Gee, they did the same to Massachusetts and others!
"Ohio ousts State Street as pension fund custodian" March 20, 2012|By Beth Healy
The state of Ohio Monday fired Bank of New York Mellon Corp. and Boston-based State Street Corp. as custodian banks for $41 billion in the state’s public pension funds, following allegations that both firms have overcharged clients for foreign exchange services.
Also see: Massachusetts Lays a Mellon
And they got a frikkin' state tax check, too?!!!!!
And the IRONY that is PREACHED AT YOU from POLITICIANS that YOUR BENEFITS are TOO COSTLY, dear public employee.
Yeah, too costly because the CUSTODIAN BANKS STOLE the LOOT!!!
Ohio’s attorney general last week filed a lawsuit against BNY Mellon in a bid to recoup $16 million that the state’s pension funds allegedly overpaid on foreign currency trades.
Un-flipping-real!!!
“We’re disappointed by the treasurer’s actions because we believe we have provided the state with valuable services at competitive prices. As we have stated previously, the suit by the Ohio Attorney General recycles baseless allegations, and we are confident we are right on the facts and the law,’’ BNY Mellon said in a statement.
Are these guys just completely deluded or outright insane?
BNY Mellon also is facing lawsuits in other states, including a $2 billion case brought by New York’s attorney general.
I'm sure they DID IT TO EVERY STATE that charged them with custody of their pension funds!
In Massachusetts, Secretary of State William F. Galvin has sued the New York bank for $29 million on behalf of the state pension fund. State Street is facing similar inquiries from New York officials and in other cities and states, including California.
California's must be a whopper of a bill, and yet Brown the Democrat is out there hollering about benefit cuts, etc.
State Street said in a statement, “The State of Ohio remains a valuable client of State Street and we will not otherwise comment on our relationship with the state.’’
The company also said it offers clients a range of foreign exchange options and believes clients have chosen the options that meet their needs.
This is why people seethe at these sons of bitches.
Ohio State Treasurer Josh Mandel announced that his office had replaced State Street and BNY Mellon with Citibank and JP Morgan as custodians....
Oh, BIG CHANGE!!
The scrutiny brought to this practice by a group led by whistle-blower Harry Markopolos has prompted pension funds and other large investors to insist on the best prices for a far larger portion of these trades.
Related: Madoff the Movie
Yeah, Marko is the guy the SEC ignored for so long.
Purchases of foreign stocks by large investment funds trigger routine currency trades; for instance, if a fund wants to buy stock in South Korea, it must have local currency with which to buy those shares.
Mandel, in a statement, said, “As the chief watchdog of Ohio’s tax dollars, I feel a responsibility to root out fraud wherever I see or smell it. The pattern of fraud that has been detailed and alleged across the country against banks entrusted to safeguard funds for Ohio teachers, police, firefighters, and retirees is an extreme breach of the public trust.’’
And think of the narrow debate -- if one can even call it that -- in this country right now regarding busted budgets.
Yup, it's the cop, firefighter, and teacher living next door and down the street that is screwing you, taxpayers, not the private banking conglomerates (with the government that loves you helping them, dear citizen) that stole pension loot and brought about the very crises that must now be "fixed."
--more--"
Related: State Street Stealers
They even screwed nuns, readers.
Also see: Fed Funnels Made Millions Off Mutual Fund Bailout
