and the RATS, take another one in the..............................HA ha!!!
Posted on 05/07/2009 7:31:53 PM PDT by NormsRevenge
Two of Los Angeles Mayor Antonio Villaraigosa's appointees to a city pension board resigned today, one month after receiving a letter from the Securities and Exchange Commission asking them to identify income they had received from companies doing business with their agency.
Sean Harrigan and Elliott Broidy, two members of the Los Angeles Fire and Police Pensions board, were asked to provide information to the SEC, which is investigating allegations of kickbacks at a New York state pension fund.
Appearing at today's board meeting, Harrigan said the inquiry had created "a frenzy of media activity" that had placed him in "the eye of the storm."
"While I have done nothing wrong, I recognize that this entire matter has become a huge distraction for all parties involved in the business of operating an $11-billion public pension system," he said in a statement.
Villaraigosa spokesman Matt Szabo said the mayor and his two board members agreed the resignation was "the best course of action."
Harrigan and Broidy had served on a nine-member board that oversees a $10.7-billion portfolio on behalf of retired police officers and firefighters. Both men had been asked to disclose their communications with firms under scrutiny in the New York investigation.
Broidy, the founder of Markstone Capital, submitted his letter Thursday afternoon, saying he had decided to "pursue other avenues to contribute to the public good." He was originally appointed by Mayor James K. Hahn and reappointed by Villaraigosa.
The two resignations come a week after a third pension board appointee, Kelly Candaele, was asked by the mayor to quit the Los Angeles City Employees' Retirement System board after he participated in a campaign fundraiser for the city attorney campaign of City Councilman Jack Weiss -- a violation of city law.
(Excerpt) Read more at latimes.com ...
This is why the government shouldn’t be allowed to invest any money, period.
You have to give control to the people.
College beer bong buyers.
Criminals go where the money is. As cities decay, the last big pot of cash is the city worker pension. Detroit had ‘lost’ like half of its pension due to bad ‘investments’, wink wink, nod nod. Naturally the pensions are guaranteed so even if they get totally ripped off, er, poorly invested, the taxpayer is still on the hook, again.
I don’t see why these pensions can not be raided again and again.( Funny that the Mafia used to only take a part of pensions it got ahold of.)
Rise, lather, repeat.
The voters had a chance this year to change this and failed.
Nothing for me to cite as evidence, however people surely seem so WANT to sit on this board.
.
I don’t know squat about the California pension inquiry but here in New York there is a huge, unfolding pension scandal that is just the tip of the iceberg. It’s being investigated by AG Andrew Cuomo which pretty much means that only the RAT crooks that were really egregiously stupid will be named while dozens of others will be given a pass. It has been claimed that even the few Democrats that have been named would have escaped except Cuomo found out the feds were also investigating these crooks so his hand was forced.
More Democrooks?
AG Andrew Cuomo is investigating the web of relationships and business contracts involving money managers, politicians and pension officials spanning the country from New York City and the state capital, Albany, to Texas, New Mexico and California-----an effort to stamp out graft and the practice of "pay to play," which involves giving gifts or campaign donations to win public contracts.
REFERENCE The Financial Industry Regulatory Authority-----the largest nongovernmental regulator of US securities firms----- has five firms registered as "acting as intermediaries between NY pension money managers and institutional investors to facilitate introductions and resulting investments."
Intermediaries registered "to facilitate introductions" to NY pension money managers for investments include:
(1) Nosemote LLC, East Hampton, NY
(2) Pantigo Emerging LLC, East Hampton, NY
(3) PB Placement LLC, East Hampton, NY
(4) Purpose LLC - SAME East Hampton, NY address
(5) Athena Capitol Advisors Ltd, Tortola, British Virgin Islands address (an infamous money-laundering haven).
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ITEM An Israeli company-----Giza Venture Capital----- paid DAV-Wetherly Financial, of Los Angeles, a substantial finder's fee after it got authority to manage $20 million in NY state pension funds in 2005. ... DAV-Wetherly, in turn, secretly gave part of the fee to a Connecticut-based company run by NY political insiders.
REFERENCE Dav-Wetherly Financial, L P
11601 Wilshire Blvd # 300
Los Angeles, CA 90025-0509
Location Type: Single Location
Est. Annual Sales: $68,000
Est.# of Employees: 1
ITEM L/E should checkout infamous Wall Street fraudster Bernard Madoff who financed many Dem campaigns. Madoff's operation had its filthy hands on many pension funds.
