Staff at the Kentucky Retirement Systems are treating Crit Luallen’s recent audit as an okay to go back to their old ways.
Remember Blackstone? Comparing Barack Obama to Hitler? The massive Rod Stewart parties? And that giant SEC investigation into the $3 million being paid to their placement agents?
- KRS Placement Agent Living The High Life [August 31, 2010]
- KRS Placement Agent Audit Could Be Messy [September 3, 2010]
- Fancy KRS-Affiliated Group In Another Big Scandal [May 27, 2011]
Well, Crit gave them the green light.
And those folks are getting $3 million more of your retirement funds.
Kentucky Retirement Systems, Frankfort, hired three hedge fund-of-funds managers to run a total of $1.2 billion, confirmed T.J. Carlson, chief investment officer of the $14.9 billion retirement system.
Blackstone Group, Pacific Alternative Asset Management and Prisma Capital Partners will manage $400 million each in the system’s first investments in hedge funds of funds, Mr. Carlson said in a telephone interview.
And here’s another story about it, if you so desire.
KRS culture is never going to change on its own.
It’s a shame Frankfort is turning a blind eye to this looming nightmare.