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Forbes goes after Moore
posted at 2007-02-22 18:38 | Last modified 2007-11-14 10:38
Moore's Law?
The March 12th edition of Forbes magazine includes a three-page spread on State Treasurer Richard Moore, detailing how much his campaign has raised from top investment firms that do business with the state through his office. Is it "pay to play"? Moore says no. But according to Forbes reporter Neil Weinberg,
"Moore’s office, during his 6 years as treasurer, has failed to provide the state legislature with a state-mandated annual report detailing his managers’ results. He handed over data on payments to fund managers only after Forbes prepared to take him to court."
Ouch. You can find the article online here - but you'll have to register first (it's free). Here's the rest of Forbes' advance release:
In the March 12, 2007, issue of Forbes magazine, Neil Weinberg investigates Richard Moore, State Treasurer of North Carolina, in “Pensions, Pols, Payola.”
As treasurer for the state, Moore is the sole fiduciary for the state’s retirement system, controlling $73 billion in assets. Forbes exposes how this gubernatorial frontrunner for 2008 rails against conflicts of interest on Wall Street, yet takes campaign donations from money managers eager for his business.
Moore’s campaign fund received $381,000 from out-of-state financers from Massachusetts to California and of 90 firms that invest North Carolina funds, 40 have employees that funded his campaign. Employees of another 40 investment firms not working for the state also donated – while pay-to-play is legal, it is a definite conflict of interest.
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