Jennings is exploiting investment issue to score points

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By Gilbert Gallegos This column comes in response to a Thursday guest column about the growing investment scandal in New York and New Mexico written by Senate President Pro Tem Tim Jennings. Not surprisingly, Sen. Jennings doesn’t know what he’s talking about. Nevertheless, he’s trying to exploit the issue to score political points. First, the governor was not aware of any deals between fund managers and marketers. The state is not part of those deals, nor do we pay those fees, which are legal. Continue Reading

Aldus founder faces criminal charges in New York

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NY Attorney General Andrew Cuomo alleges that illegal dealings related to investment funds extended all the way to New Mexico A founder of Aldus Equity who was charged with a felony in New York on Thursday faces allegations that, in exchange for increased business in that state, he helped the son of the New York state comptroller win a lucrative contract in New Mexico for a firm he was representing. The new allegation further ties New Mexico to the massive scandal that is rocking New York and spreading across the nation, and comes on the heels of Gov. Bill Richardson ordering the State Investment Council (SIC) and Educational Retirement Board (ERB) to fire Aldus. In filing a fraud-related felony charge against Aldus founder Saul Meyer on Thursday, Andrew M. Cuomo, New York’s attorney general, said on a conference call with reporters that he is “disclosing a national network of actors who often acted in concert and did this all across the country,” The New York Times is reporting. “This is sort of like when you pull a thread on the sweater and that one thread starts to unravel the entire fabric,” the Times quoted him as saying. “We’re pulling threads and it turns out the other end of the thread is in New Mexico or Connecticut or Illinois or in California.” According to the criminal complaint Cuomo’s office filed against Meyer, in 2006 Meyer sought and received control over an additional $200 million from a New York pension fund from then-N.Y. Comptroller Alan G. Hevesi. Continue Reading

Hundreds to attend launch from Spaceport America

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Officials say that’s a sign that excitement is building as project moves closer to reality More than 350 people have signed up to attend Saturday’s educational launch from Spaceport America. Officials say that’s evidence that, as the project progresses from a proposal to reality, excitement is building. “It’s a feeling that the public is getting behind this. Everybody senses that it’s actually real,” spaceport Executive Director Steve Landeene said in an interview. A lot has happened in the last few months to move the publicly owned and funded spaceport from the drawing board closer to reality. Continue Reading

Lawmakers must better oversee state investments

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By Timothy Z. Jennings Revelations that politically connected and influential friends of the governor were paid millions of dollars for steering state investments to their clients are an alarming wake-up call for legislators to better oversee how and where state money is invested. The New York pay-to-play scandal involving Aldus Equity has spilled over to involve the New Mexico State Investment Council (SIC). The tangled and troubling tale that has emerged is one in which politics seems to have played a role equal to that of investment fundamentals in decisions about how the state invests billions of dollars of trust funds. While various law-enforcement and regulatory authorities investigate possible wrongdoing, the state Legislature must assert itself to help restore the public’s confidence in its government. The Legislature has already taken some steps to fix the mess. Continue Reading

Educational Retirement Board also firing Aldus Equity

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In addition, governor orders the ERB to ban the use of third-party marketers for six months, consider making ban permanent A day after Gov. Bill Richardson announced that the State Investment Council (SIC) would terminate its contract with a company tied to scandal in New York and New Mexico, the Educational Retirement Board (ERB) is following suit and also firing Aldus Equity. The move, ordered by Richardson, was announced today in a news release from the governor’s office along with the ERB’s six-month ban on the use of third-party marketers by investment agencies seeking to do business with the agency. The ERB will evaluate the long-term implications of making the ban permanent, the news release states. “I feel strongly that a ban on these agents is necessary to restore confidence in our investment practices,” Richardson said in the release. “The practice of fund managers paying huge fees to third-party agents may be legal and legitimate, but the potential for a conflict of interest is troubling. Continue Reading

