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KRS Hires Blackstone – Again – After All That Mess

September 6th, 2011 · 2 Comments

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?

Well, Crit gave them the green light.

And those folks are getting $3 million more of your retirement funds.

Here:

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.

Tags: Corruption · Flashback · Wasted Money

2 responses so far ↓

  • 1 Jimfkft // Sep 6, 2011 at 3:00 pm

    These hirings were revealed in trade publication. You will search in vain to find an announcement of the hirings on the KRS web site. For that matter, public pension systems are announcing their end-of-fiscal-year investment results in trade pubs, but not KRS. Is KRS intentionally secretive, incompetent in its public communications, or both?

  • 2 jake // Sep 6, 2011 at 3:04 pm

    Both.

    Definitely both.

    I had some time to think about KRS while I was in the hospital last week and you know what?

    All of them are corrupt motherfuckers. And shame on Crit Luallen for intentionally or unintentionally covering up for them.