Monday, May 18, 2009

Another reason Public Pension Funds are underfunded

From Bloomberg:

May 18 (Bloomberg) -- After raising more than $1 billion
for Democratic candidates, Eileen Kotecki transformed herself
into a marketer for hedge funds and private-equity firms,
eventually racking up more than $6.5 billion in sales.

Within weeks of wrapping up the 2000 campaign, Kotecki’s
own attorneys said later in a lawsuit, she had begun “seeking
to exploit” an “impressive network of contacts” gained in
part from “extensive experience as a political fundraiser”
to sell investment services to public pension funds and

Taking advantage of political work for private gain isn’t
illegal. Yet Kotecki’s career shift from former Vice President
Al Gore’s chief fundraiser into the placement-agent business
illustrates how it has become the province of the well-
connected, including campaign operatives, out-of-office
politicians, former public pension officials and even a Pro
Football Hall of Fame wide receiver.

Throw all the bums out of office in the next election. All of them from both parties.

1 comment:

lonek8 said...

they need to indicate incumbents on the ballot - I didn't know who to vote out of office in this past election. My protest against the political machine amy have to be in the form of abstaining until there is someone worth voting for. Of course, simply wanting to be a politician pretty much disqualifies you from being useful at it.