Tag: corruption

Indicted Former Ald. Ed Burke to Start Collecting More Than $96K Annual City Pension, Records Show

Mary Pat Campbell

Link: https://news.wttw.com/2023/06/15/indicted-former-ald-ed-burke-start-collecting-more-96k-annual-city-pension-records-show

Excerpt:

Indicted former Ald. Ed Burke (14th Ward) will collect an annual city taxpayer-funded pension of more than $96,000, even as he awaits trial on federal corruption charges, according to records obtained by WTTW News.

Burke, 79, who did not seek a 15th term on the Chicago City Council, left office after 54 years on May 15.

When he stepped down, Burke was the longest serving member of the City Council, earning more than $120,408 annually.

Burke will start receiving pension payments of $8,027 per month in sometime in August, and they will continue for the rest of his life, according to records obtained by WTTW News from the Municipal Employees’ Annuity and Benefit Fund of Chicago.

….

Burke is set to stand trial on Nov. 6 on 14 counts alleging the powerful politician repeatedly — and brazenly — used his elected office to force those doing business with the city to hire his private law firm. Burke has pleaded not guilty, and used millions of dollars of stockpiled campaign cash to fund his defense.

If Burke is convicted on those charges, he could lose his pension, since his conduct occurred as part of his official duties as an alderperson.

Author(s): Heather Cherone | Jared Rutecki

Publication Date: 15 Jun 2023

Publication Site: WTTW

California Judiciary Committee Gives Blistering Assessment of CalPERS’ Fiduciary Duty Failings in Analysis of Fraud-Friendly Private Debt Secrecy Bill

Mary Pat Campbell
California Judiciary Committee Gives Blistering Assessment of CalPERS’ Fiduciary Duty Failings in Analysis of Fraud-Friendly Private Debt Secrecy Bill

Graphic:

Excerpt:

Let’s look at other reasons why allowing CalPERS to make secret loans is a terrible idea.

CalPERS and CalSTRS are already major investors in private debt, via private debt funds, so AB 386 is unnecessary. CalPERS is already #16 in the world and CalSTRS, #30. Both giant funds have demonstrated that California’s disclosure laws aren’t an impediment to making this kind of investment. It should not be surprising that no other California public pension fund is supporting this bill.

There’s no good reason to create an internal team to do private debt investing. Plenty of experts have been urging large private equity investors like CalPERS to bring private equity investing in house for years. First, the fees and costs are so eye-popping, at an estimated 7% per year, that cutting that down to say 2% or 3% means that a relatively newbie investor like CalPERS could still fall a bit short compared to industry average gross returns and still come out ahead on a net basis. Second, industry experts also confirm that there are many seasoned, skilled professional who would trade a less pressured life (particularly the costs and stresses that relate to regular fundraising) for less lavish pay.

Author(s): Yves Smith

Publication Date:

Publication Site: naked capitalism

COVID vaccine czar to face complaint after ‘inappropriate’ calls about Cuomo

Mary Pat Campbell

Link: https://nypost.com/2021/03/14/covid-19-vaccine-czar-to-be-subject-of-complaint-calling-about-cuomo/

Excerpt:

A longtime lieutenant to Gov. Cuomo — who is now overseeing New York’s COVID-19 vaccine rollout — called around county officials to gauge their loyalty to the governor amid sexual harassment and misconduct allegations, it emerged Sunday.

Larry Schwartz, who formerly held the highly influential position of secretary to the governor, undertook the phone campaign in the past two weeks as more than a half-dozen women have come forward to accuse Cuomo of inappropriate remarks or behavior.

“Last Friday, I had a conversation with Larry Schwartz who reached out to discuss whether I was supportive of the governor,” Democratic Suffolk County Executive Steve Bellone told The Post.

Author(s): Carl Campanile, Aaron Feis

Publication Date: 14 March 2021

Publication Site: NY Post