As you slide down the banisters of life may the splinters never point the wrong way.
Posted on 03/17/2004 4:07:21 AM PST by BigWaveBetty
As you slide down the banisters of life may the splinters never point the wrong way.
AFTER 21/2 years, Paul "Peewee Herman" Reubens has been exonerated of the Los Angeles D.A.'s child pornography charge against him. But Reubens - who claimed the "offensive" images were part of his art collection - pleaded guilty to a misdemeanor obscenity charge and paid a $100 fine. He must also stay away from children for three years. .... Reubens added: "I am glad the prosecutors finally dismissed the child pornography charge without me or the taxpayers having to pay for a costly, circus-like trial . . . These are certainly troubling times when our Attorney General John Ashcroft has actually ordered the semi-nude Spirit of Justice to be covered with drapes . . . [the fine and plea] seemed like the sanest way to make it end."
First lady Laura Bush, making a rare introduction of her husband, reminisced about their first — losing _campaign for Congress, in 1978. She noted that things have changed since the days when they canvassed for votes in old Chevy Cutlass." Bush in Florida
But Drudge did run a photo of the Italian mansion which the Kerry's sold before he announced for President..
Actor George Clooney purchased the stunning 18th century mansion located in the Italian village of Laglio [50 miles north of Milan] from Kerry and his wife for $7,800,000. Clooney first learned about the listing from Brad Pitt, who had been holidaying with his wife Jennifer Aniston at Versace's compound nearby.
While Kerry and his wife's homes in the United States are worth at least $23,733,705, it is not clear if the candidate currently owns property overseas.
The campaign has repeatedly denied requests for any information on foreign assets held by Kerry.
foreverfree
JUST hours before Sen. John Kerry boldly announced, "I don't fall down," on a Sun Valley ski slope, he fell down. Kerry made headlines last week when, on his first snowboard run down Idaho's Mount Baldy, a skiing Secret Service agent collided with the Democratic presidential candidate, sending him tumbling into the powder.
After getting to his feet - and being assured that news cameras hadn't caught the crash - Kerry told reporters: "I don't fall down. That son of a bitch knocked me over."
Not quite. Upon his arrival in Idaho the previous evening, Kerry showed he's as vulnerable to gravity as the rest of us. As his dozen-car motorcade made the 90-minute trek from a Twin Falls airport to the slopes of Ketchum, they stopped off at a Texaco mini-mart in Shoshone, where Kerry promptly lost his footing.
"Out jumps candidate Kerry to buy a bottle of water, but the lady at the mini-mart had just mopped the floor," a spy tells PAGE SIX. "Kerry slips and falls on the wet floor!"
"It was a quick slip and an immediate recovery," says Kerry rep David Wade. "He was up in a second."
The overwhelmingly Republican enclave might prove a bit slippery for Kerry. Ketchum elders were concerned when Secret Service agent Robert Harrell advised them a Kerry presidency would have "some noticeable impacts" on their lives. Kerry and wife Teresa Heinz Kerry live on the Big Wood River across Highway 75 in the Adams Gulch section of town. The agent warned that heightened security could entail occasional "frozen zones" where freedom of movement is restricted should Kerry win the 2004 election.
Many locals didn't seem too upset by the idea - they tolerate Gov. Arnold Schwarzenegger's five California state troopers in nearby Lake Creek. But they are horrified at the thought that legendary Pioneer Saloon could soon be in a "security bubble," says our Ketchum sources.
Kerry got a taste of local hostility when he lunched with his wife Thursday at the Warm Springs ski area. An octogenarian at a nearby table loudly told his date, "I see the idiot is here."
A young waitress scolded the senior citizen, "It's guys like you who got this country where it is!"
"Don't get personal about this, young lady," he replied.
By MARY WILLIAMS WALSH
New York Times
March 21, 2004
A small but growing part of the $2 trillion in state and local pension funds is being steered into high-risk investments by pension consultants and others who often have business dealings with the very money managers they recommend. After making such investments, a few of these pension funds have come up short, forcing the governments to draw on tax dollars.
