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Wednesday, October 27, 2004

Pay-to-Play with the City Pension? Shelley Smith Must Go!

For those of you wondering who Shelley Smith is, she's Vice President of the LA Pension Board and President of the LA City Attorneys Assn. Her husband, Grady Smith, is Vice President and Portfolio Manager for Dimensional Fund Advisors Inc.

It turns out her husband's company handles $318 million in city pension funds that she is on the board of. The City Attorneys office directed her that either she or her husband would have to resign to resolve the blatant conflict of interest. Dimensional Fund Advisors instead decided NOT to renew their contract, forcing the city to liquidate the funds at a cost of somewhere between $30,00 and $3 million to the taxpayers and doing nothing but lining her and her husband's pockets!

Bernard Parks is the only one calling for her head! Where is the Council? More importantly, Where is the Mayor? Wisconsin!!! (I understand and agree with his support for Kerry, but it isn't like he was doing anything.)

Oh, wait, that's right, she is on the board as the elected member from SEIU 347! No wonder Hahn won't do anything. Yet again he has been bought and sold!

Even if it ONLY cost $30,000 (which no one seems to think except for her), it is wasting Bernard Parks time, the City Attorney's time, and the City Controller's time and all of the money on their staff's time tracking this stuff down!!!


In case you were wondering, the LA City Attorneys Association (She is the President) has only donated $1,000 (8/4/03) towards Hahn's re-election, as opposed to their $7,000 in his last race ($1,000 on 12/20/00, $5,000 on 3/20/01, and $1,000 on 5/24/01). To Dimensional Fund Advisor's Inc.'s credit, they have not donated yet...Hahn better get on it!

This little search will show you who else in in their pockets too!



Anonymous Anonymous said:

The best part is that she is okay with losing her husband's firm as the fund manager because the head of the commission said they will find someone who can do just as well. What an idiot - do they actually believe the crap they come up with?

October 28, 2004 7:04 PM  

Anonymous Anonymous said:

Someone, please check the contributions that this woman and her husband, his company and those who work for them and you may find the reason why Hahn isn't removing her(or better yet appointed her) to the commission. IS THIS A SURPRISE TO ANYONE, REALLY, given his track record with other campaign funders (both his and the anti secession movement)? Pay to Play?

November 06, 2004 8:43 AM  

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