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Thursday, May 07, 2009

Two of Villar's pension board members "Fall on the Sword" and resign

"Somewhere at sometime, the calls came and swords were mounted".

The details from the Los Angeles Times David Zahniser.

Two of Los Angeles Mayor Antonio Villaraigosa's appointees to a city pension board resigned today, one month after receiving a letter from the Securities and Exchange Commission asking them to identify income they had received from companies doing business with their agency.

Sean Harrigan and Elliott Broidy, two members of the Los Angeles Fire and Police Pensions board, were asked to provide information to the SEC, which is investigating allegations of kickbacks at a New York state pension fund.

Appearing at today's board meeting, Harrigan said the inquiry had created "a frenzy of media activity" that had placed him in "the eye of the storm."

"While I have done nothing wrong, I recognize that this entire matter has become a huge distraction for all parties involved in the business of operating an $11-billion public pension system," he said in a statement.

Villaraigosa spokesman Matt Szabo said the mayor and his two board members agreed the resignation was "the best course of action."

...... and with that, came the call to "mount the swords!!", a call likely to be heard again in the near future.

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