Former NY power broker Raymond Harding pleads guilty in pension fund corruption scandalOctober 6th, 2009 Former NY power broker guilty in pension probeNEW YORK — A political power broker and an investment executive who advised government officials in several states have pleaded guilty to securities fraud in connection with a "pay-to-play" scandal at New York's public pension fund. Raymond Harding, the one-time head of New York's now-defunct Liberal Party, entered his guilty plea Tuesday in Manhattan.
4 private equity firms to pay restitution, make reforms to resolve NY pension fund probeSeptember 17th, 2009 4 firms settle NY pension fund probeNEW YORK — Four more private equity firms involved in a corruption scandal at New York's public pension fund have agreed to pay restitution and implement reforms, state Attorney General Andrew Cuomo announced Thursday. The companies settling with the state include HM Capital Partners, Levine Leichtman Capital Partners, Access Capital Partners and Falconhead Capital LLC.
Report: Some NY legislators retire, stay on job and collect pensions along with salariesAugust 19th, 2009 Some NY legislators collect pension pay, salariesALBANY, N.Y. — Four veteran New York lawmakers who have reached retirement age are collecting state pension payments at the same time they continue to get their regular paychecks.
CalPERS reports 23.4 percent decline in assets for year ended June 30, marking worst drop everJuly 21st, 2009 CalPERS assets fall 23.4 percent in value for 2009The California Public Employees' Retirement System said Tuesday the market value of its assets plunged 23.4 percent for the year ended June 30, marking the most severe annual decline the nation's largest public pension fund has ever reported. CalPERS administers retirement benefits for 1.6 million active and retired state, public school, and local public agency employees and their families and health benefits for 1.3 million members.
Moody's considers rating downgrade for loan program offered through Calif. pension fundsJuly 18th, 2009 Moody's may downgrade Calif. pension funds' ratingSACRAMENTO, Calif.
Canadian pension fund sweetens offer for Macquarie Communications of AustraliaJune 16th, 2009 Canadian fund raises bid for Australia's MacquarieTORONTO — A Canadian pension fund is sweetening its bid for Macquarie Communications Infrastructure Group, a communications network company with operations in Australia and the United Kingdom. The Australian company's independent directors are supporting the deal.
Insurers bank on marketing to beat new pension schemeMay 1st, 2009 CHENNAI - Life insurers are depending on their strong distribution network to stave off the competition challenge posed by the cheaper National Pension Scheme (NPS) that was launched Friday. Even though the fund managers for NPS will charge only 1 paise per Rs.100 (0.0009 percent) as service charge, comparing to 2.5 percent on the fund value charged by life insurers, the latter do not expect drastic reduction in sales, industry officials said.
NM firing financial adviser entangled in kickback scandal involving NY retirement fundApril 30th, 2009 NM firing financial adviser mentioned in NY probeSANTA FE, N.M. — A state investment office is firing a financial adviser caught up in a pay-to-play investigation involving a New York state pension fund.
California pension fund to vote against Bank of America's board, including CEO Ken LewisApril 28th, 2009 CalPERS to vote against BofA board re-electionCHARLOTTE, N.C. — The California Public Employees' Retirement System, the largest U.S.
FBI questions NM investment funds about adviser caught up in NY pension probeApril 24th, 2009 FBI questions NM investment funds about adviserSANTA FE, N.M. — Federal agents have questioned New Mexico investment fund officials about a financial adviser entangled in a pay-to-play investigation involving a New York state pension fund.
Politically connected broker paid fee for work on failed $50 million NM state investmentApril 22nd, 2009 Broker paid hefty fees for state investment workSANTA FE, N.M. — A Chicago-based financial firm paid a politically connected New Mexico broker to help obtain a $50 million state investment that a whistleblower lawsuit alleges was made as part of a pay-to-play scheme.
Amid scandal, NYC comptroller joins state in bans lobbyists from state pension investmentsApril 22nd, 2009 NYC comptroller bans agents in pension investmentsNEW YORK — New York City's comptroller has joined state officials in saying he wants to ban lobbyists known as placement agents from soliciting business from government pension funds. Wednesday's prohibition responds to a scandal in which two aides to a former state comptroller have been charged with collecting millions of dollars in kickbacks through payments to placement agents.
NYC comptroller reportedly looks into whether Quadrangle failed to disclose finder feesApril 22nd, 2009 NYC comptroller eyes Quadrangle feesNEW YORK — The New York City comptroller's office is reportedly looking into whether private-equity firm Quadrangle Group — once headed by Steven Rattner — misled or deceived city pension funds. Rattner now leads President Barack Obama's auto-industry bailout.
NY comptroller bans placement agents, lobbyists from steering pension fund investmentsApril 22nd, 2009 NY comptroller bans agents in pension investmentsNEW YORK — Amid a growing corruption scandal, New York's comptroller on Wednesday barred investment firms soliciting business from the state pension fund from employing lobbyists known as placement agents. The move comes about a month after state and federal investigators accused two top aides to former comptroller Alan Hevesi of using their positions to pressure investment firms into paying millions of dollars to politically connected placement agents.
NY state, city officials ban 'placement agents' from involvement in pension investmentsApril 22nd, 2009 NY state, city crack down on pension investmentsNEW YORK — Amid an expanding corruption investigation, top officials in Albany and New York City said Wednesday that they would bar lobbyists known as placement agents from soliciting investment business from the state's two biggest public pension systems. The move comes about a month after state and federal investigators accused two top aides to former state comptroller Alan Hevesi of using their positions to pressure investment firms into paying millions of dollars to politically connected placement agents.
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