New York State Common Retirement Fund related stories
All articles and analysis
- Markstone Co-Founder Pleads Guilty
Elliott Broidy, a founder and Chairman of Markstone Capital Group LLC, pled guilty to felony for his involvement in a pay-to-play kickback scheme at the Office of the New York State Comptroller. Broidy admitted to paying almost one million dollars in gifts to four New York officials to obtain a $250 million investment from the New York State Common Retirement Fund in Markstone Capital Partners, L.P.
- State Pensions Probe Pledges
Parallels drawn to pay-to-play scandal in Connecticut a decade ago
- State pensions probe tainted pledges
Parallels drawn to similar pay-to-pay scandal in Connecticut a decade ago
- LP Briefs, November 2009
Texas to Commit to Up to 3 VCs, Two Plead Guilty in NY Scheme, Pay-to-Play Defendant Resurfaces as FoF Manager, Grove Street to Pledge Up to $500M, Guardian Life Reveals PE plans, San Diego Hires Outside CIO, CalSTRS Commits $330M
- Two plead guilty in NY kickback scheme
Aldus' Saul Meyer is cooperating with investigators
- It's About Time: NY To Abandon Sole Fiduciary
I've been critical of Andrew Cuomo lately (does accusing him of quasi-extortion /50438/why-isnt-this-extortion/ count?), but it's all flowers and laurels today. The AG done good. Cuomo and a bi-partisan group of state legislators have written a bill that would eliminate the state pension fund's sole fiduciary structure, and replace it with a board of trustees. It's about time. New York is one of just two states that don't have some sort of board structure, and it may not be coincidence that the other (Connecticut) also experienced a pay-to-play scandal related to private equity investments. “For decades, the State pension fund has been weakened and corrupted by the sole trustee model,” Cuomo said in a prepared statement. "It’s about as sensible as having a single lock on Fort Knox. Today’s legislation will ensure that the fate of our public retirement fund isn’t decided by one individual, and that the entire system is rid of the kind of pay-to-play that infected and derailed it in the first place.” There is also the reverse chicken/egg possibility -- single fiduciaries don't increase the likelihood of corruption, they just increase the likelihood of exposure
- Saul Meyer Pleads Guilty in Kickback Scam
NY Attorney General Andrew Cuomo today announced two guilty pleas in the kickback scandal /tag/new-york-scandal/ involving state pension fund investments into private equity. The pleaders were: Saul Meyer, founding partner of private equity "gatekeeper" Aldus Equity, and Ray Harding, former head of the New York Liberal Party. Both have admitted to violating the Martin Act, and will be considered convicted felons unless a judge later removes that designation based on cooperation with the ongoing investigation. No word yet on whether either Meyer or Harding will face jailtime, as sentencing will be determined by a judge at the case's conclusion (Cuomo's office will make a recommendation). Cuomo also said that Meyer "is cooperating" with similar investigations in other states, including one led by
- LP Briefs, October 2009
News briefs about Tennessee Consolidated, Montana Board of Investments, ILPA, MassPRIM, New York Common and Pathway Capital
- PE fund briefs, week of Sept. 28, 2009
News briefs about Quadrangle and other private equity firms