Jenna Gottlieb

Board members and executive staff of California’s two largest pension systems now face tough restrictions on their post-pension employment.

The FDIC’s board voted unanimously to seek comments on the proposal through 13 January. The Federal Reserve also stated it would accept feedback by that date.

The US president wants to raise $18 billion by taxing carried interest as ordinary income.

John Liu has declined to disclose information on $32 million in pension fees paid to private equity and real estate managers, including whether placement agents received any of the money.

The US Republican presidential candidate suggested in a televised interview this week that he is in favour of comprehensive tax reform, which includes how carried interest is taxed.

Joseph Cari, a lawyer and former director at Healthpoint Capital Partners, pleaded guilty to aiding a plot to demand a $850,000 kickback from JER Partners, which sought an $85 million commitment from the Illinois Teachers Retirement System.

US House of Representatives members Jared Polis and Mike Quigley sent a letter to President Obama warning that a tax increase on carried interest could devastate the real estate market.

Ohio’s $76 billion pension system wants to hire a consultant to assist in the auditing and ranking of its private equity and real estate portfolios.

The US Securities and Exchange Commission adopted final rules surrounding required registration with the agency. Private fund managers must comply by 30 March 2012.

Creditors for the North Carolina-based hotel chain are claiming the firms inflated the sales price of the company in the 2007 buyout, leaving the company insolvent.