For all the concern about patronage in the Daley administration, recent reports of faltering investments by Mayor Daley's nephew, Robert Vanecko, on behalf of five separate city pension funds, may indicate that it's not always a good thing to be closely connected to Richard M. Daley.
The Mayor addressed the issue by reading a public statement Thursday, saying he was not initially aware of the deals Vanecko was making, but that when he found out, "I made it clear it was not a good decision. And that he should end the business relationship."
"As an adult, Bob made a different decision, which leads to a very painful string of news stories that have, indeed, cause tension in my family," the Tribune's "Clout Street" quoted Daley as having read from a statement.
The tightly-knit Daley family is struggling to solve an internal crisis caused by Vanecko's refusal to stop embarrassing his uncle, the Sun-Times reported earlier this week.
Sources said Vanecko was told nearly two years ago the mayor wanted him to get out of a risky real estate venture involving city employee pension funds.
Vanecko ignored his uncle's advise -- apparently until this week.
Now, the clouted investor "has resigned as a general partner for DV Urban Realty," according to an e-mail sent to police pension board members Monday afternoon. A press release is expected regarding that move later today.
"It's a terrible situation. Everyone wishes this wasn't going on. In hindsight, it looks bad. And it's obvious this is gonna continue," Sun-Times reporter Fran Spielman quotes one family member (who asked to remain anonymous) as saying. "It's not easy watching your nephew being trashed."