Everybody loves to hate psycho Rick Perry as he attempts to dumb down the entire country. But there’s an interesting tie Perry’s got to Kentucky that’s likely to piss you completely off.
Rick Perry may not believe in science, reality or that Barack Obama is a U.S. Citizen (while he ignores his state burning with wildfires/holds fancy prayer parties) but there’s one thing he definitely believes in — placement agents.
Perry controls the Board of the Teacher Retirement System of Texas and that organization sent a letter to the Securities and Exchange Commission in opposition to the SEC’s proposal to ban placement agents outright:
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Isn’t that nice?
Turns out, Perry’s friend and appointee to the board, Dory Wiley, has had a bit of trouble when it comes to conflicts of interest and loves to hire placement agents. But pay-to-play seems to be Wiley’s favorite game.
In 2009, the Kentucky Retirement Systems hired Wiley’s firm – Commerce Street – to manage a $50 million account. Without any disclosure to the board, the placement agent firm of Cazenave & Company was promised a giant payment of $706,250. Guess who that cash went to? Your favorite placement agent, Glen Sergeon.
You wonder why Kentucky can’t have nice things? It’s because of corrupt people from Texas.