CHICAGO - David Sirota writes in the International Business Times (IBD) about Chicago Mayor Rahm Emanuel's handling of accusations that his reelection campaign improperly accepted contributions from companies that manage city pension funds.
As reported here on IR, campaign contribution caps for the race were removed when William J. Kelly placed $100,000 of his personal funds into his Chicago mayoral campaign. Shortly thereafter, Kelly announced he was dropping out of the race. However, not before his donation to himself allowed all other candidates - including Emanuel - to collect unlimited donations.
As a result, last week Emanuel raked in more than a half-million dollars in campaign cash in a single day. Among the contributions were $100,000 from top executives at Madison Dearborn Partners and another $50,000 from John Buck, the principal of the John Buck Company. Those two firms currently manage Chicago pension money and their executives have previously made major campaign contributions to Emanuel, who appoints members of the boards overseeing pension investments.