San Diego sues BWC ex-adviser over alleged pay-to-play scheme

[Algorem]

http://www.cleveland.com/news/plaindealer/index.ssf?/base/news/112461663847040.xml&coll=2

Sunday, August 21, 2005
Barb Galbincea
Plain Dealer Reporter

A consulting firm that helped Ohio's beleaguered workers' compensation fund choose investment managers provided San Diego's pension fund with advice colored by conflicts of interest, according to a lawsuit filed last week.

The suit, filed Monday against Callan Associates and another consultant by San Diego City Attorney Michael Aguirre, accuses Callan of employing a pay-to-play scheme.

The consultant recommended that the San Diego pension fund hire investment managers who had paid Callan fees - as much as $500,000 - "under the guise that Callan was providing educational or consulting services to these investment managers," according to the suit.

It says the consulting firm concealed the fact that "its referrals were not based solely on Callan's professional assessment of investment managers' suitability for investment needs but rather that its referrals were based on this 'pay to play' scheme."...

[MindPilot]

1. Holy fiduciary Batman!

So that means that San Diego's pensiongate and coingate are one in the same. Day traders who weren't mercenary enough to get jobs at Enron paid for the privilege of gambling with someone else's money.

Please Mr Aguirre, I want to live long enough to see all of these money-changer types in federal pound me in the ass prison.

[Liberty Belle]

2. Our SD politicians certainly know how to keep the lawyers busy,

what with all the crooked dealings of our City Council, not to mention Congressman Cunningham's legal issues.

[Liberty Belle]

3. Kicked & nominating;how many other cities used Callan to manage pensions?

Wonder if San Diego's pension funds or pension management monies were diverted to GOP campaigns or election rigging activities, as appears to have been the case in Ohio where Callan was involved?

[msongs]

4. same outfit with NOE and coin scandal? could be nationwide....

lots more cities and governments involved with this outfit.

and san diego is such a lovely place, at least last time I was there 20 years ago hehehe.

Msongs
www.msongs.com/liberaltshirts.htm

PS - a san diego state university drop out.

[nadinbrzezinski]

5. Kick

I am sure some people will be interested, cough aguirre cough

[paineinthearse]

6. Coingate is critical to cracking the rethugs armor

Why did DU'ers see fit to give only TWO greatest nominations before the nomination period expired?

.

[autorank]

7. Algorem -- awesome

It's everywhere, consulting has been bery, bery good to some people!