The Boston Globe does not like it when Democrats, especially, chanllenge the Liberal Orthodoxy. The beginning of this story ADMITS that nothing illegal has happened. So why is this a story? Simple -- If you're a Democrat and you're not a left-winger, then the Globe.
Message for the Globe -- Go cry in your wine.
Nothing obvious connects Cahill to these donors, whose companies are based in
such states as Texas, Missouri, Florida, and Colorado. But an extensive Globe
review of Cahill’s aggressive fund-raising practices uncovered the common link:
Michael A. Ruane, a Boston investment manager who employs those firms to handle
the vast real estate holdings he has bought for his investors — and who counts
the Massachusetts pension board as one of his clients.
Since Cahill became
the board’s chairman in 2003, Ruane’s investment management firm has been
allocated $500 million in pension funds to invest — and has earned $34 million
in management fees.
In fact, the largest one-day infusion of Ruane-connected
campaign donations, $40,250 from business associates and their relatives in 12
states, was deposited on Aug. 13, 2003, a day before the Pension Reserves
Investment Management board voted unanimously to give Ruane’s company $100
million to invest.
Cahill and Michael Travaglini, the state pension board’s
executive director, insist that there was no connection between the fund-raising
and investment decisions and said that Ruane’s firm, TA Associates Realty, has
been one of the pension fund’s best managers, even before Cahill’s time. Ruane’s
company already handled $300 million from the state pension fund when Cahill
took office.
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