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...Category Archives: Private equity
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.
Read more...CalPERS Admits It Has No Idea What It is Paying in Private Equity Carry Fees
We are not making it up. Private equity limited partners like CalPERS have no idea what they are paying in carry fees, one of the biggest costs they incur.
Read more...Memo to Readers: If You Want to Beat Big Finance, You Need to Be Able to Take the Fight to Their Terrain
We are now 35 years into a finance-led counterrevolution. If you care about income inequality, student loan debt slavery, foreclosure abuses, and other products of the success of this effort, it behooves you, as Sun Tzu urged, to understand your enemy.
Read more...Barney Frank Denies Earlier Reports That He Called for Weakening Dodd Frank Private Equity Reforms
Barney Frank says that he stands by Dodd Frank registration of private equity firms, walking back a widely-reported earlier remark that gave the industry great cheer.
Read more...SEC Official Effectively Thanks Gretchen Morgenson and Mark Maremont for Embarrassing Private Equity into Cleaning Up a Tad
The SEC’s acting director of examinations gave a progress report a year after his predecessor exposed widespread misconduct in private equity. But is the agency goingfar enough?
Read more...Private Equity Standard-Setter Confirms That Investors Have No Idea What Firms Charge Them
Investors keep their heads deeply in the sand as far as the true cost of investing in private equity is concerned.
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