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 State Investment Council hired the law firm of Day Pitney Tuesday to help it try to recover taxpayer money lost due to questionable deals made in recent years, the Associated Press is reporting. The firm will be paid a contingency fee based on what it recovers for the state.
The SIC has lost tens of millions of dollars in investments that went sour in recent years, some say because of fraud.
What had appeared as lost taxpayer dollars due to an economic downturn exploded into a full-blown scandal last fall when the state’s former investment adviser, Saul Meyer pleaded guilty to securities fraud in New York. Meyer advised the SIC and another state investment agency, the Educational Retirement Board.
In his pleadings Meyer admitted that on numerous occasions, contrary to his fiduciary duty to the state, his company had “recommended proposed investments that were pushed on him by politically-connected individuals in New Mexico.” Meyer went on to say in that statement he knew “that these politically-connected individuals or their associates stood to benefit financially or politically from the investments and that the investments were not necessarily in the best economic interest of New Mexico.”
Former State Investment Officer Gary Bland, who helped hire Meyer, resigned days after Meyer’s guilty plea and admission.
Meyer hasn’t named any of those politically connected individuals exerting pressure, but one man – Marc Correra – has attracted attention. Correra, the son of Anthony Correra, a friend and fundraiser for Gov. Bill Richardson, shared in $22 million of third-party placement fees in several investment deals involving the State Investment Council (SIC) and the Educational Retirement Board (ERB). Some of those investments lost money.
No one in law enforcement has accused Correra of wrongdoing and his attorneys have said he worked hard for the money.
Meanwhile, the ERB already has engaged law firms to help it in its pursuit of money it lost.
The SIC’s decision to hire Day Pitney came after the agency sent out request for proposals earlier this year.
