Friday, October 8, 2010

Hevesi is the Tip of the Pension Fund Scandal: Nationwide Network of Pension Schemers

Overall, the U.S. economy lost 95,000 jobs in September. The unemployment rate, which is calculated with a separate household survey, remained unchanged at 9.6%.

Hevesi is the Tip of the Pension Fund Scandal
Nationwide Network of Pension Schemers

Mr. Hevesi admitted for the first time that he had known that his longtime political consultant, Hank Morris, set himself up as a middleman between investment firms and the pension fund, an arrangement that state officials have alleged netted Mr. Morris millions of dollars and allowed him to grant a variety of favors to Mr. Hevesi’s allies.Hevesi Pleads Guilty in Pension Case

First, the comptroller’s office should have a board of directors whose sole duty would be to protect and increase state pension assets, and it would have to approve the awarding of investment contracts. New York is one of only four states that give one official the power to invest pensions. Albany’s lawmakers should also adopt public financing for comptroller campaigns, rather than forcing candidates to troll for money from lawyers or financial interests.  New York’s Pension Scandal (NYT Ed) * Disgraced pol Alan Hevesi: From family man to felon (DN) * Hang Hevesi high: Crooked ex-controller deserves four more years -- in prison (DN Ed) * * Hevesi pleads guilty, implicates top aide, reveals dirty dealing in pension plan scam - * The TU hopes Hevesi does time. Ditto, says the DN.* Newsday deems Hevesi’s plea “shocking and squalid”…”even for Albany.” * The Times thinks Hevesi’s plea has “provided the best argument” for doing away with the sole trustee model of overseeing the pension system.*  Hevesi threw former top aide Hank Morris directly under the bus, saying he knew Morris took kickbacks from firms seeking state pension business.

Who are These Sources

Sources tell the Times the unnamed lobbyist in the Hevesi case is Frank Sanzillo, brother of Thomas Sanzillo, a former Hevesi aide who served as interim state comptroller after his resignation. * Broidy also rewarded another official in Hevesi's office by providing a "sham" $380,000 consulting contract to a relative, Cuomo said. According to the NYP a source identified the official as former Deputy Comptroller Tom Sanzillo and said the contract went to his brother Frank Sanzillo, a lobbyist at the state Capitol. Hevesi accepted six luxury vacations

Has anyone noticed how many democratic party heavy hitter fund raisers are deeply involved in pension corruption?

In California democratic fund raisers were at the heart of the LA Pension scandal.  In New Mexico fund raisers for Bill Richardson's presidential campaign.  In Texas more democratic fund raisers.  Hank Morris, Steven Rattner and others operated nationwide.  This thing sticks to high heaven

Democratic Fund raisers:Broidy, Rattner and Hindery
1. Elliott Broidy who paid  off Hevesi also made or arranged for more than $500,000 in campaign contributions to his re-election campaign.

2. Steve Rattner is still under investigation in connection with a $100 million investment by the pension fund in Quadrangle Group, his former private-equity firm, three weeks after a company owned by Quadrangle agreed to distribute "Chooch," a low-budget movie co-produced by David Loglisci, the fund's former chief investment officer, and Mr. Loglisci's brother, according to court papers. Mr. Loglisci pleaded guilty in March.  'Pay to Play' Probe Gets Key Guilty Plea; Focus on Rattner (WSJ)

3. Leo Hindery
The Global Strategy Group, and another longtime Democratic insider, Kevin McCabe, also paid large settlements for their roles in "facilitating public pension fund investments in private equity funds."
One of those funds, Intermedia Advisors, is headed by Leo Hindery, the Democratic financier whose support for Tom Daschle was a final straw in his scuttled nomination.

Under current state law, he keeps his own pension, which pays him roughly $105,000 a year. 

The NYP and DN Did Not Believe the Hevesi Guilty Plea Was Important Enough for Front Page Wood . . . The MTA Fare Hike

The Daily News has 'Old Man' Andy Pettitte on its front page.

The NYT article did not mention Steve Rattner the papers publisher friend.

Hevesi Pleads Guilty in Pension Case

The WSJ has no problem talking about Rattner

  'Pay to Play' Probe Gets Key Guilty Plea; Focus on Rattner (WSJ)

Jimmy McMillian from the Rent is Too Damn High Party will be in the debate
Listen to Jimmy sings on his website
Cuomo Turns Tables on Paladino  Andrew Cuomo agreed to participate in a debate this month with Carl Paladino, a development that appeared to catch the Republican candidate by surprise. (WSJ)

