Home

About
- About Us
- Community Guidelines

Advertising on BOR
- Advertise on BOR

Advertisements


We're Counting On You.

Burnt Orange Report is redeveloping our website for the first time in almost a decade.

We're counting on your support to continue providing you free and frequent coverage of progressive issues that matter to Texans.

Help us build a website that is as great as the content we publish on it.



Rick Perry's Cover-Up and Corruption: Teacher Retirement System


by: Phillip Martin

Sun Oct 31, 2010 at 01:30 PM CDT


Ed. Note: This is the first part of a ten-part wrap-up of Rick Perry's history of cover-up and corruption that will run on Burnt Orange Report today.

On October 19, a smoking gun memo surfaced detailing how Perry appointed friends and donors to the Teacher Retirement System Board who steered hundreds of millions of teacher dollars - and millions in fees - to firms run by Perry donors. In 2000, when Perry took office, the TRS had more assets than it needed to fund retiree benefits for more than 30 years. But now, the TRS has an unfunded liability of $21.6 billion.

An $820,000 cover-up investigation tried to sweep the entire scandal under the rug. From the Austin American-Statesman, "Teachers, retirees question independence of pension fund investigator":

Campos' investigation, done under an ongoing $820,000 contract with the retirement system, cleared the board members and the fund's chief investment officer of wrongdoing. The retirement system was quick to release the confidential Campos report last week to tamp down questions raised by a 2009 memo written by former investment executive Michael Green.

[...]

The firm did not go through the normal hiring process for the investment counsel job. The 28-month contract is worth up to $820,000.

Additional Sources:

ADVERTISEMENT


Copyright Burnt Orange Report, all rights reserved.
Do not republish without express written permission.


Tags: , , , , , (All Tags)
Print Friendly View Send As Email

Amazon Referrals
Buying Back-to-School Books?

Use BOR's Amazon Referral and we'll receive a share of your purchase, at no cost to you!




Click here to shop.



Connect With BOR
    

2014 Texas Elections
Follow BOR for who's in, who's out, and who's up.

Candidate Tracker:
-- Statewide Races
-- Congressional Races
-- State Senate Races
-- State Rep. Races
-- SBOE Races
-- Austin City Council

Click here for all 2014 Elections coverage

Menu

Make a New Account

Username:

Password:



Forget your username or password?


Texas Blue Pages

Texas Blue Pages
A career network for progressives.

Advertisement

Shared On Facebook

Burnt Orange Reporters
Editor and Publisher:
Katherine Haenschen

Senior Staff Writers:
Genevieve Cato
Joe Deshotel
Ben Sherman

Staff Writers:
Omar Araiza
Emily Cadik
Phillip Martin
Natalie San Luis
Katie Singh
Joseph Vogas

Founder:
Byron LaMasters

Blogger Emeritus:
Karl-Thomas Musselman

Read staff bios here.

Traffic Ratings
- Alexa Rating
- Quantcast Ratings
-
Syndication

Powered by: SoapBlox