The corruption and rot was deep and pervasive indeed at the State of New York public pension fund. Alan Hevesi, the former comptroller, is expected to pled guilty to charges resulting from selling access to pension fund investing in return for millions of dollars.
The investigation continues into some big names like Steve Rattner, who led Obama’s bailout of the auto industry, and whose investment fund now disavows his conduct.
If you think New York was an outlier and other state pension funds aren’t equally dirty and corrupt, I invite you to reconsider.
David Loglisci and Hank Morris from the New York State Comptroller’s Office have been indicted on 123 charges for taking kickbacks from firms wanting to manage state pension fund money.
[Attorney General Cuomo] called it a corrupt scheme that helped Comptroller Alan Hevesi’s campaign gain donations from those playing to play.
Our political and financial sectors have been corrupted and compromised. Too many criminals are in high places of power. We need heavy government regulation and oversight. And we need to toss the garbage out. Some of them unquestionably should to go to prison.