Carlyle Group To Pay $20 Million, Submit To Cuomo’s “Code Of Conduct” | Talking Points Memo

In what New York AG Andrew Cuomo is hailing as a “revolutionary” agreement, Carlyle Group agreed to pay a $20 million settlement to “resolve its involvement” in former New York state comptroller adviser Hank Morris’s alleged scheme to collect bribes from hedge funds and private equity firms in exchange for state pension fund investments. As part of the deal Carlyle will agree to Cuomo’s new code of conduct banning the use of “placement agents” like Morris, who allegedly collected $13 million in sham fees from Carlyle for steering $730 million in state pension fund investments to the firm.

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