NAPLES, Fla., Nov. 15, 2012 (GLOBE NEWSWIRE) -- WatchdogCity.com, the marketplace where professional journalists can sell their stories directly to the public, has launched the first story in an on-going investigative series on the $240 billion in secretive private equity investments held by public pension funds.
Simultaneously, Watchdog City has launched Operation Open File, a crowd source fundraiser to assist Watchdog City Press credentialed journalists with costs for public records requests and First Amendment attorneys' fees. Operation Open File pays public records costs for ongoing Watchdog City Press investigative projects covering finance, environmental policy, food safety, water quality, public corruption and waste and taxpayer abuse in federal, state and local governments.
Watchdog City is recruiting independent reporters and news organizations to participate in its 50-state pension fund project, which includes long term in-depth reporting on public pensions and the quality of their investments on behalf of public employees.
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In this first explanatory story, "Trusting Wall Street's Wizards Behind the Curtain," national-awarding winning investigative reporter Gina Edwards looks at the secretive private equity industry and the public pension funds that are its biggest customers.
These public pension funds hold the retirement nest eggs of some 20 million teachers, police officers, firefighters, building inspectors, and other public employees.
This Watchdog City Press story explains growing concern among some public pension fund managers, academics, union leaders and federal Securities and Exchange Commission regulators about:
- the accuracy of accounting of private equity investments held by pension funds,
- whether private equity firms provide misleading information and cut secret side deals that give preferential treatment to certain influential investors,
- and whether pension funds — and taxpayers — are getting ripped off by fees and hidden conflicts of interests.
Wall Street reform is giving the SEC a first look at the highly secretive private equity industry
Meanwhile, the Private Equity Growth Capital Council touts that the industry pumped $140 billion into U.S. companies in 2011 and provides pension fund returns that exceed the market.
Edwards, as an investigative reporter and private investigator, has uncovered fraud involving hundreds of millions of dollars related to securities fraud, market manipulation, mortgage fraud and various corporate crimes. She has provided investigative training to auditors and accountants and is training reporters who wish to participate on the pension fund project.
The Watchdog City marketing team includes professionals who have broad experience in search engine optimization and digital business development. The team behind Watchdog City brought in more than $20 million in web-based business for clients and is ready to throw that marketing acumen behind Watchdog City journalists and bloggers.
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