Tuesday, January 30, 2007

What else can they do to make it easy pickings for fraud?

What would you think of a law that makes pensions both more opaque and reduces the requirement for who can manage them? In the old days, that usually meant that organized crime had a hand in the till.

Maybe things haven't changed all that much. The Arizona legislature, in its infinite wisdom, is set to pass HR 2147, which among other things will 1) reduce the minimum requirements for who can manage employee pension funds, and 2) makes it clear that proprietary commercial information on Arizona State Retirement System (ASRS) investments are not to be made a matter of public record.

So in a nutshell, they are arranging it so that people who didn't used to be qualified to handle pension investments, can do so now, and they can do it in the dark.

And this from the legislature that only four years ago brought you the alt-fuels scandal. And we are expected to trust this crew?

No comments: