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Resource ID: #26972
Source:International Business Times
David Sirota's run of coverage in the International Business Times lays bare how hedge funds, private equity investors and other professional money managers have penetrated an enormous and lucrative frontier - the roughly $3 trillion worth of public pension systems run by cities and states. The deal-making that has delivered this state of affairs has been laced with conflicts of interest and ethics breaches. Sirota produced a blockbuster scoop showing how the head of New Jersey's pension system, the former private equity executive Robert Grady, had been in direct contact with top political staff working for the reelection of Gov. Chris Christie just as major campaign contributions were pouring into Christie's coffers from financial services companies with contracts to manage state pension funds - an apparent violation of state and federal pay-to-play laws.