Over 100 Investment Firms and Agents Subpoenaed in Widening Pension Fund Probe

NY State comptroller Thomas DiNapoli, whose predecessor Alan Hevesi is still being investigated, says he "is outraged by the alleged wrongdoing of the former administration and has taken steps to strengthen oversight of the Fund and fix New York's weak campaign finance laws," according to his website. DiNapoli has since banned the involvement of placement agents and registered lobbyists in investments with the pension fund.

Just yesterday, Cuomo announced criminal charges against pension fund adviser Saul Meyer of the Dallas-based Aldus Equity firm. Meyer allegedly paid illegal kickbacks in exchange for doing business with the NY state pension fund. His lawyer says he did nothing wrong. Four other people have been previously charged in the two-year long investigation.

An editorial in Friday's New York Times said, "New York State's pension system offers an open invitation to political corruption and is desperately in need of reform."

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