Swine flu didn’t cause Las Cruces boy’s death

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The Office of the Medical Investigator has ruled out swine flu as the cause of the Tuesday death of a 6-year-old Las Cruces boy, Doña Ana County announced this afternoon in a news release. The news release states that, despite initial media reports, “investigators say the boy never exhibited flu-like symptoms.” “Due to federal privacy laws regarding patient medical information, and out of respect for the grieving family, no further information will be released,” the county’s news release states. The Las Cruces Sun-News reported on Wednesday that tests would determine whether swine flu caused the boy’s death. The newspaper, quoting an official with the sheriff’s department, said the boy was sent home from school with a fever on Tuesday and died at about 5 p.m. After that article was published on the newspaper’s Web site, County Manager Brian Haines released a statement indicating that there was “zero evidence” that swine flu caused the boy’s death. Continue Reading

New blog isn’t affiliated with Val Kilmer

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Contrary to media reports, a new blog called Val Kilmer – The Real Deal isn’t an official Web site of the potential 2010 New Mexico gubernatorial candidate or affiliated with him in any way. The blog is affiliated with the lifestyle magazine Living Life…Boomer Style. That publication’s assistant editor, Shelli Carlisle, confirmed in an e-mail that the blog is not affiliated with Kilmer. As for the content on the site, Carlisle said it’s taken from “compilations from different interviews over the years” and doesn’t contain new writings or quotes from the actor. The blog isn’t political, but includes Kilmer quotes about love and New Mexico’s beauty. Continue Reading

Contribution limits and the looming progressive threat

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By Mario Sanchez On April 2, New Mexico Republicans and conservatives suffered a significant setback when Gov. Bill Richardson signed Senate Bill 116 into law, a bill that establishes contribution limits in state-level political campaigns for the first time. The signing of SB116 will further strengthen the stronghold of ultra-liberal, progressive Democrats on our state — unless conservatives wake up for the good of our own political survival. The 2008 election cycle marked a dramatic change in New Mexico politics, from the amount of money that was spent to the way it was raised. Democrats in swing states began taking their cue from so-called “progressive” powerhouse fundraising groups like the Democracy Alliance and ultra-wealthy donors like Quark Software founder Tim Gill, who have collectively spent over $100 million in key swing states. In New Mexico, these progressive political consultants were able to use nonprofit groups to fund negative campaigns against incumbent Republican legislators — under the guise of merely “educating” the public. Continue Reading

Richardson orders termination of Aldus contract

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Governor also instructs the State Investment Council to suspend alternative investments until new policies are in place Gov. Bill Richardson has ordered the State Investment Council (SIC) to terminate its contract with a company tied to scandal in New York and New Mexico and to suspend all investments in anything other than stocks and bonds, his office announced late Wednesday. The termination of the SIC’s contract with Aldus Equity follows an internal probe by the SIC into Aldus’ dealings in New Mexico and the FBI’s questioning of state officials about Aldus. “At this time, we believe it is the most practical step for the investment office to take, given the realities of the current environment,” State Investment Officer Gary Bland said in a release. “Private equity is a critical asset class, and under existing circumstances, we feel it appropriate to forge ahead.” Earlier this month, the SIC and Educational Retirement Board (ERB) suspended their contracts with Aldus, which has handled billions of dollars in investments for the state. According to the news release, the SIC will begin looking for a new private equity adviser and, in the meantime, will work with other, existing financial consultants on private equity investments. Continue Reading

‘Zero evidence’ that swine flu caused child’s death

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In the face of the swine flu outbreak that is spreading across the world, officials are cautioning against jumping to conclusions about the Tuesday death of a 6-year-old boy in Las Cruces. “We recognize the community is concerned about swine flu, but I wish to be clear that we have zero evidence or test results that would lead us to speculate that this tragedy is part of the media-fed frenzy surrounding this unfolding world health story,” Doña Ana County Manager Brian Haines said in a prepared statement. There have been no confirmed cases of swine flu in New Mexico. Chris Minnick, spokesman for the state Department of Health, said in an interview that the state has identified two “probable” cases — a one-year-old boy in Santa Fe County and an 18-year-old man in Valencia County — and sent samples to the Centers for Disease Control in Atlanta for testing. He said results should be back in one or two days, and the department will announce any confirmed cases to the media as soon as they are available. Continue Reading

