Ignorance is bliss

Andrew Cuomo seems to be winning. His investigation into the New York State pension fund’s private equity investments has led to the indictment of the fund’s former chief investment officer and a political adviser in an alleged kickback scandal – and now to a state ban on the use of finders, or placement agents, when investment firms seek its pensioners’ funds. But if the New York attorney general follows the money in the same way as Eliot Spitzer, his predecessor, private equity firms themselve...