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A 'Tipping Point' for Public Pensions?

Excerpt: Any discussion of the serious issues affecting public pension funds today must begin with talking about what's going on in our nation. Public pensions exist within a broader societal context and are not immune from factors affecting society in general. Further, taxpayers pay for public pensions. Therefore the mood and plight of our society and taxpayers is important to take note of in discussing the challenges facing public pensions.

Investing in an Era of Irrelevant Regulation

Speech by Edward Siedle at Sage Advisory Services 'Perspectives on the Future' conference, Austin, Texas, September 2009. Excerpt: For decades, the advice investors got from Wall Street was hardly independent and the products marketed were generally high cost, as well as poor performing. This massive transfer of assets to brokers and money managers was good for them; not so good for investors. The investigations my firm has undertaken on behalf of institutional investors over the years reveal that when you scrutinize financial products and services and identify conflicts of interest and hidden financial dealings, you can predict poor performance. We've investigated investment consultants; 401k, 403b and 457 defined contribution plans; variable annuities; hedge funds and funds of funds and funds of funds of funds.

The Long Overdue Florida Public Pension Clean-Up

Excerpt: [We at Benchmark Financial Services] estimate that approximately $1 billion has been lost by Florida public pensions as a result of broker- consultant schemes. Tragically Florida taxpayers have had to contribute more to fund these underperforming retirement plans for state workers. Florida public pensions have suffered for decades as their broker-consultants profited.

Pensions Perilously Binging Upon Hedge Funds

Excerpt: As pensions load up on multi-tiered hedge fund products created and recommended by their so-called independent consultants, fiduciary principles fall by the wayside.

Speech by Edward Siedle: Murders and Pensions -- The Need for Forensic Investigations

Excerpt: What are we looking for in our investigations? We are looking for (1) Conflicts of interest; (2) hidden financial dealings; (3) fraud and other forms of wrongdoing. These are NOT matters reviewed by accounting firms in their audits. In fact, audit firms would be subject to conflicts of interest in accepting such an assignment since they have already opined as to the accuracy of the financial statements.

Three Opinion Articles on Disclosure, Brokers and Fiduciary Standards, and the State of the PBGC

Excerpt: There are three separate articles presented [on the target page]: Louisiana First State Mandating Consultant and Manager Disclosure; Trust Me, I'm No Fiduciary; and PBGC Boss Sees No Pension Fraud or Mismanagement.