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The whole pension issue is just beginning to come to a boil.
I wonder if the Fed/Treas/Govt know how fucked the system is and are determined to help by keeping the equity market pumped.
Be nice to know how many of these guys have outperformed an unmanaged index.
For the most part a solid group of managers.
tyler...i like your writing...i just think you could do a better job serving the tax payers if you didnt talk from a pedestal with tons of sarcasm. a lot of people dont understand what you are talking about...and the sarcasm...and speaking down to us from a pedestal...doesnt help your cause.
if you want to educate people for actual change...talk to us like equals... not some nerd sitting on his own pedestal screaming nonsense that continually loses people money, by the way of cute charts that are self serving.
So you think "Tyler" is one person?
Hmmmm... you like Tyler's writing but you want to be spoken to as an equal. I would suggest that you direct this comment inward vs. outward. What you are communicating to the impartial observer is that you are not an equal (in sophistication and knowledge) and that bothers you because you would like to be treated as one (without any real effort on your part). I think that it might be beneficial to check your ego right about now.
Instead of complaining and lashing out against Tyler (be it one person or many) perhaps it might be more constructive to thank him for providing you with a means to educate yourself. It is pretty amazing when you think about the fact that we get the benefit of all of this research and analysis for free.
I for one, would be a lot less informed were it not for this blog and I am grateful for all the efforts of the staff. Besides, gratitude is much better for the soul.
no...not me. i work on wallstreet.
if they want to reach the less sophisiticated investor...and explain what and why is taking place...they should be able to drive more traffic. i send articles from this site to friends, colleagues, and others i care about that arent in this industry...and they dont understand anything.
if you care about bringing to light the shenanigans taking place...speak to the masses...not just those ex wall streeters that understand all the terminology. you arent helping anyone...but yourselves....if you want to make a difference...make sure the rest of america...roughly 99% of them...actually understand what you are saying...and arent made to feel stupid because they dont understand it...becuase that doesnt keep people coming back.
just my two sense...think its a powerful and "right" message to be bringing forward....but you are missing out on a lot of people by speaking over their heads.
sorry if that is too hard to comprehend...
Excellent point. I agree completely.
"I for one, would be a lot less informed were it not for this blog and I am grateful for all the efforts of the staff."
you have been a member of zero hedge for less than 3 weeks?
I only established this account 3 weeks ago. I've been reading for much longer but that really isn't the issue here.
I don't believe that you, me or the other readers would benefit from a heated exchange of replies seeking to discredit each other so I will just depart with this final thought...
If your intentions are to help the less sophisticated become more informed of this type of information (a noble pursuit that I share your passion for) then I would certainly encourage you to use your considerable knowledge and experience to facilitate that. Tyler and the rest of the staff provide us with a valuable resource at no cost. Using this information to achieve your goal to educate others will certainly have a positive impact on the world. I sense that we are both concerned about what is occurring in this country and would like for others to understand why. Where we disagree is that I don't believe that posting a critical reply and complaining about the way Tyler writes will accomplish that goal.
I wish you well.
maybe your not his equal
In background review for the "everyones who don't know"...
NYS Comptroller’s Former Chief Investment Officers Pleads Guilty in Ongoing Pension Investigation
David Loglisci Describes “Culture of Corruption” within NYS Common Retirement Fund
NEW YORK, NY (March 10, 2010) - Attorney General Andrew M. Cuomo today announced that David Loglisci, the former Chief Investment Officer at the Office of the New York State Comptroller (OSC), who was indicted last year along with co-defendant Henry “Hank” Morris, pled guilty to a Martin Act felony for his role in the corruption of the New York State Common Retirement Fund (CRF) and will cooperate in the ongoing investigation.
Today’s plea is part of a more than two-year ongoing investigation into corruption involving the Office of the State Comptroller and the Common Retirement Fund. The charges to date allege a complex criminal scheme involving numerous individuals operating at the highest political and governmental levels under former Comptroller Alan Hevesi, in which the State pension fund was used as a piggy bank for the Comptroller’s chief political aide and a favor bank for political allies and other friends.
“With today’s plea, a former top official overseeing the state’s single largest asset admitted that decisions were driven by politics and greed - not the best interests of the fund or its beneficiaries,” said Attorney General Cuomo. “Not only were pension recipients defrauded but so were the taxpayers across New York who are ultimately responsible for sustaining the fund. A culture of corruption permeated the fund and shows how vulnerable it can be to graft and exploitation without dramatic reform.”
From January 2003 through May 2007...Loglisci acknowledged abdicating his authority to Henry “Hank” Morris, the top political advisor to former New York State Comptroller Alan Hevesi, in order to help steer hundreds of millions of dollars worth of investment deals to Morris and to politically favored firms...
Morris used this authority to corrupt the investment process at the CRF to favor those who either made contributions to the Comptroller’s campaign, which he managed, or agreed to pay placement or other fees to Morris or his associates, and to punish those who would not. Morris further used this authority, as well as his position as chief political consultant and campaign fundraiser for the Comptroller, to extract campaign contributions from those doing and seeking to do business with the CRF, and to reward campaign contributors with investments, which he did.
Loglisci acknowledged breaching his duties and intentionally engaging in fraud, deception and concealment in connection with numerous investment transactions. With respect to some of these transactions, Loglisci was aware that Morris was a secret partner of Barrett Wissman, Julio Ramirez and others, with whom Morris split sham placement fees or had other financial interests which Morris concealed from the CRF…
The State pension fund is the biggest pool of money in the state and the third largest pension fund in the country, most recently valued at approximately $129 billion. At the time of the events charged, it was valued at approximately $150 billion...
Attorney General Cuomo’s investigation into corruption at the CRF has led to a number of criminal charges and six guilty pleas to date, including guilty pleas by former Liberal Party Chair Ray Harding, investment advisor Saul Meyer, hedge fund manager Barrett Wissman, Julio Ramirez, an unlicensed placement agent, and venture fund manager Elliott Broidy...
Cuomo also issued subpoenas in May of 2009 to over 100 investment firms and agents after his investigation found that 40 to 50 percent of agents obtaining investments from New York pension funds were unregistered.
Also in May of 2009, Cuomo announced his Public Pension Fund Reform Code of Conduct, which would eliminate pay to play in state public pension funds. To date, eleven firms have signed onto the Code: The Carlyle Group, Riverstone Holdings LLC, Pacific Corporate Group Holdings, LLC, HM Capital Partners I, Levine Leichtman Capital Partners, Access Capital Partners, Falconhead Capital, Markstone Capital Group, Wetherly Capital Group, Ares, and Freeman Spogli.
These firms collectively have agreed to return more than $90 million associated with New York State Common Retirement Fund investments; these funds will principally be provided to the CRF for the benefit of the pension holders. Payments from individuals bring that total to more than $120 million for the CRF and the State…
At least they publish this info, which is more than I can say for Canadian public pension funds which pride themselves on following best governance standards.
No problem Leo. It's nothing that can't be solved with more "newcomers".
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