Public pension officials calling out wrongdoing are intimidated, threatened by pensions and ultimately ignored by regulators and law enforcement.
State and local government pension board and staff members regularly report their concerns regarding fraudulent activity and financial mismanagement internally at pensions, as well as to regulators and law enforcement. I know this because I receive calls from these individuals weekly and, at their request, have personally arranged meetings between them and regulators and law enforcement.
In my experience over the past 40 years, public pension boards and staff members who report their concerns internally are always:
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
1. Misled or lied to by others at the pension, including investment staff, internal and external lawyers representing the pension, actuaries, investment consultants and asset managers. The information provided in response to questions posed is, at best, incomplete and conflicted; at worst, it’s just dead wrong.
Oftentimes, the culture of corruption at public pensions is so complete that no one internally even knows the truth. That is, fraudulent representations by Wall Street have been accepted as gospel, without questioning, for decades.
In my book, Who Stole My Pension? I introduce the concept of “gross malpractice generally practiced” which prevades pension management. I state:
If you are depending upon a pension for your retirement...
; ; ; agreed to pay $17.07 million to settle federal allegations of illegal diversity, equity and inclusion (DEI) hiring practices on Friday, marking the Justice Department's first resolution unde...