Gov. Bill Richardson told a press conference this afternoon that a special session would be a “waste” of taxpayer’s money,  but he would call one if lawmakers don’t reach an agreement on the budget by Thursday.

Richardson says he supports reform of the scandal magnet that is the State Investment Council.

“There was one report that said I had too much control over it. that was here before I became governor,” Richardson said. “But I do welcome appointments by the Legislature, by the legislative council.”

KUNM has been soliciting their listeners to send in their own “State of the State” addresses. I thought it was a fun assignment, so I sent them one. It aired this morning. You can listen to it here, or read it after the jump. Continue reading »

Today’s Albuquerque Journal has an update on the New Mexico corruption case that was prosecuted in New York. A subscription is required, but here’s the gist:

A financial firm that helped private companies get New York and New Mexico state investment money has agreed to get out of the placement business and will pay $1 million to the New York State Pension Fund.

California-based Wetherly Capital Group was active in New Mexico from 2003 until 2008, helping arrange five investments worth $145 million from the State Investment Council in three different funds.

The company also was involved in two investments worth $90 million made by the New Mexico Educational Retirement Board.

While New York prosecutors are managing to reclaim some public pension money lost in kickback schemes, their New Mexico counterparts have complained that they don’t have the time or resources to pursue such cases—even when the same companies are involved.

Continue reading »

Fred Nathan, left, and Rep. Jose Campos present HB 118.

After being briefly tabled last week, the house bill aimed at banning political contributions from lobbyists and government contractors is on the move again.

Today, a compromise bill (HB 118 plus HB 172) to ban political contributions from lobbyists, “seekers of targeted subsidies,” “prospective state contractors” and to prohibit bundling cleared the House Voters & Elections Committee in a 6-4 “do pass” vote. The bill, now HB 172, is en route to the House Judiciary Committee.

“We’re delighted, and I think it’s going to get easier from here,” Fred Nathan, the director of Think New Mexico, a nonprofit think tank that’s been pushing hard for the bill’s passage, told SFR after the meeting. HB 118, sponsored by Rep. Jose Campos, D-DeBaca, merged with Rep. Gail Chasey’s (D-Bernalillo) HB 172 after a disappointing committee hearing last Thursday. Continue reading »

Sen. John C. Ryan, R-Bernalillo

It took the Senate Committee on Committees more than a half-hour to get a quorum, but once they did, business was short, sweet and—gasp!—efficient. The only problem is that efficiency sometimes means getting rid of good ideas.

Today, the casualties included SB 220, a bill introduced by Sen. John C. Ryan, R-Bernalillo, to prohibit the state from defending public employees when (a) the state is also the plaintiff or (b) action is brought under the Fraud Against Taxpayers Act.

In presenting the bill, Ryan cited the ongoing Foy v. Vanderbilt pay-to-play case, in which Ryan says the state’s defense lawyers are refusing to release documents that would help Foy’s case. In that sense, Ryan told SFR in an interview after the committee meeting, SB 220 would allow for more transparency by disengaging the state from legal battles with itself. Continue reading »