David Wilhelm Cooking Show on TRS channel
Wilhelm & Hopewell Ventures have created this yummy recipe especially for the Illinois Teachers who contribute to the Teacher Retirement System:
1. Start with a 2003 contract wired by convicted felons Stuart Levine and Joe Cari to obtain a $10 Million commitment of TRS funds for private investment
2. Claim to use these funds for investment in economically disadvantaged companies located in Southern Illinois but instead invests in businesses controlled by your cronies.
Hopewell proudly posts its portfolio on its website http://www.hopewellventures.com/portfolio.html
There are no companies headquartered in Southern Illinois!
3. Pretend to create jobs in Illinois
4. By contract, insure that TRS does not know the ultimate destination of the investment funds.
5. By contract, insure that TRS cannot cancel any investment for poor performance or loss
6. Take annual management fees that total $3.5 Million despite the fact that these investments never made $1 for TRS.
7. Ultimately lose 32% of the $10 Million investment and still control the remaining $2.4 Million (current value as of 9/30/2013)
Here is a recap of the losses just obtained via FOIA from the TRS
Wilhelm isn't clever enough to cook the books but is adept at making teacher's funds go up in smoke (while raking cash into his own pockets)!
It is curious that the TRS board and management team refuse to terminate this private investment with Hopewell. Perhaps they are simply waiting until there are ZERO funds left.
This is a breach of trust & fiduciary by those folks responsible to safeguard the assets of the fund and contributions of Illinois teachers.
We demand the resignation of Dick Ingram, the TRS Executive Director and the TRS Board Members for gross mismanagement of the fund.
We call upon the Illinois Attorney General & US Attorney to investigate the abuse of these taxpayer funds for personal gain by Wilhelm and his partners.