Pay-to-Play in America, Part 2: The Subtle Side of the Game

In late 1998, former Securities and Exchange Commission Chairman Arthur Levitt gave the SEC staff a research project. He wanted to know if money managers regulated by the SEC were donating money to public pension fund officials to win contracts managing the funds, a practice known as pay-to-play.

Pay-to-Play in America, Part 1

Pay-to-Play in America, Part 2: The Subtle Side of the Game

Pay-to-Play in America, Part 3: 'Money Rarely Raises Its Voice'

Pay-to-Play in America, Part 4: The SEC's Proposal for Regulating Pay-to-Play

The staff found that, throughout the country, money managers routinely paid millions of dollars to campaign war chests of public pension fund officials, and that these officials just as routinely awarded the same money managers contracts to manage the funds. ...