retd

Anonymous said...

http://www.suntimes.com/business/1503475,CST-NWS-action31.article#Comments_Container


That's where the pension money is going.......and our raises!

Sgt. Mike Lazzaro said...

A Sun-Times article on March 26 stated “Pension funds may not cooperate on subpoena”and that the Funds “are considering stonewalling Chicago’s Inspector General over a subpoena.” It is being implied that noncompliance with the subpoena is tantamount to a cover-up, but this is simply not the case.

The Pension Fund is not the target of the inspector general’s investigation. Nobody is accusing us of any wrongdoing. Compliance with the Inspector General’s subpoena raises several issues, some of which do not have clear-cut answers. Although Sworn members and the City pay into the Fund, and the Mayor appoints four Trustees to the Board, the Fund is governed by (and was created in 1922) by the Illinois legislature (Chapter 40ILCS 5/5 101). All four City Pension Fund Attorneys believe the Inspector General has no jurisdiction in this matter, citing Chapter 56 of the Municipal Code.

This has nothing to do with trying to conceal anything. There are procedures in place to govern the release of this information and those procedures are an important protection of genuine confidential information. The most effective way to obtain information is through a Freedom of Information Act request (FOIA); as was done by reporters investigating DV Urban Realty Partners from the Sun-Times and the Tribune. The Inspector General could do a FOIA and also get this information.

Second City Sarge is worth reading in that many thoughtful and considerate letters are posted on many different issues that concern sworn members of the Chicago Police. What is more important is the fact that people who post comments give their name and are not afraid to identify themselves. We need more of this and fewer anonymous potshots like: “Who voted for this a-hole?” (360 Sergeants did, thank you very much!) or “What was promised to Lazzaro to get him to change his mind...?” (If I knew what this person was talking about, I would respond). The Chicago police-related blogs should be used to get opinions and give out information, not to settles scores, insult, use profanity and present fiction as fact.

My second, three-year term as the Sergeants’ Pension Trustee began on December 1, 2008. As I mentioned above, 360 Sergeants voted for me in the October 2008 election. Their trust and support is truly appreciated. My mission is to keep you informed and make the right vote on investments, disability cases, and credit for other service hearings. I am not a rubber stamp, stooge or lackey on the Board, and I believe my past voting record reflects this fact. Keep in mind: “The right vote isn’t always the most popular vote, and the most popular vote isn’t always right.”

Sgt. Mike Lazzaro

SECOND CITY SARGE said...

For the record Mike, I voted for you. This blog is a hobby for me but it is also a tool that I use to inform the men and women who peruse this site. I hope to give them that little bit of info that they may have missed while rdo or on furlough. I try to also add stories of interest related to CPD or just police related. I try to allow most comments but there is a line to be drawn at times. This hobby is a work in progress.

Anonymous said...

I agree with Mike Lazzaro to wit:
First of all he was the ONLY person on the pension board to vote AGAINST DV Urban Realty Partners founded by Daley's nephew, Robt. Vanecko.
Lazzaro could have 'grandstanded' that event. I spoke with him. Instead he honestly stated that the only reason he voted 'against' that particular company was that at the time he felt they did NOT have enough experience in the area or past proof of success in the area to warrant our pension money investment. He said he was only looking out for our pension investments. Instead of patting himself on the back when it came to light that the company was owned by a Daley relative, Lazzaro (again) honestly stated that he did NOT know that when he voted against them. He stated he believed that no one was aware of the affiliation at the time of the vote. If he was aware he would have still voted NO because they had no established track record to warrant our investment AND they are tied to Daley. He was up front with his lone (correct) decision and didn't embellish his reasoning. He said, (simply stated), they were not in the best interest of our pension money and that's why they put me here as a watchdog for OUR $$$. As far as being the (only) right decision of the Board, he said give credit where it is due.
In that vain, then don't criticize him for making the Inspector General obtain information by the appropriate (legal) means... FOIA
(Freedom of Information Act) and not a subpeona. He states the records are open for any/all to revue,and he welcomes ligitimite oversight & verification, just follow the rules set up by law.
I think Lazzaro and Shields are a welcome breath of fresh air in our pension fund board. Take them to task when/if they screw up but support them as well if their intentions/actions are honest, reasonable, in OUR best interest and in compliance with the law.
Just my opinion... Stay safe out there my brothers and sisters...
O'V (r)

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