If the consequences weren’t so serious, the "pay to play" scandal involving New York’s public retirement fund could be part of a trilogy of farces about the Empire State’s colorful politicians and con artists. First we had Eliot Spitzer, then Bernie Madoff and now these bumbling crooks who allegedly used some of their ill-gotten gains to produce a low-budget movie as well as to come to the aid of a former television actress who needed help paying her rent.
To recap, in March, New York Attorney General Andrew Cuomo charged that middlemen, also called placement agents, had demanded millions of dollars in fees and bribes from private investment management firms that wanted to manage some of the New York State Common Retirement Fund’s $122 billion in assets. In response to these revelations, the comptrollers for both the state and New York City banned middlemen from any involvement...
