I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
The powerful chairman of New Mexico’s Senate Finance Committee called on Gov. Bill Richardson to do a thorough housecleaning of the state’s investment team Tuesday.
State Sen. John Arthur Smith, D-Deming, said that until the state has a complete overhaul of the Educational Retirement Board and State Investment Council, the state’s investment portfolio won’t get any better.
“I don’t think the executive branch has gone far enough,” Smith said during a hearing before the Legislative Finance Committee at the Capitol. “The executive branch should do an entire cleaning of the house. We now share one of the worst reputations in the country.”
Smith’s frustration boiled over Tuesday as state lawmakers grilled officials from the two agencies about investment deals in which the state has been involved. They also peppered the officials with questions about once-obscure finders’ fees that were paid to third-party marketers, at least one of whom was a politically connected individual here in New Mexico.
The lawmakers’ scrutiny comes amid a New York criminal probe that has found questionable practices here in New Mexico.
Among the allegations in the New York probe were that the founder of New Mexico’s former financial adviser, Aldus Equity, helped the son of the New York state comptroller, Alan Hevesi, win a lucrative contract in New Mexico for a firm he was representing in return for Aldus’ increased business in New York, according to a criminal complaint. At the time, the comptroller’s son, Dan Hevesi, was acting as a third-party marketer. Aldus’ founder, Saul Meyer, was charged in the New York criminal probe.
Smith’s demand for a housecleaning came a day after Gov. Bill Richardson agreed to an independent review of the state’s investment practices and policies, including the use of third-party marketers. Richardson, in an about face, also agreed to talk about changing the makeup of the State Investment Council to include more legislative representation. Earlier this year Richardson vetoed a bill that would have accomplished the same goal.