NY Attorney General candidates debate (WABC)
Election 2010  Paladino: Andy's 'prowess is legendary' (NYP)' * Paladino Tries to Reset His Campaign for Governor (NYT) * Popular Gift for Paladino: Bats to Fight Corruption (NYT) * Cuomo and Paladino to Debate at Hofstra, With 5 Other Candidates (NYT) * It's on! Cuomo, Paladino both on board for debate (DN) * Democrats way up in latest Quinnipiac poll (NYP) * Paladino Defends Week's Comments In Live TV Address (NY1) * Cuomo Campaign Received Over $50G From Tea Party Founder  * Cuomo was reportedly with his 12-year-old daughter when he learned of Paladino’s “prowess” crack, and said: “Can you believe what this guy just did? It’s insulting, it’s hurtful, it’s crazy, it’s not strategic, in that it can’t help his campaign.” * Cuomo appeared to catch the Paladino camp by surprise by agreeing to debate just before the Buffalo businessman’s missive hit the airwaves.*  GOP comptroller hopeful Harry Wilson, who had been using the investigation of the OSC as a sledgehammer in his battle with incumbent Democrat Tom DiNapoli, says the fact that state AG Andrew Cuomo announced DiNapoli is not under investigation changes nothing.* Scarborough Calls Cuomo’s Media Strategy ‘Too Clever By Half’ (YNN) * Quinnipiac: Kirsten Gillibrand Tops 50% *Team DiNapoli Demands TV Stations Spike "False And Defamatory" Wilson Attack Ads: Updated  * Sen. Eric Schneiderman and Staten Island DA Dan Donovan squared off in their first debate, liveblogged by David Freedlander.

Accountants and law firms Gave to Carl McCall After Getting State Contract *** Carl McCall is also under investigation by the the AG in the pension scandal is to be named to head John Liu transition team * McCall's linked to pension fund mess *** Ex-Comptroller Carl McCall Is Part of New York Pension Inquiry

DN Editorial Spins Fare Hike Positive Urban legend in the making: MTA boss will be a folk hero if he keeps fare-hike vow (DN Ed) * Months After Cutbacks, M.T.A. Approves Higher Fares (NYT) * Subway, Rail Fares to Go Up(WSJ) * Happy $crew year (NYP)Another TWU fare hike(DN) * MTA Board Approves Fare Hikes, Costlier MetroCards (NY1) * Subway System's Broken Escalators (Fox 5)

DA Starts Criminal Investigation of City's Child Care System

Prosecutors Will Examine City’s Role in Girl’s Death (NYT) * After Girl's Death, Child Welfare Boss Gets Support From Mayor (WSJ)* Brooklyn DA Investigates Death Of Underweight Girl (NY1)

St. Vincent’s Hospital deal cleared

On Broadway, 7 p.m. Is New 8 p.m. Broadway is rolling back the clock on rolling up the curtain. This season dozens of musicals and plays are opting for 7 p.m. starting times instead of the traditional 8 p.m (WSJ)

Have A Piece of Rat Cake
 Cake Man Raven Is Shut Down   A usually irrepressible celebrity baker is shut down, cited for sanitary (NYT)violations.

City Details Soda Plan 

To bad we cannot connect the 2nd Ave tunnel to the NJ Tunnel
* N.J. Tunnel Project Still Clings to Life The Hudson River rail tunnel might be back on life support, a day after New Jersey Gov. Chris Christie moved to kill the project over the potential for out-of-control expenses. (WSJ) *  Federal help could save NJ tunnel project (NYP) * Christie to Review Options on Tunnel (NYT)

Bloomberg Says Paid Sick Leave Could Hurt Economy (WNYC)

What That Advise On Embarrassing Photos Mr. Mayor
On his WOR-AM radio show with host John Gambling this morning, noted iPad fan Mayor Bloomberg sounded a bit befuddled about the appeal of social media. But he had one piece of advice, our Adam Lisberg reports: Be careful about letting embarrassing photos of yourself get out on the web!  Mayor Bloomberg's Social Media Advice: Watch What You Post! *Mayor Bloomberg admits he hates inane Twitter feeds (NYP)
In Fierce Opposition to a Muslim Center, Echoes of an Old Fight (NYP)

Study: City Bike Lanes Have Numerous Safety Violations (NY1)

the now-closed investigation only extends to the Tabacco loan allegation – which is likely a reference the Manhattan DA’s ongoing probe that resulted in the indictment of Indy Party operative John Haggerty.

Stunner: Mistrial Possible In Bronx Synagogue Bomb Plot (CBS) *Conflict Over Evidence Brings Bombing Trial Deliberations To A Halt *Deliberations in synagogue bomb plot trial halted Terrorism  Daughters of Achille Lauro casualty keep up terror fight * Officials Find Link Between German Islamic Militant, 9/11 Plotters (NY!)

Law and Order  NYPD detective admits he forced woman to perform oral sex on him (NYP)

Media and New Tech