The guilty pleas continue to dribble out about influence peddling at the $129 Billion New York State Pension Fund. You remember -- that's the scandal in which "Investment companies, including prominent firms like the Carlyle Group, have paid $120 million in settlements with Mr. Cuomo’s office and agreed to change their practices."
"In State Supreme Court in Manhattan, Mr. Loglisci described a “culture of corruption”...
"When Mr. Morris and Mr. Loglisci were indicted nearly a year ago, Mr. Cuomo’s office accused Mr. Morris of having positioned himself as a gatekeeper, controlling access to about $10 billion in pension assets that were to be invested in hedge funds and private equity firms. Mr. Loglisci said Wednesday in court that Mr. Morris used his control over the pension fund to secure campaign contributions from investment firms."
The story is simple: private equity funds, Carlyle Group among them, made campaign contributions in exchange for the State Pension Fund making investments in the funds, investments which are lucrative to the funds regardless of how things turn out for the State of New York and its pensioners.
That's the way the Carlyle Group acted, and the tens of millions they paid to say "I'm sorry" confirms their role in what a participant described as a "culture of corruption." They get what they want, and they're used to paying for it.
Extell isn't exactly shy about getting what it wants either. It has quite a staff of lobbyists and others to help clear the way for them. Is everything on the up-and-up about Riverside Center?
- Why are things going ahead when Extell is being probed over their conduct at other buildings in the same Riverside South development?
- Why is Extell being permitted to proceed with plans that so clearly violate earlier legal agreements, agreements whose validity has been upheld by the courts and affirmed by public officials?
- Why is Extell being permitted to proceed with plans that are clearly in violation of City policies and based on bogus calculations?
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