The Securities and Exchange Commission is so concerned that it has begun an inquiry into the practices of pension consultants, who serve as gatekeepers for thousands of money managers. The regulators will find not just financial consultants but a web of intermediaries marketing agents, lobbyists, brokers and world leaders between pension funds and the investments they choose.
Some play surprising roles. Former President Bill Clinton meets with pension trustees on behalf of the Yucaipa Companies, a private firm that seeks financial returns through social investing. Ehud Barak, the former Israeli prime minister, persuaded the Pennsylvania teachers' pension fund to commit $125 million to SCP Private Equity Partners, a firm that invests in Israeli military technology. New York's former state comptroller, H. Carl McCall, encouraged the Illinois teachers' pension fund to place $20 million in Healthpoint, a private firm that invests in orthopedic devices companies.
Some pension consultants play host to gatherings that showcase such famous people to pension officials. Money managers may pay tens of thousands of dollars to participate and often supply the marquee talent. Consultants, meanwhile, are being paid by the pension funds to track and rate the money managers but may take money from the managers for other services.
Under the consultants' watch, more money is flowing into private or alternative investments, which are not publicly traded like stocks and bonds and whose performance cannot be tracked in any agreed-upon way. Private investment pools attracted virtually no state pension money a decade ago, but the typical state pension fund now has nearly 5 percent of its assets in them, and some states have far more. Though such unregulated investments offer the potential for high returns, they carry more risk than conventional stocks and bonds. A few governments have lost money. Richard Holbein, a pension consultant in Dallas, put the Arkansas teachers' pension fund in touch with Andrew S. Fastow, then chief financial officer of Enron, who was pitching investments in one of Enron's off-balance-sheet entities. Arkansas committed $30 million and may have lost it all. ...
Specialists say the structure of public pension funds leaves them particularly vulnerable. Fund boards are responsible for investing hundreds of millions of dollars, but only the biggest ones can afford professional investment staffs. Public trustees are often drawn from the ranks of firefighters, teachers and other public employees whose retirements they are protecting. They often have little financial training and are expected to serve as volunteers. Most public funds therefore rely heavily on consultants, even though the consultants may have business ties with the very money managers they are supposed to help select. ....
Bill Clinton addressed at least two public trustees' conferences last year and was well received, said Jack Silver, a former trustee of the Chicago teachers' pension fund who attended both. Mr. Silver has been an outspoken critic of the undisclosed business relationships of pension intermediaries, but he said Mr. Clinton made useful remarks about the economy not a sales pitch and that the trustees benefited from his appearance. So, he added, did Mr. Clinton's sponsor, Yucaipa. "It's marketing," Mr. Silver said. "When you have somebody like him, people remember."
Yucaipa's managing partner, Ronald W. Burkle, is a billionaire and has been a substantial donor to many politicians, including Mr. Clinton and several past and present trustees of Calpers. In 2001, Calpers voted to commit $450 million to three Yucaipa private investment funds, which are designed to generate returns and societal benefits, by financing neglected businesses in poor neighborhoods and companies that treat workers conscientiously. Calpers' most recent annual report showed that these funds have drawn about $51 million in total investments and related fees, and have so far not produced returns.
A Calpers spokesman said that private investment funds routinely draw on the partners' capital in the first few years, and pay returns only later. He also said the commitment to Yucaipa's funds is only a small part of Calpers's $164 billion portfolio. Yucaipa said its fledgling investments were poised to bear fruit, but it could not provide additional information last week.
Some pension officials say they find the out-of-office politicians useful liaisons. Jon Bauman, the executive director of the Illinois teachers' pension fund, said his board had been considering an investment in Healthpoint when Mr. McCall became vice chairman. His arrival "added to a favorable opinion," Mr. Bauman said. Ny Times.
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A Clinton profiting from shady investment practices? I'm shocked!
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