Posted on 05/26/2002 7:24:15 AM PDT by snopercod
SACRAMENTO - Newly released documents from the nation's largest pension fund show board members voted to invest $760 million with a company after its founder gave several of them more than $25,000 each in campaign contributions.
Ronald Burkle, who worked his way up from a grocery bagger at 13 to run the nation's largest supermarket company, has given more than $2 million in political contributions - mostly to Democrats - in recent years.
During that time, he's traveled on national trade missions with Cabinet members, hosted heads of state at his historic Beverly Hills mansion, and developed friendships with former President Clinton, Gov. Gray Davis and others.
Those connections are raising questions as Burkle has been given the go-ahead to invest California's pensioners' money into two funds he manages through the Yucaipa Co., Burkle's investment firm that holds stakes in food suppliers, food distributors, e-commerce and entertainment companies.
It seems like a good deal for California Public Employees Retirement System members: Yucaipa has made 45 percent over the past 16 years on $14.6 billion investments, said CalPERS spokeswoman Pat Macht. And Clinton himself has been hired by Burkle to work as an adviser on the fund.
However, documents released under the California Public Records Act yesterday show CalPERS board members who approved the investments are closely tied to Burkle and his wife Janet.
At no point did any CalPERS board member recuse themselves from voting on Yucaipa investments.
Conflict-of-interest experts say no laws were broken. State law doesn't ban board members from voting to invest with campaign contributors.
Released this information on a holiday weekend when nobody will read it, and Already pronounced these folks non-guilty before news is even out.
SOP when the perp is a member of the party of the anointed (i.e. a dim).
Good point about how news is always editorialised so as to protect the dims and impune the 'pubs whenever possible. Sneaky b*st*rds.
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I think I will put a link in here for a little backgound info :The Davis Connection
Was not willie boy involved with this group? Seems as though I recently read about his appointment.
Right you are. See this thread:
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