Unlike his brothers, lawyer Michael and banker Bill, Mayor Richard M. Daley didn’t use the family name to amass wealth. He used it to amass power. But now, the mayor has a chance to convert his power into wealth. Which is what being a Chicago politician is all about, after all.
Because he chose not to run for re-election, Daley still has $1.1 million in his campaign fund. In 1998, the General Assembly banned politicians from converting leftover campaign money for personal use. But, of course, the law included a grandfather clause, so it didn’t affect any of the politicians voting on it. The goody-goody sponsors, Barack Obama and Kirk Dillard, went along with the amendment, because they knew that was the only way to pass the bill.
Full story: Daley can take $1.1 million with him