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opinion editorialsThis editorial first appeared in the Albuquerque Journal. It was written by editorial page staff and is unsigned as it represents the opinion of the newspaper rather than the writers
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Sunday, June 21, 2009
Policy Would Have Shed Light on Fees
Remember the 2005 investment scandal that sent two ex-state treasurers to the slammer? Out of that came the Governor's Transparency Policy.
The policy called for public disclosure of fees paid to third-party investment marketers.
Problem is that policy was never adopted in full by the Educational Retirement Board or the Public Employees Retirement Association. And, as investigative reporter and Up Front columnist Thom Cole reported last week, the Governor's Transparency Policy wasn't adopted by the State Investment Council, even though Gov. Bill Richardson controls it.
Fast forward to this spring when we learn that millions have been paid by investment firms seeking state contracts to political insiders acting as third-party marketers. Marc Correra, the son of a Richardson associate and contributor, tops the list, sharing in $16 million of the fees.
A new state law will prohibit government agencies from making investments with firms that don't disclose third party fees.
But if the Governor's Transparency Policy hadn't been gathering dust on the shelf, third-party “finder fees” could have been scrutinized a long time ago.
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