ATTORNEY GENERAL OF THE STATE OF NEW YORK IN THE MATTER OF
WETHERLY CAPITAL GROUP, LLC Investigation AND DAV/WETHERLY FINANCIAL, L.P. No. 2009-172
ASSURANCE OF DISCONTINUANCE PURSUANT TO EXECUTIVE LAW: In March 2007, the Office of the Attorney General of the State of New York (the “Attorney General”), commenced an industry-wide investigation (the “Investigation”), into allegations of “pay-to-play” practices and undisclosed conflicts of interest at public pension funds, including the New York State Common Retirement Fund. This Assurance of Discontinuance (“Assurance”) contains the findings of the Attorney General’s Investigation and the relief agreed to by the Attorney General and Wetherly Capital Group and its wholly-owned subsidiary DAV/Wetherly Financial, L.P. (together “Wetherly”).
[BOTTOM LINE SUMMARY: Wetherly Capital (Dan Weinstein & his partner in crime Vicky Schiff) are not even allowed to THINK about pension money anywhere in the U.S., let alone consult, advise or anything else. SO LOOKS LIKE THE STORY ZUMA DOGG BROKE TO THE WORLD ONLY LAST MAY 2009 HAS ENDED WITH A “DING DONG THE WITCH IS DEAD” SCENARIO. Wonder how much ZD played in all of this, since he hooked up with Gary from Del Mar, CA who BLEW IT WIDE OPEN FOR ZUMA DOGG as a former associate and consultant to Wetherly. NICE!!! HOOOOOOOOODY HOOOOOOOOO! HERE’S THE REPORT ON HOW IT ALL WENT DOWN! Call Martin Scorcese to produce the film.]
WHEREAS, the Attorney General finds that trillions of dollars in public pension funds in the United States are held in trust for millions of retirees and their families and these funds must be protected from manipulation for personal or political gain; WHEREAS, the Attorney General finds that public pension fund assets must be invested solely in the best interests of the beneficiaies of the public pension fund;
WHEREAS, the Attorney General finds that the New York State Common Retirement Fund in particular is the largest asset of the State and, having been valued at $150 billion at the time of the events described in this Assurance, was larger than the entire State budget this year;
WHEREAS, the Attorney General finds that public pension funds are a highly desirable source of investment for private equity firms and hedge funds;
WHEREAS, the Attorney General finds that private equity firms and hedge funds frequently use placement agents, finders, lobbyists, and other intermediaries (herein, “placement agents”) to obtain investments from public pension funds;
WHEREAS, the Attorney General inds that these placement agents are frequently politically-connected individuals selling access to public money;
WHEREAS, the Attorney General inds that the use of placement agents to obtain public pension fund investments is a practice fraught with peril and prone to manipulation and abuse;
WHEREAS, the Attorney General finds that the practice of making campaign contributions while seeking and doing business before the Comptroller’s Ofice creates at least the appearance of corrupt “pay to play” practices and thereby undermines public confidence in State government in general and in the Comptroller’s Ofice in particular;
WHEREAS, the Attorney General finds that the system must be reformed to eliminate the use of intermediaries selling access to public pension funds, and to eliminate the practice of making campaign contributions to publicly-elected trustees of public pension funds while seeking and doing business before those public pension funds;
WHEREAS, the Attorney General is the legal adviser of the Common Retirement Fund under New York’s Retirement and Social Security Law §14; WHEREAS, Wetherly and its principals, Daniel Weinstein and Vicky Schiff (together, the “Principals”), acknowledge the problems with “pay-to-play” practices and conflicts of interest inherent in the use of placement agents and other third-party intermediaries to obtain public pension fund investments;
READ ENTIRE 24 PAGE TEXT DOCUMENT HERE: VERY COMPELLING! IT’S THE ALL TIME BITCH-SLAP, SMACK-DOWN, CHINESE FINGER TRAP, FROM HELL!!!