Pension Pay to Play Recent reports by the International Business Times (Newsweek) have highlighted the pay to play donations made by City pension fund municipal advisers to Mayor Emanuels campaign. The SEC officially calls this pay to play, and former SEC chairman Arthur Levitt says it smells like bribery. Pension investments and the earnings of municipal fund advisers are not the focus of the stories, but the donations are subject to SEC rules. Along with a couple of council colleagues, I have sent a letter to the Securities and Exchange Commission to ask for an investigation of these donations. In response to a letter to the Chicago Board of Ethics, we have received an advisory opinion that the donations are not covered by our City rules concerning ethics. However, the SEC has ruled that such donations are pay to play and have fined municipal advisers for similar donations. The management of municipal pensions should be totally transparent and free of political influence, former SEC chairman Arthur Levitt told IBTimes after the Chicago contributions were described to him. The acceptance of contributions by city officials from advisers managing city funds, in my book, smells like bribery. IBT Nov. Chicago Mayor Rahm Emanuel Continues Getting Cash from Firms Managing Chicago Pension Money Chicago Mayor Rahm Emanuel Accepted Campaign Contributions From Financial Firms Managing City Pension Money Chicago Mayor Rahm Emanuel Tries to Exempt Financial Firms From Ethics Law -On its face, Chicagos municipal pension system is an integral part of the Chicago city government. The system is included in the citys budget, it is directly funded by the city and its board of trustees includes city officials and mayoral appointees. Yet when it comes to enforcing the citys anti-corruption laws, Mayor Rahm Emanuels administration is now arguing that the pension funds are not part of the city government at all. Legal Opinion From Chicago Board of Ethics Related: In the matter of T.L. Ventures (SEC order cease an desist) SEC Charges Private Equity Firm With Pay-to-Play Violations Involving Political Campaign Contributions in Pennsylvania THANK YOU ALDERMAN Scott Waguespack
Posted on: Sat, 20 Dec 2014 12:16:46 +0000
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