Former Detroit Mayor Accepted Bribes for the City’s Pensions?

Kwame Kilpatrick and Jeffrey Beasley were former pension trustees for the city of Detroit and they invested the monies with an adviser in return for lavish gifts.

Is it possible that we can find something that Kwame Kilpatrick is not guilty of in his management of the Motor City?  Obviously, not.  There wasn’t enough rocks turned on this guy to find out everything that he and others in his administration were up to.

The latest charge against the embattled and once imprisoned former Mayor of Detroit, Kwame Kilpatrick, is that he and his frat brother and ex-city treasurer Jeffrey Beasley, accepted lavish gifts in exchange for throwing city officials’ pensions on the crap table by investing them in a $117 million real estate investment, according to the Detroit Free Press.

The Securities Exchange Commission is filing a civil suit against them to recoup the dollar amount of the gifts accepted that include:

“…private jet travel, golf outings, massages and concert tickets”

The gifts are said to have the value of $125,000.  In addition, the SEC tacked on an unspecified dollar amount of civil fines.  One SEC official said:

“You’ve got a board that was making a decision of $100-million-plus, while at least two of the members were potentially influenced by things like Vegas trips, a Prince concert and massages,” Peter Chan, another SEC official who works on a public pension unit, told the Free Press.

It is inexcusable that they would gamble the pensions of families of hardworking firefighters, police and other municipal employees.  Next we may be hearing about his investments in the areas strip clubs and a total bill topping hundreds of thousands of dollars that has come due.  It’s apparent that he likes to floss!

Read more here.

-J.C. Brooks

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