Process vs. punishment

Corruption has two costs — the loss itself and the clean-up.
And the latter isn’t small potatoes, as State Investment Officer Steve Moise made clear during a talk last week at UNM’s Anderson School of Business. Moise (pronounced mo-EESE) became the Marshal Dillon of state investment when his predecessor, Gary Bland, left in a tailwind of allegations.
Moise spoke frankly about the politically connected operatives and gatekeepers advising the State Investment Council, the self-interest that replaced fiduciary duty, and the arrest in New York that broke open what that state’s attorney general has called a “matrix of corruption.”
The cascading revelations took the SIC by surprise and triggered an internal review and investigations by the FBI and Securities and Exchange Commission.
“We’re cooperating fully,” he said.
The office has turned over, at great expense, 13 terabytes of data – millions of pages.
SIC staff also generated a spreadsheet detailing agents, deals, and sums paid, which is posted on the agency Web site.

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