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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (16230)	7/7/2004 12:14:40 AM
From: Haim R. Branisteanu	Respond to of 110194

It is sad but I must agree with you in this vein read this Illinois investigating Bear Stearns on pension bond sale As an Illinois kickback scandal grows into a federal investigation, Governor Rod Blagojevich asked the Illinois Office of the Executive Inspector General last week to look into Bear Stearns’ conduct in landing a record $10 billion pension bond sale last year. The inspector general is to investigate whether there was any wrongdoing surrounding the pension bond deal, said a spokeswoman for the governor. The state probe was touched off by a whistleblower lawsuit filed under seal in federal court last May by representatives of Chicago’s Edward Hospital. The lawsuit charges that hospital administrators were pressured to use Bear Stearns to fund a building project or else regulators would not approved it, and that business has been funneled Bear Stearns’ way by government representatives as part of a kickback scheme. The bond underwriting contract has also attracted criticism because a a Republican National Committeeman named Robert Kjellander, who works for the Springfield Consulting Group, disclosed late last year that Bear Stearns paid him more than $800,000 is also for his assistance in landing the deal. That sum represents 10% of the $8 million in fees that Bear Stearns earned on the underwriting. Copyright 2004, Crain Communications, Inc