Feds take over fund with ties to Daley son

June 27, 2011 5:44:22 AM PDT
A Chicago venture capital fund with ties to former Mayor Daley's son has been taken over by the federal government.

According to a report in this morning's Chicago Sun Times, Cardinal Growth L.P. owes taxpayers more than $21 million.

The fund reportedly borrowed nearly $51 million from the U.S. Small Business Administration over the past decade and has agreed to be liquidated.

Between 2002 and 2009, Patrick Daley was paid more than $1.2 million by Cardinal Growth L.P. and its general partner.