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KRS Placement Agent Audit Could Be Messy

September 3rd, 2010 · 4 Comments

I hear this is making it into the minutes of the latest KRS board meeting:

Harshal Shah, a private markets specialist with SIS (KRS consultant Strategic Investment Solutions), told the committee that some of the fee amounts paid to agents are “kind of enormous.” Shah also remarked that while small start up funds may need a placement agent but that for large mega buyout funds like Blackstone you do not need to pay a placement fee since SIS knows them well. Chris Tobe remarked that is very interesting since we have paid three, over $1 million dollar fees to Park Hill to access Blackstone.

While I still haven’t seen proof of anything illegal, this smells worse than bad. Flushing money down the toilet like this won’t go over so swell when it comes to a Commonwealth filled with people hurting financially.

Tags: Spotted · Wasted Money

4 responses so far ↓

  • 1 Lisa Graas // Sep 3, 2010 at 7:31 pm

    I want a “kind of enormous” fee, too.

  • 2 Interesting // Sep 5, 2010 at 6:33 pm

    How does a blogger know hear what’s “making it into the minutes of the latest “KRS board meeting”? Is there someone from the KRS board leaking info to the media? Hmm, that “smells worse than bad” to me.

  • 3 jake // Sep 5, 2010 at 9:05 pm

    How does a lowly shit stain of a blogger know anything?

    How would a lowly blogger uncover stories that get people convicted or send them to prison?

    I have sources and work them to the point of exhaustion. That’s how.

  • 4 ct // Sep 7, 2010 at 4:06 pm

    How could anything in the minutes of a public meeting be anything but public. Statements at a public meeting are public record.

    KRS has much to hide from the public. This “leaking” talk is another way of saying that Trustees should coverup all the corruption and look the other way.