Wall St. Exec at Firm Used By Oregon PERS Under Wheeler is Arrested for Fraud
Monday, March 28, 2016
Oregon PERS used Park Hill Group for the placement of $400 million according to the January of 2011 filings. “Annual Disclosure of Placement Agents January 28, 2011, Purpose In accordance with OST Policy 5.03.01, Conflict of Interest and Code of Conduct: Staff shall present to the OIC an annual summary of any Placement Agent used by any investment firms, recommended to the OIC for approval" discloses the Oregon PERS relationship.
Placement Agents Banned by Many States and Pension Systems
Many state pension systems around the country ban the use of placement agents. In January of 2015, “New York City Comptroller Scott Stringer said it was time to ban placement agents from doing business with the city’s $150 billion pension system. On Monday, he announced that the boards of the five pension plans concurred,” reported the business publication Crane’s.
The practice is considered at best unregulated and at worst the wild, wild west of Wall Street. Forbes contributor, Ted Siedle described the practice of private placements as:
Forget the old adage, “work smarter, not harder.” A decade ago the savviest Wall Streeters discovered a way to make millions doing no work at all.
You can’t “work” any smarter than that in my book.
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