CalSTRS Doubles Down in Private Equity Carry Fee Reporting Scandal
Memo to CalSTRS: When you are in a hole, stop digging.
Read more...Category Archives: Private equity
State Officials Try to Hide Their Private Equity Oversight Failures by Asking the SEC to Exceed Its Authority
Nothing like elected officials using letter-writing to a weak agency and asking it to exceed its powers to hide the fact that they aren’t willing to do their jobs. And this shirking of duties is particularly grating since these officials, most important of all John Chiang, the State Treasurer of California, Thomas DiNapoli, the New York State Comptroller, and Scott Stringer, the New York City Comptroller, are powerfully positioned to propose legislation to solve the problem they are trying to fob off on the SEC.
Read more...IRS Cracks Down on Private Equity Management Fee Waiver Tax Abuse
The IRS has finally decided to crack down on an not-well-known but flagrant private equity tax abuse, management fee waivers. State and local tax officials enabled this practice, which lowers Federal tax receipts and thus hasthe effect of shifting the tax burden off the 0.1% of private equity kingpins to small fry like you and me.
Read more...Wolf Richter: Private Equity Scrambles to Buy Primary Care Doctors, “Leverage” Their Patients
The new fad in private equity is to hoover up primary care practices, particularly ones that focus on Medicare, despite the lack of an economic model for increasing profits.
Read more...Mirabile Dictu! A Public Pension Investor Derides Private Equity Cult of Secrecy
David Silber, the chief investment officer of Milwaukee’s pension fund, lays waste to the notion that private equity data and legal agreements need to be kept under lock and key.
Read more...Private Equity Carry Fee Scandal Spreads to CalSTRS After NC Points Out Connection
A carry fee reporting scandal that started at CalPERS has spread to CalSTRS as California Treasurer John Chiang says he’ll ask questions.
Read more...How Pension Funds, Universities and Endowments Pay for Private Equity Private Jets
One of the class markers of the private equity industry is that its members routinely fly on private jets. That’s because the larger and even some of the smaller firms charge their private jet travel to private equity portfolio companies.
Read more...California State Treasurer Takes Up CalPERS Private Equity Carry Fee Reporting Lapse After NC Readers Press Him
The top elected official on CalPERS’ board, State Treasurer John Chiang, says he wants CalPERS to get serious about providing carry fee data. That’s a good start, but board members like Chiang need to get serious about addressing how CalPERS’ staff shirks its fiduciary duties and evades board oversight.
Read more...Sacramento Bee Reports on CalPERS’ Fee Lapses
CalPERS is in even more hot water as the influential Sacramento Bee raises its eyebrows about CalPERS’ lack of attentiveness about fees.
Read more...CalPERS Scrambles to Get Private Equity Carry Fee Info After We Break Story That They Had No Clue What They Were Paying
CalPERS takes some steps to clean its private equity house by getting carry fee information, but only by virtue of feeling serious external pressure. And the way it responded show that the rot runs deep.
Read more...SEC Hits Private Equity Kingpin KKR for $29 Million, Including $10 Million in Fines
The SEC has (finally) taken action against a major private equity firm, KKR, slapping it with close to $30 million in charges.
Read more...Top Private Equity Reporter: CalPERS is Either Lying or Has “a Massive Breakdown in Financial Controls”
CalPERS is suffering a richly deserved hit to its reputation by virtue being too chummy with private equity general partners and thus neglecting its duties as a fiduciary.
Read more...“A Bad Man’s Guide to Private Equity and Pensions”
A bad man’s guide to how private equity ditches pensions in bankruptcy—legally.
Read more...Time to “Fire” Mary Jo White: SEC Covers Up for Bank Capital Accounting Scam Promoted by Her Former Firm, Debevoise
Pam Martens and Russ Martens published a mind-boggling expose yesterday on how the SEC is refusing to stop an abuse by major banks that increases systemic risk.
Read more...Carlyle, Apollo, Blackstone Cheat Private Equity Investors with Legal Fee Ruse
Another day, yet another private equity exposé, this one on an atypically simple-minded scam.
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