Monday, March 15, 2010

Pension Fund Play to Play NYT scratching the surface

Same Old BS

Leak Leak Leak
Interesting how the AG uses the press to set up his prosecution in the pension fund scandal Getting political guru Morris to rat on Hevesi may be last shot to nail former controller

Bad bet for New York: Albany is robbing schoolkids to prop up horse racing
(DN Ed) * Bidders Lined Up for a Casino in the Future

Gov seeks clamp on NY health rates * New Yorkers, says Lt. Gov. Dick Ravitch, still don't understand how severe the state's fiscal crisis truly is. If Gov. Paterson insists on sticking around, it's his paramount duty to make folks understand. Not with whiny speeches -- but action. Do something, Dave ***
"Difficulty and disaster greeted me and have dictated most of the decision-making through my term," said Gov. David Paterson *** Paterson insisted he had no idea members of his own security detail contacted Sherr-una Booker.

Albany blowing budget deadline *** The Senate is on track to spend $7.4 million this year on payroll after adding 161 new positions and giving out raises to existing staffers.

What the Mayor's Management Report Does Not Say * Day Care Dumped

Meeks' second story on Katrina fund seems all wet, too

WATCH: Michael Lewis Explains The Wall Street Collapse As A Story Of 'Mass Delusion'

Smith: Is Jose Peralta Really All That Much Better Than Hiram Monserrate? (NY Magazine)

A dishonesty tax — aimed at politicians — could bring in way more money than a soft-drink levy ever could (NYP Ed)

Pension Fund Play to Play
NYT scratching the surface

In today's editorial the NYT describes NYS pension funds as ‘A Culture of Corruption’ they quote former Hevesi pension big David Loglisci guilty plea which is said "Investment decisions were made in part according to political benefit for the comptroller, rather than exclusively in the best interests of the people." Where the NYT editorial falls short it blames all thye problems on the way the state comptroller operates, "As sole trustee of the pension fund, New York’s comptroller has far too much power over a huge pool of money that is supposed to be managed for the benefit of state workers and retirees."

The NYT editorial ignores mayor candidate Bloomberg charges against Comptroller Thompson Mayor Bloomberg rips Thompson for taking cash from pension middlemen. During the campaign the mayor made dozens of commercials attacking Thompson for talking over a quarter of this contributions from people who do business with the NYC pension fund. True News wrote about this last Year Bloomberg Hits Thompson Pension Play to Play *** The Wolf at Thompson's Door *** True News: Wolf at Thompson Door, Part II . Avella Opens A Cut

The NYT demanded that the United States Securities and Exchange Commission and the New York State Legislature should clean up this pay-to-play culture once and for all. The S.E.C. has been considering a rule that would prohibit donors to comptrollers’ campaigns from doing business with pension funds for two years. The editorial did not ask Albany to clean up the pension culture of corruption. I guess the NYT feels that Albany is not going to clean up anything to do with play to play. Not much help with the SEC either last month SEC backs off ban on pension-fund middlemen - Crain's New York

The NYT said the New York State Pension funds was out of step does not explain how New Mexico and California suffer from the same play to play culture. It also does not explain how the same people who are being investigated in New York play to play are involved in the same scam in other states. In fact three is strong evidence that the corruption is interconnected NY PensionGate Explodes in New Mexico

Deep Doo Doo
Why is the NYT trying to find a simple incomplete pension fix there and there partners are involved Rattner: Toxic Conflict of Interest; Is the NYT at Risk? * GMAC *** In an article in Businessweek owned by Bloomberg who was once a client of Steve Ratner this report Rattner, Cuomo Said to Be in Talks on Pension Probe * Rattner in Talks to Settle a Probe (WSJ) *** Rattner, N.Y. Attorney General Talk Pay-To-Play Settlement ***Sulzberger pinches double the pay *While Globe suffers, NY Times Co. execs got big pay hikes Boston Herald ** Who's Afraid of Steve Rattner? Everyone? *** Steve Rattner the Untouchable
*** The Meaning of "Cheap" to the New York Times, Who's $1B In Debt

