New York Attorney General Andrew Cuomo and the SEC are investigating Pension Placement Agents:

New York Attorney General Andrew Cuomo and the SEC say they’re investigating agents and money managers who used ties to public officials and kickbacks to buy and sell access to pension funds.

Placement agents call on institutions and wealthy individuals to sell investments on behalf of hedge, private- equity and venture-capital funds. Their targets go beyond public pensions, which held $2.23 trillion at the end of 2008, the U.S. Census Bureau said. They include corporate retirement plans, foundations, insurers and endowments. Such institutions held $27.1 trillion in assets at the end of 2006, according to the New York-based Conference Board’s latest annual tally.

They are uncovering a Calvinball of political insiders, a network of revolving door connections and massive fees as political operatives turn themselves into sales & marketing folks for private equity and hedge funds to peddle off to large pension plans.