Obama John Glennon both damaged IL TRS, Teachers Retirement System, Glennon on TRS board, Glencoe Capri Capital, Obama doing to US what he did to Illinois
“Why did the Illinois Senate Health & Human Services Committee, with Obama as chairman, create and push Bill 1332, “Illinois Health Facilities Planning Act,” early in 2003, which reduced the number of members on the Board from 15 to 9, just prior to rigging by Tony Rezko and Rod Blagojevich?”…Citizen Wells
“Why did Patrick Fitzgerald and the US Justice Department wait until December 2008 to arrest Rod Blagojevich?”…Citizen Wells
“I believe I’m more pristine on Rezko than him.”…Rod Blagojevich
Obama, Blagojevich and their cronies used the citizens of Illinois, Teachers Retirement System, hospitals and taxpayer dollars for their own benefit.
John Glennon, one of the lesser known and underreported corruption buddies was recently given a slap on the wrist.
From the Chicago Tribune July 21, 2005.
“A one-time top adviser to former Gov. George Ryan was charged Wednesday with aiding and abetting an alleged fraud on a suburban Chicago medical school by acting as a middleman in a kickback scheme.
John Glennon, an influential Republican real estate consultant, helped conceal kickbacks totaling $700,000 paid by the owner of a construction firm, authorities charged. The construction firm won an $18 million contract to build an addition at the school.
The indictment alleged that Stuart Levine, then on the board of the Rosalind Franklin University of Medicine & Science in North Chicago and a friend of Glennon’s, extorted the kickbacks in 2001 as the price to win the construction contract.
To conceal the fraud, Jacob Kiferbaum, the construction firm owner, used a sham marketing contract to steer the kickbacks to Glennon’s consulting company, North American Capital Opportunities, until early 2004, the charges alleged.
Levine, a wealthy Republican insider, and Kiferbaum, who was also on the medical school’s board, were initially indicted in May for that fraud and other schemes. Glennon was added Thursday to the indictment. He was charged with three counts of aiding and abetting Levine in the one scheme.”
From Citizen Wells March 26, 2012.
“John Glennon, a former top aide to imprisoned former Gov. Rod Blagojevich, leaves the Dirksen Federal Building after his sentencing was continued on Wednesday, March 21, 2012. Glennon pleaded guilty and cooperated with authorities about his role in helping cover up kickbacks involving Stuart Levine under Blagojevich.
A federal judge in Chicago said Wednesday he has no intention of sending businessman John Glennon, a lesser-known figure caught up in the corruption scandal involving former Gov. Rod Blagojevich, to prison.
U.S. District Judge John Grady told Glennon he would delay his sentencing until April 9 and that he plans to sentence him then to probation and community service.”
Connecting the dots.
What do Obama and John Glennon have in common aside from associations with Stuart Levine and other Chicago corruption figures?
Involvement with the IL TRS, Teachers Retirement System.
What else do they have in common?
They were both involved with the TRS in 2002 and 2003.
What is significant about these years?
2003: “Of the five funds, the one in the sorriest shape is the Illinois Teacher Retirement System, which provides the pensions for suburban and downstate teachers. Its ratio of assets to liabilities stood at a mere 52 percent last year, so poor that it was considered among the five worst-funded plans in the country.”
From the LA Times April 7, 2008.
In 2002, the year after Obama made the pitch, the Illinois Teacher Retirement System reported an 18% increase in assets managed by minority-owned firms. Ariel’s share grew to $442 million by 2005.
In 2006, after the federal investigation became public, the teacher pension board severed its relationship with Ariel, concluding that Ariel’s investment returns were insufficient.
From the Common Conservative October 1, 2008.
“On Feb. 10, 2007, Senator Barack Obama launched his bid for the White House in Springfield, setting himself on a course that has become one for the history books. But Obama might not have made it even to the Old State Capitol Building that frigid day if not for a private meeting he had with friends and advisers in late 2002 as he was mulling a run for the U.S. Senate. In a South Side high-rise overlooking the lake, the junior state senator vetted his lofty political ambitions with a group of Chicago’s African American business elite that included Frank M. Clark Jr., Valerie B. Jarrett, Quintin E. Primo III, James Reynolds Jr., and John W. Rogers Jr.”
From Citizen News June 15, 2010.
“Today, Tuesday, June 15, 2010, testimony in the Rod Blagojevich trial continues. Joseph Aramanda, with ties to Blagojevich, Rezko and Obama is expected to testify soon.”
“Rezko’s partner in the Rezmar development company, Daniel Mahru, is referred to as “Individual Z” in the indictment, and according to court filings, Rezko told Mahru that “$500 million” of TRS money was earmarked for their company. Mahru is reportedly cooperating with federal investigators.”
“In addition to lining their own pockets, the money gained through the scheme was funneled to the campaigns of Blagojevich and Obama. Prosecutors have identified two $10,000 payments that were made to Obama’s US Senate campaign through straw donors Joseph Aramanda and Elie Maloof, which originated from a kickback paid by investment firm, Glencoe Capital, to secure approval for a $50 million deal.
Aramanda and Maloof also each gave Obama $1,000 for his failed run for Congress in 2000. Once Obama became a US Senator, Aramanda’s son was granted a coveted intern position in Obama’s Senate office in Washington during the summer of 2005, based on a request which the Obama’s camp has admitted came from Rezko.”
Perhaps you have not seen this.
“Glencoe Capital Partners
On a motion by Cynthia O’Neill, seconded by Stuart Levine, it was resolved:
To invest $25 million in Glencoe Capital Partners III, L.P. and invest up to $25 million to Glencoe Capital Institutional Partners III, L.P., subject to the satisfactory completion of contract and fee negotiations. Source of funds will be the TRS Cash Flow account.
Minutes – Board Meeting
August 15, 2003
Roll call resulted in affirmative voice votes from Trustees Bruner, Cleveland, Glennon, Klickna, Leggett, Levine, O’Neill, Phalen, and Schmidt. Motion CARRIED.”
For more information about Obama’s impact on the TRS:
“In 2000, after losing a Congressional race, Barack Obama was looking to revive his political fortunes. And he soon found a springboard — a group of black entrepreneurs also trying to break out.
Month after month, Mr. Obama, then an Illinois state senator, showed up at the Chicago group’s meetings, listening to members’ concerns about the difficulties they faced in getting government and corporate business, and asking them what he could do to help.
And help them he did. Members of the group, the Alliance of Business Leaders and Entrepreneurs, say Mr. Obama checked into their problems and helped start a drive that enabled minority investment executives to win millions of dollars in business from the state’s giant pension funds.”
“Mr. Obama also recently pointed to his work on the Illinois pension issue as a model for what he would do as president to promote minority-owned companies.”