Pension Fund Pay to Play Hevesi Gotbaum: True News Exclusive

Pension Fund Pay to Play Hevesi Gotbaum
True News Exclusive

Yes, they 'kin'! Gotbaum hired Hevesi kid & pals NYP reports today in what they called their exclusive story that Public Advocate Betsy Gotbaum was once so friendly with disgraced city and state Comptroller Alan Hevesi that she hired three people close to him -- including one of his kids and his top aide's daughter. What the NYP story did not include was that Gotbaum step son Joshua was a managing partner is Blue Wolf Capital Management a company founded by two of Hevesi aides when he was NYC Comptroller. Public Advocate Betsy Gotbaum is a trustee of New York City’s Pension Funds which awarded Blue Wolf Capital $63 million from the City’s pension funds to invest, yielding Blue Wolf $1.2 million in fees. The NYT reported on April 21, 2009 that it was under former top Thompson aide (Joshua Gotbaum's Wolf-Powers partner) that Josh Wolf-Powers’ advisement Steven Ratner owner of the private investment firm Quadrangle Group to hire the now-indicted Hank Morris as its placement agent. Ratner badly wanted to gain access to investment from the State’s pension fund and according to the Times, “Wolf-Powers told Mr. Ratner that he could not think of any investment firm that had persuaded the city’s pension fund to invest without using a placement agent.” Morris was a good friend for the new money manager company Blue Wolff to have. Morris is now under indictment awaiting trial in a multi state corruption organize crime operation designed to steal pension funds for rich investors and money managers. Steve Ratner dismissed by the White House is hiding out at his horse farm waiting to see what investigators do to him. Even the new administration in Washington is on of keeping the spoils of the pension funds "All in the Family" Joshuoa Gotbaum nominated as director of Pension Benefit Guaranty Corp. *** Blue Wolf Exec to Head U.S. Pension Agency The Pension Benefit agency’s inspector general found in May that its former director, Charles E. F. Millard, had inappropriate communications with Wall Street firms.

More from True News

The Hevesi Team is on the Pay to Play Varsity Division

How the NY Pension Fund Scandal Crosses State Lines

NY PensionGate Explodes in New Mexico

Organized Crime Politics: Comptroller Office for Sale $$$

True News Pension Investigation: The Tail That Wags the Dog Again

$2 TRILLION Hole In Promised Pensions Threatens Financial Future Of States, Cities

Death by a thousand cuts: Paterson, Silver and Sampson's budget betrayals

Daly: Shame on pols for letting 9/11 fund expire *** Queens pol steered $500K, including toll money, into empty piece of land
Gov of La Mancha A lot of reporters are still looking Paterson aide had 1995 domestic incident (TU) *** Paterson rips into top aide as quitter *** David Paterson's World Series of WhoppersHow a governor threw himself out of the game *** Troubling: Paterson's Future & Monserrate's Fate Queens Tribune *** Albany’s Crime Spree(The Weekly Standard) *** Paterson Typical of State’s Political Culture(Newsweek) *** DiNapoli Proposes Ending ‘Backdoor Borrowing’(NY Fiscal Watch) *** Cuomo elects to punt: Ducking Paterson investigation shortchanges voters (DN Ed) *** Another gov-aide dust-up revealed

Inside City Hall Mayor Bloomberg likes the big picture, but he should keep an eye on the details, too*** DA Cy hoping to deal with fussbudget Bloomy *** 'Filled' potholes are empty boast

Sinking NYT New York Times Executives Get Big Raises In 2009 Despite Layoffs * Howell Raines Slams Roger Ailes, Fox News' 'Dishonest' 'Propaganda' * Why Is Rupert Murdoch Allowed To Talk About The Internet? * NYT Star Politics Reporter Leaving Beat For LA * NYT Shareholder Now World's RICHEST Man *** Michael Wolff: Sulzbergers 'The Stupidest People Who Have Ever Walked The Earth' *** Lessons From Newsday’s Paywall ( via NYConvergence) *** New York Times' Arthur Sulzberger Jr. takes huge raise; laid off staff San Francisco Chronicle*** New York Times Co. Won't Be Sold Or Split Up, Sulzberger Says Barron's (blog)*** New York Times Chief Sees 'Great Deal' of Revenue From Web Site BusinessWeek *** NYT's Arthur Sulzberger On Overlord Carlos Slim: He Believes In Us, But He Won't Buy Us

New Face Monserrate

Monserrate expulsion upheld *** Monserrate's New Face * Hiram uses former staffers to get back on ballot

Exclusive: Bloomberg's girlfriend Diana Taylor considering Senate run: sources *** After a Year, Gillibrand Still Tries to Win Over Bloomberg

Green Pay to Play Jobs in the Bronx BRONX: Pol's Grandson Cops to Embezzlement Rap

1952 Fare Price
Taken for a ride: 36,000 city cabbies overcharge by $8.3M *** New York Cabs Gouged Riders Out of Millions*** Taxi meter scam overcharged 1.8 million riders *** Honest city cabbies blast cheating drivers
NY Economic Melt Down Milford Plaza renovation put on hold * Port Authority, developer continue WTC talks * Boymelgreen bank first to fail in NYC in 11 years *62 fire companies may close *** Ailing 9/11 heroes worry about treatment, debt * Hurdles Still Remain for Ground Zero Settlement *** Towering Debt The capital budget has almost doubled during Bloomberg's tenure. Budget experts now wonder whether that was such a smart investment.
Save Station Agent Jobs, 3 House Democrats Urge *** Middle-class NYC apartment complex sold at auction Riverton Houses *** All bets could be off for racing at Saratoga this summer

Federal Panel Finds Bias in Ouster of Principal

F.C.C. Plan to Widen Internet Access in U.S. Sets Up Battle

Ed Koch, Richard Ravitch, Judith Kaye -- It's the Day of the Geezers!

Bloomberg's girlfriend: 'I'm not running for Senate'

Dodd May Toughen CFPA In Financial Regulatory Reform Bill