Thursday, June 25, 2009

ERB releases subpoenas

In an about face, the state Educational Retirement Board has just released two subpoenas sought by the media.

The subpoenas ask for broad information about contracts between the ERB and “any firms, individuals, or entities investing funds or providing investment advice to or on behalf of the ERB.” It also asks for “any documents listing the placement agents, brokers or third party marketers” associated with the companies.

They also ask for specific information on Aldus Equity, including correspondence between the ERB and the company and “any documents or records generated by Aldus Equity which were provided to the ERB.”
Aldus is a Dallas-based company implicated in a New York investment scandal, and with which the ERB severed its ties in April. Aldus has denied any wrongdoing.

The board had previously denied requests to release the information despite several media requests, but Chairman Bruce Malott recently urged the board to reconsider.

He said in a statement Thursday he was glad the board did just that.
“I am proud of our superb ERB staff for reconsidering their position on the subpoenas.  Sunlight is the best disinfectant and I continue to believe the public's right to see their government at work should never be marginalized,” he said.

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