Texas Rangers and FBI to Investigate Dallas Police and Firefighter Pension Fund
Over the last few months, the Dallas Police and Fire Pension System has tanked, with reports saying the fund turned into a catastrophe after a string of bad real estate investments. To make matters worse, participants attempted to withdraw hundreds of millions of dollars, forcing Dallas Mayor Mike Rawlings to take legal action to stop the bleed off. Now Rawlings is asking for a full-blown criminal investigation led by the Texas Rangers.
Tristan Hallman, reporter for the Dallas Morning News, says the Texas Rangers have also expressed that they’re ready to start the investigation, which is unusual. The FBI is looking into transactions related to the pension fund. And the pension fund hired a law firm to look into what went on.
“Some people think this might be redundant, others say what’s one more law enforcement agency at the party here,” Hallman says. “But this also comes right before {the city} wants to go to the state legislature and propose their own solution on how to fix the pension fund.”
The legislature has ultimate control, Hallman says. The fund isn’t governed by the city, so they don’t get to make the decisions in terms of how to fix it. The legislature can’t force the city to bail out the pension fund but can impact the solution.
Read more: http://www.texasstandard.org/stories/texas-rangers-to-investigate-dallas-police-and-firefighter-pension-fund/#
