Senator Bob Bennett hopes so. The NY Daily News reports:
“Pay-to-play by law firms … pose serious potential conflicts of interest that can harm the pension fund retirees who have spent their careers in public service jobs,” said Sen. Bob Bennett of Utah.
The Daily News reported last week that securities law firms gave nearly $1 million to three state controllers in the last 10 years. Class-action cases for the pension fund have yielded $520 million in legal fees.
Bennett asked the Securities and Exchange Commission to expand its investigation of “pay-to-play” involving investment firms to include securities law firms.
It’s nice to see this issue finally getting some attention.
Filed under: Law & Politics, Opinion, institutional investors, monitoring agreements, pay-to-play, pension funds
reformpslra
[...] acting as benefactors to the politicians tasked with running those same pension systems (e.g. here, here, here and here). Mr. Coffey’s former firm (and others cut from the same cloth as Milberg) [...]