CTU Audit Firm Involved in Big Scandal
By Jim Vail
The Chicago Teachers Union (CTU) has been hit with a budget deficit the last two years.
The last year budget problems resulted in forcing field reps and other employees to take early retirements or be fired.
This year the union announced to delegates during its budget presentation in May that they will need to take out a loan for almost $1 million to help pay the Merchandise Mart rent.
The CTU hired Bansley & Kiener, an accounting company, to audit its books. The firm has long worked for the Daley family's political funds.
According to a report in the Chicago Sun-Times, Bansley did the books and gave a clean financial bill of health during annual reviews to Washington Federal Bank for Savings before the bank was shut down due to unauthorized loans that the feds are now looking into.
The president of the bank who authorized many illegal loans was found dead of an apparent suicide, although sources close to the bank believe one of his borrowers was concerned he might talk to police and therefore had him bumped off.
Bansley also handles the finances of 11th Ward Ald. Patrick Daley Thompson - the nephew of former Mayor Richard Daley - and have made campaign contributions to the Daleys.
A federal judge recently ordered Bansley & Kiener to turn over its records on the failed bank to the FDIC.
Authorities shut down Washington Federal Bank for Savings over a year ago over millions of dollars in unaccounted-for loans that now total at least $80 million, according to the FDIC as reported by the Sun-Times.
Ald. Thompson who took loans from Washington Federal is the third alderman under a federal investigation - Ald. Ed Burke (14) and Ald. Danny Solis (25) are the other two.
Bansley & Kiener contributed $12,480 on Oct. 26, 2018 to the CTU Political Action Committee fund.
"All vendors who do business with CTU pay to play," Members First President Therese Boyle wrote.
Boyle, who has looked closely at CTU's murky finances, said the CTU has still not released its audit report for the year ending June 30, 2018.
The CTU delegates will be asked to vote on the union budget at the June House of Delegates meeting.
By Jim Vail
 |
| Robert Hannigan, managing partner Bansley & Kiener LLP |
The Chicago Teachers Union (CTU) has been hit with a budget deficit the last two years.
The last year budget problems resulted in forcing field reps and other employees to take early retirements or be fired.
This year the union announced to delegates during its budget presentation in May that they will need to take out a loan for almost $1 million to help pay the Merchandise Mart rent.
The CTU hired Bansley & Kiener, an accounting company, to audit its books. The firm has long worked for the Daley family's political funds.
According to a report in the Chicago Sun-Times, Bansley did the books and gave a clean financial bill of health during annual reviews to Washington Federal Bank for Savings before the bank was shut down due to unauthorized loans that the feds are now looking into.
The president of the bank who authorized many illegal loans was found dead of an apparent suicide, although sources close to the bank believe one of his borrowers was concerned he might talk to police and therefore had him bumped off.
Bansley also handles the finances of 11th Ward Ald. Patrick Daley Thompson - the nephew of former Mayor Richard Daley - and have made campaign contributions to the Daleys.
A federal judge recently ordered Bansley & Kiener to turn over its records on the failed bank to the FDIC.
Authorities shut down Washington Federal Bank for Savings over a year ago over millions of dollars in unaccounted-for loans that now total at least $80 million, according to the FDIC as reported by the Sun-Times.
Ald. Thompson who took loans from Washington Federal is the third alderman under a federal investigation - Ald. Ed Burke (14) and Ald. Danny Solis (25) are the other two.
Bansley & Kiener contributed $12,480 on Oct. 26, 2018 to the CTU Political Action Committee fund.
"All vendors who do business with CTU pay to play," Members First President Therese Boyle wrote.
Boyle, who has looked closely at CTU's murky finances, said the CTU has still not released its audit report for the year ending June 30, 2018.
The CTU delegates will be asked to vote on the union budget at the June House of Delegates meeting.
No comments:
Post a Comment