Legislators take aim at investment pr...

Legislators take aim at investment practices

There are 9 comments on the The Santa Fe New Mexican story from May 12, 2009, titled Legislators take aim at investment practices. In it, The Santa Fe New Mexican reports that:

Legislators said Tuesday they will try to pass laws forcing Gov. Bill Richardson's administration to shake up boards and councils that oversee huge state investment funds.

Join the discussion below, or Read more at The Santa Fe New Mexican.

El Gato

Florence, AL

#1 May 13, 2009
Maybe the fund administrators should have a degree in economics for starters. And it wouldn't hurt to make sure that the appointments to these crucial positions isn't the usual NM nepotism and political cronyism at work. Get rid of the "Old Boy" network in our government. I'm so sick of political dynasties. The US is starting to resemble a monarchy, with ruling families not elected officials.
JAMES

Roanoke, TX

#2 May 13, 2009
El Gato wrote:
Maybe the fund administrators should have a degree in economics for starters. And it wouldn't hurt to make sure that the appointments to these crucial positions isn't the usual NM nepotism and political cronyism at work. Get rid of the "Old Boy" network in our government. I'm so sick of political dynasties. The US is starting to resemble a monarchy, with ruling families not elected officials.
Excellent post - but there is no way around "fat" Bill when it comes to playing favorites.
joe

Albuquerque, NM

#3 May 13, 2009
TOO MUCH MONEY (our money) IN THE HANDS OF SO FEW ! entire senario, in my opinion, needs an objective outside review with recommendations for more checks and balances. Just know there are more Madoffs out there, waiting to be uncovered ! and according to Frontline's TV program last night on Madoff, he too would have slipped by hadn't the over all economy gone into the toilet !
8EVHS1

United States

#4 May 13, 2009
they get exposed and now they wanna fix it? the question is how long has this been going on and who new about it! BR didnt start this practice its been in place for awhile so why are they acting shocked now.Its because the're left out of the loop and not profiting out of it!Fn politics
pete

Mosquero, NM

#5 May 13, 2009
I wrote back a few months ago that counties should get their money out of any pool that is managed by the State of NM. We did, & saved ourselves (and our citizens) hundreds of thousands of dollars that are now frozen... The pool said we had a negative balance and if we wanted to bring it up to 0 we could. Do they think we are idiots?
DevilDog

Rio Rancho, NM

#6 May 13, 2009
Gary Bland whined about the media picking on him! The ERB reps. claimed innocense by "not knowing" about the third-party investors who made millions and are politically connected to Richardson. This smells and reeps of corruption and pay-to-play at the expense of the education retirement system and the permanent funds! Get rid of Bland, Mallot, and those on the SIC who allow this kind of practice! Can you imagine if Richardson had control of PERA? That fund would be doomed! IMPEACH this Governor!
Packers

United States

#7 May 13, 2009
El Gato wrote:
Maybe the fund administrators should have a degree in economics for starters. And it wouldn't hurt to make sure that the appointments to these crucial positions isn't the usual NM nepotism and political cronyism at work. Get rid of the "Old Boy" network in our government. I'm so sick of political dynasties. The US is starting to resemble a monarchy, with ruling families not elected officials.
Wholeheartedly agree. Gov Bluto just doesn't get it does he. The thing is....he made friends with all these corrupt politicos and voila! the schemes started, went nationwide with his investor friends and now were in deep sh**. Look, our neighboring states AZ & CO have competent leaders that are now part of Pres.Obama's cabinet. NM could've been represented, but NOOOOOOO, Bluto has to be a shady, shameful character. Shame on us who voted him a second term. What were we thinking? Ceratinly not fraudulent crapola.
Hopi Guy

Albuquerque, NM

#8 May 13, 2009
You bet, Mr. Bland, being defrauded out of 90 million dollars by a company that made big contributions to Gov. Richardson, is indeed exceptional.

You keep saying that until the end--which I hope is near.
Cranky

Santa Fe, NM

#9 May 13, 2009
"I'm not going to tolerate the implication that we're doing something illegal or something slimy," said Bland. "This has been an industry practice. The product that has come in has been exceptional and our performance is exceptional since we've been here."

Ummmm Gary, since when is a $90 million loss exceptional?

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