Posted on 12/31/2009 7:52:35 AM PST by SmithL
Two Cal Poly Pomona professors emeriti have called on the Legislature and Attorney General Jerry Brown to probe flawed investment choices by CalPERS in recent years.
Professors Walter Coombs of Claremont and Ralph Shaffer of Covina called for the investigations in an opinion piece published in The Riverside Press Enterprise.
To read their full commentary, click here. Here are their ending remarks:
It's time for a thorough examination of CalPERS by the state attorney general and the Legislature.
Recent investments smack of cronyism and outright conflict of interest. Were investment transactions based on proper research or did certain favored real estate firms exercise any influence? The attorney general must determine if there is any criminal liability involved.
Unless some outside authority undertakes a painstaking investigation, the nation's biggest public pension fund will remain the biggest example of questionable management of its members' retirement nest egg.
(Excerpt) Read more at sacbee.com ...
their retirement accounts must be dropping.
Since when has conflict of interest been wrong? Just look to DC for an example, ethics is dead.
its actually a lot worse than that, they have a Public Guarantee granted by the Law Givers against any and all losses, as well as guaranteed profit margins at the expense of the servant taxpayers.
As does the Teachers Union.
Think kickbacks and bribes and deposits into secret offshore accounts for selecting investment A over investment B
The Democrats are the party of big government thus the Democrats are the party of big government sleaze, big government corruption, big bribery and big theft
Nothing will come from any investigation of Calpers by left wing AG Moonbeam Brown beside blaming Bush for the criminal behavior of elite rats, who have controlled and plundered CalPers for decades.
Why?
Calpers has been the honeypot for elite left wingers like Bill Burkle, who controls Yucaipa, which has controlled CalPers. Burkle’s buddy Bill Clintoon has scammed millions for Yucaipa, aka CalPers since he left office.
Freepers like George 76, Liz, KCVL and myself have tried to warn Californians about this time bomb during the last decade by posting good investigative articles re criminals plundering Calpers.
I have added two key words to this article, Burkle and Yucaipa. Do a search on those words to see how much criminal behavior has been swept under the carpet.
FYI.
Please post the links to articles that you have posted on FR in the past re Calpers and the criminals running it.
Here's how the money laundering went down.
On May 12, 2009, the SEC announced charges against Julio Ramirez, Jr, formerly affiliated with LA broker-dealers DAV/Wetherly Financial, L.P. and Park Hill Group LLC, in connection with a multi-million dollar kickback scheme involving New York’s largest pension fund. (snip).
Ramirez Jr, a San Marino businessman with long-standing connections to LA City Hall, has pleaded guilty to criminal securities fraud as part of a probe of alleged pay-to-play corruption at NY state's gov't pension fund.......
Ramirez is a former employee of Wetherly Capital Group, an LA investment marketing firm, that allegedly gave kickbacks to a top political advisor of disgraced ex-NY Comptroller Alan Hevesi.
Dav-Wetherly Financial, L P
11601 Wilshire Blvd # 300
Los Angeles, CA 90025-0509
Location Type: Single Location
Est. Annual Sales: $68,000
Est. # of Employees: 1
An Israeli company-----Giza Venture Capital----- paid DAV-Wetherly Financial of Los Angeles, a substantial finder's fee, after it got authority to manage $20 million in NY state pension funds in 2005. ...
DAV-Wetherly, in turn, secretly gave part of the fee to a Connecticut-based company run by NY political insiders.
(ED: The Israeli connection is suspicious----a crooked individual can debark in Tel Aviv from anywhere in the world, deposit a suitcase of cash in any bank, and no one asks where it came from, or whether taxes were paid on it.
Do any pols have secret accounts in Israeli banks?
Duh.
==============================================
REFERENCE The court-appointed trustee who is ID'ing Madoff's assets, unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... and assets and businesses in 11 places overseas. Looks like he pulled off monumental tax evasion and money laundering for businessmen who were funneling income to Madoff to avoid US taxes and banking laws.
Dr. Bill Wattenburg talks about this situation on his radio program. California is so corrupt, I can’t imagine what will fix it.
http://www.pushback.com/Wattenburg/
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.