Thursday, June 4, 2009

LA Daily Blog Reader Weighs-in on Villaraigosa

HEY ANTONIO VILLARAIGOSA...ARE YOU GOING TO LEAVE THE S.E.C. ZERO CHOICE IN THE MATTER?!?!?

Dear Antonio, Please clean up your FIRE & POLICE PENSION BOARD. It's bad enough your own city experts call what you do "packing" the pension board. Speaking of packing, that's what the people will be sending you to do. But not the board, your bags. See you in Dubai!
Love, Zuma Dogg

LOS ANGELES FIRE AND POLICE PENSION STAFF SHOW GRATITUDE TO COMMISIONER SAMMY “THE CHEAT-O” DIANNITO IN VIOLATION OF ETHIC LAWS AND EXPLOIT THE PENION FUND TO ASSIST DIANNITO AND FAMILY IN MAKING MILLIONS.

Information has recently surfaced that Commissioner Sammy Diannito has sold the company he and his family owned known as Public Safety Employees Pension and Benefits Conference (the “Diannito Company”). For many years, while Commissioner Diannito sat on the Board of LAF&P, he and his family owned and were employed at the Diannito Company. The Diannito Company made money when people sponsored the conferences and paid attendance fees. A review of the attendees during the period that Commissioner Diannito sat on the LAF&P Board shows that an extremely high percentage of sponsors and attendees were law firms, accountants, investment managers and research firms doing business with or seeking to do business with LAF&P. What an incredible irreconcilable conflict. Diannito would be voting on people and entities that were paying large sums of money to the Diannito Company. Not only was staff and specifically Chief Investment Officer Tom Lopez and Mike Perez aware of this, they even attended the conferences at the expense of LAF&P.

Once the Diannito Company did a large enough volume, Diannito sold the Diannito Company for a significant profit. Let’s make sure we are clear on the events. Can you say PAY-TO-PLAY? Can you say that staff’s involvement in making their friend significant money at the expense of LAF&P is yet another tawdry violation of the trust that our fire and police officers put in the system?

MAYOR VILLARAIGOSA –PLEASE CLEAN UP OUR PENSION PLANS OR STEP ASIDE AND LET SOMEONE WITH THE DESIRE TO SERVE TAKE OVER. IT IS TIME THAT THE MAYOR OF LOS ANGELES NO LONGER BE CONSIDERED A “FAILURE!!!!” GET RID OF THE ENTIRE BOARD!! GET RID OF THE ENTIRE STAFF!! CLEAN HOUSE!!!

SAM DIANNITO

ANOTHER PAY-TO-PLAY SCHEME

AT A PENSION FUND

Long time Los Angeles Fire and Police Pension Plan board commissioner Sam Diannitto is founder and president of the Public Safety Employees Pension and Benefits Conference, which he founded in 1985. This Conference bills itself as the premier forum bringing together pension administrators, trustees, union leaders and representatives of the financial community to discuss issues related exclusively to retirement and other benefits for public safety employees. The Conference is

affiliated with the National Conference on Public Employee Retirement Systems (NCPERS), which hosts seminars and conferences around the country throughout the year.

Mr. Diannitto used his power and influence as a commissioner to pressure fund managers, attorneys, lobbyists, placement agents, and others to financially support his conferences. A review of the agenda for the 2008 NCPERS Public Safety Employees Pension & Benefits Conference indicates that the corporate sponsors and speakers are a who’s who of those seeking business from the pension fund. This includes law firms, accountants, investment managers and research firms. How many of these sponsors received business from the pension fund? Probably most of them.

Moreover, in a blatant violation of not-for-profit laws, Los Angeles City ethics, and a breach of his fiduciary responsibilities, Diannitto lined his and his family members’ pockets to the tune of hundreds of thousands of dollars over the years. Through the years Diannitto, who has served on the LAF&P Board for over twenty-five years, has used his position and power as a commissioner to influence entities and fund managers doing business with the City of Los Angeles and the Los Angeles pension funds.

This influence pending was all done with the knowledge and complicity of the former general manager Gary Mattingly, current General Manager Michael Perez, Assistant General Manager Laura Guglielmo, and CIO Tom Lopez.

How much money has Commissioner Diannitto and his family profited from his position on the LAF&P Board? Commissioner Diannitto needs to answer this critical question and give the money back to the people he was put there to serve!!!!!!!!!!!!!

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