The RetrieverTraining.Net Forums The Retriever Academy
Total Retriever Training with Mike Lardy
Hawkeye Media Gunners Up Tritronics Outdoor Media
Results 1 to 3 of 3

Thread: Rattner & The Pension Funds

  1. #1
    Senior Member Gerry Clinchy's Avatar
    Join Date
    Aug 2007
    Location
    Pennsylvania
    Posts
    6,735

    Default Rattner & The Pension Funds

    NY Times http://www.nytimes.com/2009/07/14/bu...html?th&emc=th

    Carlyle, which is among the biggest and most politically connected private equity firms and paid a $20 million fine, has agreed to stop using intermediaries, known as placement agents, to win investment business from public pension funds. It also agreed to halt campaign contributions to public officials who oversee pension funds. Riverstone Holdings, another firm caught up in the case, paid a $30 million settlement last month.
    I'm really curious where these settlement funds go. Here's $50 million "found money". Did it go into NYS coffers? Did it go into the pension funds? Where did it go? Every time we hear of a settlement like this, where does the money go?
    G.Clinchy@gmail.com
    "Know in your heart that all things are possible. We couldn't conceive of a miracle if none ever happened." -Libby Fudim

    ​I don't use the PM feature, so just email me direct at the address shown above.

  2. #2
    Senior Member dnf777's Avatar
    Join Date
    Jun 2009
    Location
    Western Pa
    Posts
    6,161

    Default

    Quote Originally Posted by Gerry Clinchy View Post
    NY Times http://www.nytimes.com/2009/07/14/bu...html?th&emc=th



    I'm really curious where these settlement funds go. Here's $50 million "found money". Did it go into NYS coffers? Did it go into the pension funds? Where did it go? Every time we hear of a settlement like this, where does the money go?
    Good question. I'll bet UBS, RBS, and assorted other overseas accounts eventually. Its all a big circle, and every once in a while, there's big fines to make us think they're being kept honest. I wouldn't be surprised if it's back in Carlyle/Quad accounts by end of week. But we'd never know! Its all basically legalized money-laundering for lobbyists and the gov't.
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

  3. #3
    Senior Member YardleyLabs's Avatar
    Join Date
    Dec 2006
    Location
    Yardley, PA
    Posts
    6,639

    Default

    Quote Originally Posted by Gerry Clinchy View Post
    NY Times http://www.nytimes.com/2009/07/14/bu...html?th&emc=th



    I'm really curious where these settlement funds go. Here's $50 million "found money". Did it go into NYS coffers? Did it go into the pension funds? Where did it go? Every time we hear of a settlement like this, where does the money go?
    I would assume the funds go to New York State since these are defined benefit plans which the state is solely responsible for funding. Thus, if the funds went to the pension plans, it would simply reduce the state;s funding obligations by an equal amount.

    I would love to know who was being paid. Many years ago there was an individual who was the designated "advisor" for NYC's five public employee pension funds. He ran an actuarial consulting firm that received massive contracts from anyone wanting to do business with the funds or wanting a little extra political umpf in support of their business interests. He died several years ago (http://www.nytimes.com/2002/11/30/ny...ies-at-89.html), but his story provides interesting insight into New York politics over a period of many years, but particularly during the 1970's. He was a major factor in my personal decision to leave government.

Similar Threads

  1. Funds move to halt Chrysler restructuring
    By Eric Johnson in forum POTUS Place - For those who talk Politics in the Gallery!
    Replies: 4
    Last Post: 05-21-2009, 09:03 PM
  2. From ISRA: Illinois Wildlife Funds in Jeopardy (IL)
    By AmiableLabs in forum RTF - Retriever Training Forum
    Replies: 4
    Last Post: 11-06-2008, 07:18 PM
  3. Microsoft Funds the Anti-Hunting Movement
    By hhlabradors in forum RTF - Retriever Training Forum
    Replies: 1
    Last Post: 06-01-2007, 08:05 PM
  4. NEW YORK-Evan Graham Workshop & Trial Details & Info
    By Polock in forum Event Information
    Replies: 5
    Last Post: 02-25-2006, 02:47 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •