Too Big to Jail? Cuomo Takes $20M to "Settle" Carlyle Group's Pension Fraud Role

andycuomo.jpgAndrew Cuomo (pictured) has indicted some big fish in the pension fund scandals, but as far as the powerful Carlyle Group goes, he's content just to take the money. Having admitted to paying indicted "placement agent" Hank Morris over $13 million to influence pension fund investments to their advantage, the Group has agreed to pay $20 million to "resolve its role" in the scandal. In exchange, no one from Carlyle gets indicted.

Carlyle execs say they didn't know any monkey business was going on, and intend to sue Morris, claiming they were "victimized by Hank Morris's alleged web of deceit" -- which seems rather rich, since Morris is thought to have steered over $730 million dollars in pension money to Carlyle since they took him up, and $20 million off the top to settle a legal complication seems not so much.

The Carlyle Group is a multi-billion-dollar investment firm whose investors have included the first President Bush; its New York offices were the site of a contentious protest at the outset of the Iraq War, and the company's role in the Bush family finances and the war investigated in Michael Moore's Fahrenheit 911.

My Voice Nation Help
0 comments

Now Trending

Around The Web

From the Vault

 

Loading...