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State stand is hard to justify

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By Ralph Damiani

The attorney who filed a lawsuit against Vanderbilt Financial, nine company executives and about two dozen other investment firms and numerous individuals as defendants alleging the state lost money in flawed investments through an alleged pay-to-play scheme involving Gov. Richardson’s unsuccessful campaign for the Democratic presidential nomination, says he is being stone-walled by the state.

He told the Associated Press that the Chicago-based brokerage firm and state officials are refusing to turn over documents sought in a whistle-blower lawsuit that claims New Mexico lost $90 million because of flawed state investments.

Frank Foy, a former investment officer for the state Educational Retirement Board, alleges in a motion filed last week in state District Court that the defendants refused to answer any interrogatories or produce any documents, “even the most basic documents concerning the transaction giving rise to this lawsuit.”

State District Judge Stephen Pfeffer has not set a hearing over the documents. That should be done soon.

This does not do the governor well, who is already being investigated in California for alleged pay-to-play charges. These charges cost him a Cabinet post in the Obama Administration.

Failing to comply with this investigation only makes that investigation seem more real.


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