Posted on 10/15/2009 8:24:51 AM PDT by george76
America's largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of millions of dollars in losses.
The disclosure deepens concerns that alleged conflicts of interest are undermining state retirement funds.
The California Public Employees' Retirement System said it is launching a "special review" into payments by money managers
(Excerpt) Read more at online.wsj.com ...
Yet we taxpayers are still not paying “Our fair share”.
Those losses could force California taxpayers to cover shortfalls in pension payments to retired state workers.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/10/15/financial/f041524D23.DTL#ixzz0U1DISwYr
These pension funds are a receipe for corruption. We need to switch state employees over to a defined contribution plan..rather than a defined benefit plan with the taxpayers guaranteeing their income.
Al Villalobos. The conquest of Atzlan continues. This guy took his thieving straight from the PRI playbook.
I’m shocked, shocked!
That’s OK, we’ll take the best-and-brightest of State government and move them into Federal Congress and they can run our insurance and retirement plans, too!
Yes. Alfred Villalobos: compulsive gambler, accumulator of huge gambling debts, a personal bankruptcy. And California puts him in charge of...public funds.
This will go nowhere. Similar investigation against Bill Richardson here in NM was dropped by the Holder see-no-evil Justice Dept.
Government pension at all levels are robbing and raping the tax payers in broad daylight.
I predict when several million more in the private sector lose their jobs, investments, homes and businesses, we are going to see a titanic, historic revolt against government.
Can't do it... Ya know why? Because Jack and Jane private sector tax payer have no money left....Many can't even pay their rent and have lost their incomes....lol
Corruption? at CalPers? lolol suhprise suhrise
Yes, but Whoopi will ask whether it's "rob-rob" and "rape-rape."
SEIU members sit on CalPers’ board.
The mixing of business and politics should be illegal and a death penalty violation. Hear that Barney Fwank and Clinton?
REFERENCE 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. 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.
=======================================
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 Yorks largest pension fund. (snip)
ORIGINAL --- May 12, 2009---Litigation Release No. 21036
SEC v. Henry Morris et al., 09-CV-2518 (SDNY) (CM)
On May 12, 2009, the SEC announced charges against Julio Ramirez, Jr., who was 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.
In an amended complaint attached to a motion filed today in federal district court in Manhattan, the SEC alleges that Ramirez participated in the fraudulent scheme by helping his friend and associate Henry "Hank" Morris extract kickback payments from Aldus Equity Partners, an investment management firm that was seeking to win investment business from the New York State Common Retirement Fund (Retirement Fund).
The SEC has previously charged Morris and David Loglisci with orchestrating this wide-ranging scheme to enrich Morris and others and has alleged that Aldus and one of its founding principals, Saul Meyer, also participated in the scheme by agreeing to pay kickbacks to Morris.
According to the SEC's amended complaint, Ramirez facilitated Morris's scheme by contacting Meyer and making clear to him that Aldus must pay a kickback to Morris to secure an investment from the Retirement Fund. Although Aldus was already negotiating with the Retirement Fund's investment staff about the proposed investment at the time, Aldus agreed to kick back 35% of its management fees to a shell entity run by Morris. Morris in turn paid Ramirez a portion of those fees. As a result of the quid pro quo, Aldus secured the Retirement Fund's emerging fund portfolio business, and Ramirez shared in the profits even though he performed no legitimate services.
The SEC's amended complaint alleges that Ramirez aided and abetted violations of Section Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.
The complaint seeks permanent injunctions against future violations of the federal securities laws, disgorgement of ill-gotten gains with prejudgment interest, and financial penalties. The SEC's investigation is continuing. In a parallel criminal action, the Office of the Attorney General of the State of New York today announced the unsealing of criminal charges against Ramirez.
For further information, see Litigation Release No. 20963 (March 19, 2009), Litigation Release No. 21001 (April 15, 2009) and Litigation Release No. 21018 (April 30, 2009).
http://www.sec.gov/litigation/litreleases/2009/lr21036.htm
Yeah! Take down commie California!!
It’s actually an acronym: CALPERS
California Public Employees Retirment System.
You have to feel sorry for the guy, now he's going to have to pay out several of those fifty millions as "campaign contributions" to fellow crooks Democrats to make the whole thing go away without penalty.
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