scandal

Bill White’s Intrepid Resignation Completely Unrelated to State Pension Fraud Investigation

You could tell from Bill White’s abrupt resignation from the Intrepid Sea, Air & Space Museum in New York there was scandal in the air. Indeed: White’s consulting company is under investigation by Attorney General Andrew Cuomo for its work with the state pension fund.

Not that the investigation has anything to do with White’s resignation, he insists.

White’s name emerged in connection with the investigation in late 2007, when it was revealed he had been subpoenaed. The probers were trying to determine if he solicited campaign contributions for disgraced ex-state Comptroller Alan Hevesi from Guggenheim Advisors, a branch of the Bank of Ireland, in exchange for the right to manage $447 million in state pension funds.

Cuomo last year subpoenaed dozens of companies, including Bill White & Associates, that acted as middlemen and received fees for arranging access to pension-fund monies. White’s firm received a $2 million fee from City Investment Fund LP, a real-estate firm that was chosen to invest pension funds. Late last year, Cuomo, who plans to run for governor, returned a $1,000 contribution from White.

Interestingly, White, who is gay, is refusing the retirement packaged offered by Intrepid because “the proposed agreement required me, forever and in perpetuity, to refrain from ever speaking publicly about my 20 year” career at the museum. (What, no book contracts?)

Yeah, this is going to end well.

[NYP, NYT, photo via]