Posted by AzBlueMeanie:
Mortgage bubble bursts... the financial markets collapse... investment banks are bailed out with taxpayer funds... Bernie Madoff... criminal investigations into TARP recipients... and now a mushrooming New York pension fund scandal that is going national.
Last Friday, New York Attorney General Andrew Cuomo announced that his office was issuing more than 100 new subpoenas to investment firms and intermediaries who brokered deals with public pension funds, in the latest expansion of his corruption investigation. Cuomo Issues 100 Subpoenas in Pension Fund Inquiry
Mr. Cuomo said a preliminary review by his office found that as many as half of the intermediaries in pension fund transactions in New York State and New York City were not properly licensed and registered with a broker-dealer, as required by federal securities laws.