“… In November or the first part of December, the ward organization made no principal or interest payment on the loan to the bank, which had longstanding ties to politically influential people in the neighborhood, according to campaign disclosures. Among the bank's board members was William Mahon, a top official in Chicago's Department of Streets & Sanitation going back well into Richard M. Daley's tenure as mayor. Then all hell broke loose. …”
Read the full article on: Crain's Chicago Business