RUDY'S PAL FIGURES IN PENSION SCORE
5/7/09, By FREDRIC U. DICKER, NY POST STATE EDITOR
Former state Comptroller Carl McCall and ex-First Deputy Mayor Peter Powers surfaced in the "pay to play" scandal involving politically connected placement firms that received access to billions in state pension-fund investments. McCall, a failed 2002 Democratic candidate for governo, and Powers, once former Mayor Rudy Giuliani's top aide, are among dozens of middlemen who have been subpoenaed in AG Andrew Cuomo's investigation........The Comptroller's Office did not know why McCall and Powers had been selected as placement agents for the state.
McCall's company, Convent Capital, and Powers' firm, Powers Global Strategies, were among 40 companies and individuals who made millions of dollars in profits during the tenure of disgraced former state Comptroller Alan Hevesi (elected 2002 to succeed McCall)......Cuomo has said all individuals and firms with access to pension-fund money should have been registered with the SEC, which oversees and regulates placement agents.
Others on the list include Susan Holloway Torricelli, ex-wife of disgraced New Jersey Sen. Robert Torricelli, and a major Democratic fund-raiser.
SOURCE http://www.nypost.com/seven/05072009/news/regionalnews/mccall__rudy_pal_in_pension_score_168032.htm
I'm shocked! Shocked, I tell ya!
Broidy gets around. Chertoff was another Rudy cronie, from the NY US Attys office, IIRC:
Secretary Chertoff Announces New Members of the Homeland Security Advisory Council (January 10, 2006)
(snip)
“Each of these individuals brings a vast amount of experience and expertise from public service and the private sector to the Homeland Security Advisory Council,” said Homeland Security Secretary Michael Chertoff. “I am grateful that these accomplished leaders will provide important counsel and new ideas that contribute to the department’s efforts to make our nation more prepared and secure.”
Elliott Broidy is a commissioner for the Los Angeles City Fire and Police Pension Fund and serves on the governing boards of several large charitable and educational organizations, including the Los Angeles Police Foundation. He is Chairman and Chief Executive Officer of Broidy Capital Management, a private investment company which he founded in 1991 that specializes in investing in private equity and marketable securities. He is also founder and Chairman of Markstone Capital Partners, an $800 million private equity fund.
And who is Broidy’s attorney? None other than Randy Mastro... Rudy’s Deputy Mayor.
Have you mapped out all of these players? I wasn’t paying that close attention. Maybe I should.
Even more shocking is the $2 1/2 million Rooty got ..........from the SAME deal (/snic)
Elliott Broidy is a commissioner for LA City Fire and Police Pension Fund and serves on the governing boards of several large charitable and educational organizations, including the LA Police Foundation.
Broidy is Chairman and CEO of Broidy Capital Management, a private investment company he founded in 1991 that specializes in investing in private equity and marketable securities. Broidy is also founder and Chairman of Markstone Capital Partners, an $800 million private equity fund.
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DRUM ROLL PLEASE .....and who is Broidy’s attorney? (taa daa)...None other than Randy Mastro... Rudy’s Deputy Mayor.
Lawyer pals? That's convenient b/c many, MANY frauds are perpetrated by laundering funds in lawyer's bank accounts....and using "legal fees" in accounting line items to steal money.
Golly, I hope Rooty and Broidy paid all the taxes due (stolen money is taxable).
Big cities&pension funds have always been major breeding grounds for ‘Rats.. LA is no different.
They always attack&infest the granaries and seed vaults of society.
I had totally missed that Ray Harding is tied up in this mess. My memory is slipping.
http://www.sec.gov/litigation/litreleases/2009/lr21001.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21001 / April 15, 2009
Securities and Exchange Commission v. Henry Morris, David J. Loglisci, Barrett N. Wissman, Raymond B. Harding, Nosemote LLC, Pantigo Emerging LLC, Purpose LLC, Flandana Holdings Ltd., Tuscany Enterprises LLC, W Investment Strategies, HFV Management LP and HFV Asset Management LP , 09 cv 2518 (S.D.N.Y.) (CM)
SEC Charges Former State Political Party Leader and Hedge Fund Manager in Kickback Scheme Involving New York Pension Fund
The Securities and Exchange Commission today charged a former New York state political party leader and a former hedge fund manager in connection with a multi-million dollar kickback scheme involving New York’s largest pension fund.
In an amended complaint filed today in federal district court in Manhattan, the SEC alleges that Raymond Harding, who is a former leader of the New York Liberal Party, and Barrett Wissman, a former hedge fund manager, participated in a scheme that extracted kickbacks from investment management firms seeking to manage the assets of the New York State Common Retirement Fund. The SEC previously charged Henry “Hank” Morris and David Loglisci for orchestrating the fraudulent scheme to enrich Morris and others with close ties to them. Specifically, the SEC alleges that Wissman arranged some of the payments made to Morris, and Wissman was rewarded with at least $12 million in sham “finder” or “placement agent” fees. Harding received approximately $800,000 in sham fees that were arranged by Morris and Loglisci.
(snip)
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