Test will determine if swine flu caused Cruces death

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An autopsy will determine whether the death of a six-year-old boy in Las Cruces was caused by the swine flu, according to the Las Cruces Sun-News. Cody Scarbrough, a first-grader at Colombia Elementary School, was pronounced dead about 5 p.m. on Tuesday. While officials say they have no indication that the child’s death was swine-flu related, preliminary autopsy results that should be available by Friday should determine whether the child had the virus. New Mexico currently has no confirmed cases of swine flu, which is rapidly spreading across the globe. The first death outside of Mexico was confirmed today in Houston, where a two-year-old boy from Mexico died. Continue Reading

Day 100 summit to be held Friday in Las Cruces

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Organizing for America, President Barack Obama’s political action committee, will hold a summit on the president’s first 100 days in office on Friday in Las Cruces. The event will be held at the Branigan Cultural Center, 500 N. Water Street on the Downtown Mall, from 8-10 a.m. The event will include updates on food drives and community service projects, a status report on the economy and reports about renewable energy, health-care reform and educational issues, according to Organizing for America’s Web site. The event is free but space is limited. RSVP to OCC209@gmail.com or by clicking here. There’s a suggested donation of non-perishable food or money to benefit The Alice King Memorial Food Drive. Continue Reading

Debate ducker: Chávez to skip tonight’s forum

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This article has been updated.I’m big on calling out debate duckers. I’ve done it before with Bill Richardson, Steve Pearce and others. Now, Albuquerque Mayor Martin Chávez is using a lame excuse to ditch the first forum of the mayoral race tonight. The New Mexico Independent is reporting that Chávez won’t attend the forum, which is hosted by the American Federation of State, County and Municipal Employees. His reason? Continue Reading

Rugby is out: Sen. Keller is doing things differently

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Sen. Tim Keller wants you to know he’s no Shannon Robinson. Keller, an Albuquerque Democrat who recently completed his first session, put out a news release today highlighting a big difference between him and the incumbent he unseated in last year’s primary: Keller has redirected $1 million in capital outlay money Robinson had allocated for projects “that were either of tangential importance to our community, earmarked for special projects outside our district, no longer feasible or irresponsible,” the release states. “Traditionally, capital outlay funds are used for community projects, schools, roads in legislator’s respective districts and other projects the legislator deems important,” Keller’s news release states. “However, upon investigation of historical District 17 capital outlay, approximately $1,057,000 was deemed not in line with community priorities.” That included $656,000 Robinson had allocated for a “rugby field concession stand in Santa Fe,” Keller’s release states. So, in the session that ended last month, Keller redirected that $1 million to projects in his district including school buildings and equipment, street and lighting improvements and a veteran’s integration center. Continue Reading

Article examines the ‘King of Pocket Vetoes’

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Gov. Bill Richardson has been labeled by the Santa Fe Reporter’s Dave Maass as “hands down the contemporary King of Pocket Vetoes.” While there were no pocket vetoes of bills in New Mexico between 1976 and 1995 — and Richardson’s predecessor, Gary Johnson, pocket vetoed only a handful of bills during his tenure — Richardson has used the tool to kill dozens of bills each year since he took office in 2003, Maass writes in an article published today. The pocket veto is the killing of a bill simply by failing to sign it before the deadline to act on legislation. The governor can also kill bills by actively vetoing them and including a message about why he’s doing it. The first, conservative blogger Mario Burgos told Maass, is the “passive-aggressive approach to government.” “Historically, one of the reasons the governor uses pocket vetoes is to avoid putting himself in the crosshairs for making unpopular decisions,” Burgos was quoted by Maass as saying. “It’s a way for him to appease legislators or special interests instead of making the hard decision by vetoing it.”This year, Richardson’s pocket vetoes included three bills that would have stripped the governor’s control of the State Investment Council, required legislative review of the administration’s spending of federal stimulus money and authorized the Legislative Finance Committee to review confidential information, such as patient health documents, from state agencies without making it public. Continue Reading