Posted on 04/06/2006 11:44:22 AM PDT by calcowgirl
SACRAMENTO — State Controller and gubernatorial candidate Steve Westly steered California's giant pension system to invest in a fledgling venture capital fund whose politically connected partners helped him raise campaign cash.
Before Westly's involvement, the pension board's outside advisors had rejected the fund as ill-suited for its portfolio. After the investment was made, one of the partners became enmeshed in an unrelated pension-fund scandal in Illinois, pleading guilty to attempted extortion.
As New York-based Healthpoint Partners LP lobbied the California Public Employees Retirement System in 2003 and 2004 to invest in their fund, two managing directors, including the one in Illinois, raised money for Westly at events in New York and Chicago. One partner had run for governor of New York; the other had been a finance chairman for the Democratic National Committee.
Westly, whose job is to manage and audit state spending, is an influential member of the 13-person CalPERS board. He took up Healthpoint's cause in the spring of 2003 as the contributions began to flow.
Within a year, the Healthpoint partners had helped Westly's campaign coffers grow by more than $50,000 — money that could be for a variety of political purposes. And the company had secured a $5-million investment from CalPERS.
Westly's intervention did not take place in public meetings, but rather in private, over restaurant lunches and in e-mails. It has been reconstructed through documents obtained by The Times and interviews with some participants.
Westly acknowledged that he had private discussions with CalPERS staff on Healthpoint's behalf.
"I want to make sure we do everything we can to maximize the returns to our pension funds," he told The Times ... "I'm always looking out for firms I think can provide above-average returns, and I do that from time to time."
(Excerpt) Read more at latimes.com ...
Millionaire charged with taking kickbacks from teachers' pension fund (Big RAT indicted)
ABC Local ^ | 8/03/05 | Andy Shaw
Posted on 08/03/2005 5:45:19 PM PDT by Libloather(snip)
Joseph Cari, a 52-year-old Chicago lawyer and major Democratic party fundraiser for Bill Clinton, Al Gore and others, allegedly conspired with Highland Park businessman Stuart Levine, a former member of the Illinois Teachers Retirement System. The two were attempting to extort $850,000 in kickbacks from a Virginia investment firm that was seeking an $850 million contract to invest the money of 325,000 retired teachers.
"Cari called the firm and told the firm they had to sign the contract by the end of the day or their application for the money would be pulled off the table. He made clear this is the way things are done in Illinois," said Patrick Fitzgerald, U.S. attorney.
Levine, who has already been indicted for allegedly shaking down hospitals and medical schools as a member of the state's hospital construction board, is facing 14 additional counts in the new indictment. He allegedly extorted several hundred thousand dollars from investment firms that wanted a piece of the teachers' $30 million pension fund.
"He used fraud and extortion to put those funds to use for the benefit of his friends, not for the teachers," said Fitzgerald.
Levine was appointed to the boards by former Governor George Ryan and reappointed by Governor Blagojevich. He is a longtime friend and major contributor to the state's former attorney general, Jim Ryan.
CalPERS draws a lot of attention of politicians, for some reason , like flies to poop .. the help decide how piles of money get "invest", ie; milk for political favors and pursue agendas
Phil is up to his elbows and beyond with them as well. Board member since 1999.
http://www.calpers.ca.gov/index.jsp?bc=/about/organization/board/members/philip-angelides.xml
http://www.calpers.ca.gov/index.jsp?bc=/about/organization/board/members/home.xml
they
It draws lots of attention of crooks, it seems. Could it be their $32,700,000,000 in assets, perhaps?
Poor Phil. Westly is looking like even a bigger RAT than him. Westly even appears to have the Willie Brown endorsement.
Willie Brown. Oh man.
The deal's in. ;-)
Phil and Steve split the Sierra club, what will the party do? endorse Phil , most likely. a bunch of nutzoids, all of 'em.
Times Focuses "Hit Pieces" on GOP, Moderate Dems;
Solidly Leftist Paper Favors Hard Leftists Consistently
Joking aside, they only run a positive article on a Republican when he is trailing by huge margins in polls. I remember just before the Davis recall, the LATimes went after Arnold with both barrels (and a lot of late hits), but did puff pieces on McClintock, then running a distant third.
Let's see those puff pieces on McClintock NOW, and in his 2010 Guv race. Not likely!
Also yesterday came the endorsement of Westly by San Francisco District Attorney Kamala Harris. While Harris is a very respected and popular figure in the Bay Area and in African American circles, the endorsement is especially intriguing for another reason. Her longtime mentor is Willie Brown, a legendary Democratic personality/power broker who had a record-setting tenure as California Assembly speaker before serving two terms as San Francisco mayor.Several days ago, as the San Francisco Chronicle’s John Wildermuth has reported, Willie Brown told a private political gathering that he sees Westly as the coming thing in the California governor’s race. The decision by Angelides to suddenly debate his long-ignored opponent and to deliver what he calls a major address defining their differences indicates that Brown once again may know what he is talking about.
Do you think Westly is moderate? From what I've read, I'd put him equally as far left as Angelides.
Westly is farther to the left than Phil, I've read analysis on him that leads me to that comment, believe it or not. He makes aRnie look centrist and that takes some doing. ;-)
That's what I thought, too.
He makes aRnie look centrist and that takes some doing. ;-)
They all look like a bunch of bumbling socialists to me.
Clearly both are well-to-the-left-of-Gray-Davis nightmares, but Angelides is essentially Hugo Chavez on prozac (and liposuction): an avowed socialist. Westly at least pretends to care about business; Angelides doesn't pretend.
I guess you are not very consistent, are you?
==== On this thread:
To: calcowgirl
Westly is farther to the left than Phil, I've read analysis on him that leads me to that comment, believe it or not. He makes aRnie look centrist and that takes some doing. ;-)
10 posted on 04/06/2006 12:23:08 PM PDT by NormsRevenge
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To: Ol' Dan Tucker
I'm still sticking it out there and predicting voters will sucker for another rich fella, Westly over the Gubinator in the fall general.
He's a GRay Lite vs. aRnie who has morphed into a Gray Heavy.
10 posted on 04/06/2006 9:56:20 AM PDT by NormsRevenge
http://www.freerepublic.com/focus/f-news/1610343/posts?page=10#10
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Today at 9:56:20 am you claim Westly is more conservative than Arnold, then at 12:23:08 you realize that Westly is just as much of a leftist as Angelides.
Which is your true opinion, or does it change every two hours?
This doesn't help your credibility any.
why I'm flattered you care what I or any one think of the ups and downs of California politic. Who cares?
At least they have to run in a primary unlike some who have never had to participate in an open debate in a primary race...
Don't pop a cork, FO. Your boy may well survive November, question is can we survive 4 more years of any of them much less the Gub. lol
.. and as for credibility, make sure ya get a pic taken with McCain and the Gub this summer on the campaign trail, ya moderate weinie. 8-] It could be priceless someday.
"question is can we survive 4 more years of any of them much less the Gub"
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There you go again, implying that leftists Angelides or Westly would be better for CA, than Arnold.
Anyone who says something like that must be either totally detached from reality, or a Democrat.
NO, just feeeling sadly destined to receiving more abuse from folks like you and the New Majority who started this mess a few years ago, more spending more liberal agenda, more more more.... very little of it conservative in nature.
If the gUb loses it, it will be on his own record and not mine or yours, but thanks for caring. ;-)
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