Free Republic

An appointee of Los Angeles Mayor Antonio Villaraigosa voted two years ago to direct millions in public pension dollars to a company that invested in his own private equity fund, according to documents obtained by The Times. Elliott Broidy, chairman of Markstone Capital Partners, served until May on the Fire and Police Pensions board, which provides benefits to the city's retired police officers and firefighters. Real estate company CIM Group invested $500,000 in Markstone's private equity fund in 2004, according to an e-mail to the city's pension agency. Three years later, Broidy voted with his colleagues on the pension board...

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...

SACRAMENTO — Soon after taking office in January 2003, state Controller Steve Westly began helping three venture capital firms land multimillion-dollar investments from California's giant pension system, according to public records including e-mails and officials' calendars. Westly, now running for the Democratic gubernatorial nomination, received campaign donations from individuals associated with each of the funds, campaign finance records show. At any given time, hundreds of fund managers are angling for CalPERS investments. Westly is one of 13 members of the California Public Employees' Retirement System board, and as the state's chief financial officer, one of the most influential. The funds...