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KRS-Beloved Blackstone Rears Its Ugly Head Again

January 19th, 2012 · No Comments

Remember Blackstone?

Not because of their animal rights problems.

But because of the company’s ties to Kentucky Retirement Systems. They’re essentially the number two placement agent at KRS. You’ll likely recall the CEO saying his taxes were too high, when he compared Barack Obama to Hitler and when he threw himself a $3 million birthday party.

And because he’s throwing a massive party for Mitt Romney, a fellow partner in private equity and job killing, that will likely rival his birthday party.

Blackstone spent more than $2 million to lobby legislators in California in an attempt to water down a bill banning placement agents. They were going the Crit Luallan-Jack Conway-Mark Riddle route, pushing for a weaker bill that merely required placement agents to register as lobbyists.

Turns out, according to folks in Frankfort, Blackstone has done the very same thing in Kentucky. Surprise!

That should make you feel quite confident. Since, you know, Blackstone, despite being named in the SEC investigation of placement agents… was handed $400 million from KRS in August to invest in various hedge funds.

This is why Kentucky can’t have nice things.

Tags: Corruption · Flashback · Wasted Money