The SEC's New IA Pay-to-Play Rule, article by Tom Potter
September 1, 2010
A unanimous SEC adopted a new rule July 1, aimed at curbing rampant “pay-to-play” practices among investment advisers and the politicians who control contracts to manage public pension funds – which, at over $2.6 trillion, account for over a third of all U.S. pension assets. Such cozy quid-pro-quo arrangements have led to a spate of recent criminal prosecutions, including the former treasurers of New Mexico, Connecticut and City of Chicago. Reprinted by permission of the association.
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by: Thomas K. Potter, III