New York State Common Retirement Fund related stories
All articles and analysis
Pay-to-play defendant resurfaces as FoF managerMarcellus Taylor buys Chicago's United Investment Managers
- LP corner, week of Aug. 31, 2009
News briefs about LPs New York Common and Pathway Capital
- Escape from New York (Part II)
Andrew Cuomo vexes me. For the third time since the New York pension fund scandal began, he has allowed a private equity player to buy its way out of trouble /43571/report-pcg-pays-2-million-to-escape-new-york-probe/ I know the state has a fiscal crisis, but is this really the best way to move from red to black? The latest insult to legal accountability came yesterday, when Cuomo announced that PE consultant Pacific Corporate Group had agreed to: (a) Pay $2 million, and (b) Sign Cuomo’s much-ballyhooed Code of Conduct. In exchange, PCG was promised that Cuomo would not pursue criminal or civil prosecution related to PCG’s past activities in New York or anywhere else (like, say, California – although sources say that Jerry Brown is beginning to look into that state's placement agent skeletons). What had PCG done wrong? Well, officially nothing – since PCG was required to neither confirm nor deny any of the AG’s findings. Kind of like how The Carlyle Group didn’t do anything wrong, even though it cut a $20 million check. That Cuomo must be awfully persuasive. Maybe he actually could resolve the budget mess, by squeezing cash out of every other PE firm doing business in New York, given that no actual wrongdoing is needed as a prerequisite… Unofficially, PCG was accused of helping enrich indicted “placement agent” Hank Morris. Specifically, Morris was given an undisclosed 5% ownership stake in a $750 million co-investment vehicle funded by
- peHUB Wire: Thursday, July 2, 2009
Escape from New York
- peHUB Wire: Thursday, July 2, 2009
Escape from New York
- LP Briefs, June 2009
News briefs about Abbott, New York Common, Nevada PERS, Ohio PERS and San Bernardino County
Guide to NY Pay-to-Play ScandalThe New York Common scandal has reverberated throughout the private equity world