Josh...do you have something against pensioners?
From John Curry, April 15, 2010
John Curry to Rep. Josh Mandel (district17@ohr.state.oh.us)
April 15, 2010
Subject: Josh...do you have something against pensioners?
April 15, 2010
Subject: Josh...do you have something against pensioners?
The Honorable Representative Josh Mandel,
As a benefits recipient of the State Teachers Retirement System of Ohio I have a few questions to ask of you. It's nothing personal but......do you have something against pensioners and the pension systems that the pensioners belong to?
I ask that for several reasons. First of all, back in 2007, you introduced a mandatory divestiture bill aimed at forcing all Ohio public pensions to divest of investments involving companies that dealt with Sudan and Iran. You remember it, don't you. It was House Bill 151. It didn't pass but, because of it, all of Ohio's five public pension executive directors were coerced to meet in Columbus. At that meeting in June 2007 they were kowtowed, by then House Speaker Jon Husted, into signing a pledge to divest of at least 50% of these funds over a six month period of time. If they all signed, he would see to it that HB 151 would not be pursued any further . This selloff (and sell out) caused my retirement system to lose millions of dollars and.....as you well know, all retirement systems really can't afford to lose one dollar, let alone millions of them. Why weren't the banks, brokerage houses and individuals who owned these very same investments not kowtowed into divesting their holdings in Iraq and Sudan?
Well, maybe I can begrudgingly write off seeing my retirement system losing millions of dollars but, speaking about bankers (as I did in the sentence above), I see that you have a "banker friend" who has donated to your campaign recently and repeatedly. His name is Elliott Brody...here is a list of his donations to your campaigns over the years 2005, 2006, 2008 and 2009. Following the Secretary of State's website campaign contribution list (below) is an article featuring Mr. Brody. Mr. Brody is also very familiar with state retirement systems and has recently paid dearly for bribing four officials so as to do business with pension funds. There's that pension fund thing again, Mr. Mandel.
I wish to close by asking you to return the tainted donation dollars to charity or another good cause....how 'bout donating it back to Ohio's pension funds...the ones who lost millions of dollars on your divestiture whim. That $13,000 total will really not hurt your campaign in your race for Ohio Treasurer but it would be gladly accepted by those five state funds whom you cost a whole lot more money a little less than three years ago.
I want to end this letter with a word of praise that is due to you for serving your country as a Marine in Iraq. For that, I feel you deserve kudos...for your friends in high places...well, I think you get my point, don't you?
Sincerely,
John Curry an STRS benefits recipient
P.S. Come election time, I will vote for anybody else who runs against you for the office of Ohio State Treasurer.
[Since the chart below was wider than my screen, I had to cut off part of the first column (Contributor Name). Each cell in that column says "BROIDY, ELLIOTT." To find this chart, go to http://www2.sos.state.oh.us/pls/cfonline/f?p=119:2:2940161059191393::NO:2 and fill in two blanks: "Contributor Name" (enter "Broidy") and "Candidate Name" (enter "Mandel"); then click "Run Report," at the upper left part of the page. KBB]
Click image to enlarge. Then click it again when it comes up.
Banker Elliott Broidy pleads guilty to bribing ex-Alan Hevesi aides in $250M pension fund scheme
By Kenneth Lovett
Daily News Albany Bureau Chief
Originally Published:Thursday, December 3rd 2009, 1:26 PM Updated: Thursday, December 3rd 2009, 1:52 PM
Click image to enlarge.
Elliott Broidy pleaded guilty to bribing four senior officials under former Controller Alan Hevesi to get $250 million in pension fund business. ALBANY - A top investment banker pleaded guilty Thursday to bribing four senior officials under former Controller Alan Hevesi to get $250 million in pension fund business.
Elliott Broidy is said to have paid $90,000 in rent, living expenses and hospital bills to the girlfriend of a senior controller's office official, Attorney General Andrew Cuomo announced.
He also gave $44,000 to the girlfriend's family Cuomo said.
"This is an old fashioned payoff of state officials case," Cuomo said.
While he would not name the official, the Daily News has reported it is Jack Chartier, who had a close relationship with former "Mod Squad" actress Peggy Lipton.
Cuomo said Broidy also gave $300,000 to help finance a poorly received movie "Chooch," which was produced by the brother of Hevesi's chief investment officer, David Loglisci.
Loglisci has been indicted in the massive pension pay-to-play scandal. A third official was paid nearly $400,000 through a sham consulting agreement to a relative of a state official.
Broidy also covered $75,000 in expenses for "luxury travel" to Israel and Italy to a fourth official and his relatives, Cuomo said.
In exchange, Broidy's firm, Markstone Capital Partners received $250 million in pension fund investments.
"This is effectively bribery of state officials -- and not just one, but a number of state officials in the comptroller's office."
Broidy pleaded guilty to a felony charge of rewarding official misconduct. He is said to be cooperating with Cuomo's ongoing investigation.
Broidy agreed to forfeit $18 million.
posted by Kathie Bracy at 9:21 PM
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