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Pension Payola Scandal

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Local developer CIM can't be happy about being dragged into a story about the bi-coastal public pension fund scandal currently unfolding. The bigger story has to do with Los Angeles venture capitalist Elliott Broidy's admission today that he bribed New York state officials in return for pension fund investments in his private equity fund (and more subpoenas have been issued, too, so expect this story to snowball). But because Broidy voted to invest $30 million in a fund managed by CIM, which had previously invested in Broidy's own fund, local pension officials are asking the developer to be more clear about the relationship with Broidy. [LA Times]