Skip to comments.On Pay-to-Play and Pension Funds: The Inquiry Spreads West
Posted on 03/26/2010 12:13:24 PM PDT by AtlasStalled
For all those who were worried that allegations concerning pay-to-play and public-pension funds were strictly an east coast phenomenon, rest assured. Federal criminal investigators are looking into possible wrongdoing involving investment transactions of other public pension funds including Calpers, Californias public-pension fund. Click here for the story, from the WSJs John Emshwiller.
The public pension fund scandal has already nabbed quite a few in New York six have pleaded guilty in that states long-running corruption probe.
The allegations in these cases seem fairly straightforward: illegal payments are given to people who control the purse strings and how investments are made at public pension funds. In return, the payees hope to a slice of the pension funds investments. As Emshwiller puts it: At the heart of the matter is whether investment decisions regarding retirees money were guided by improper influence peddling rather than an eye toward the best results.
According to Emshwiller, the Calpers-related inquiries are focused on a small number of individuals. While the investments under scrutiny totaled many millions of dollars, the person said, the amount is a fraction of Calperss overall assets of about $200 billion.
A Calpers spokeswoman said she isnt aware of any federal criminal investigations looking at the funds investments.
(Excerpt) Read more at blogs.wsj.com ...
Please stop in Illinois.
No kiddin........pay to play IS the Chicago way.