SEC Joins The Anti-Placement Agent Insanity
Is Mary Shapiro jealous of all the pub that Andrew Cuomo has been getting? The SEC today proposed new rules that would prohibit private equity funds (broadly speaking) from using placement agents, when trying to secure capital from public pension systems. This is basically the federalization of what's been doing in New York, and is equally misguided (albeit well-intentioned). This is basically the federalization of what’s been going on in New York, and is equally misguided (albeit well-intentioned). “Placement agents” didn’t cause the pay-for-play scandal in New York. Corrupt public pension officials did. All the scummy fixers in the world can’t make a dent in an honest retirement system. That’s why it’s pay-for-play, rather than just pay.
23 July 2009•2 mins read
