In Loglisci Case, One Side Is Lying

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[Policing Wall Street]

Tami Powers, a producer of Chooch LLC posted a comment to my recent article “Why Does Cuomo Ignore Bribery,” in which I urged New York State Attorney General Andrew Cuomo to indict Steven Rattner, then Chairman of Quadrangle LLC, on a charge of bribery in the second degree.

Rattner had given a gratuity in excess of $10,000 to David Loglisci, the State of New York’s Deputy Comptroller and Chief Investment Officer of the New York State Common Retirement Fund, in return for hiring Quadrangle as one of the asset managers.

Powers in her comment states: “I am sure your intentions are good, but your facts are wrong.” 

Unfortunately if my facts are wrong, Cuomo and the Securities and Exchange Commission have really screwed up-and perhaps David Loglisci could have his indictment vacated.

GT, a Quadrangle wholly-owned affiliate had reportedly invested $88,000 for DVD distribution rights of the film Chooch, which was produced by David and his brother, Steven. This was clearly a conflict of interest because David Loglisci was deputy comptroller of the state of New York and had control over investment decision of the New York State common retirement fund; the same man who subsequently approved Quadrangle as one of the fund managers—they were allowed $100 million to manage.

Let’s now examine what Powers says, in her comment: “GT did NOT pay for the DVD rights either. The 88K was from the back end of DVD sales. We actually had to PAY GT to get the film ready for DVD distribution.”

However, this is what the Securities and Exchange Commission stated in its Amended Complaint 09-CV-2518 (CM): “Also in January 2005—very shortly after the Quadrangle GP-Searle agreement was signed—a Quadrangle affiliate, GT Brands, LLC, agreed to acquire the DVD distribution rights to Chooch for $88,841.”  

That is quite a discrepancy. Clearly one side isn’t telling the truth. 

Another statement Powers makes is: “David Loglisci's involvement in Chooch was a simple investment of 9K, and when David was appointed the position at the pension fund, he sold that 9K back to Chooch and disclosed this information to the ethics committee BEFORE he took his position.”

However, this is what Cuomo stated in New York State’s indictment--Indictment No. 25/2009 of David Loglisci, Henry Morris, et al.: “Defendant LOGISCLI also solicited from defendant Morris and others doing business with the CRF (Common Retirement Fund), investments and other contributions to a film, ‘Chooch,’ produced by LOGISCLI’s brother in which LOGISCLI had a financial interest. These benefits were not disclosed to the CRF executive staff, ethics officers, or members.”

Here again there is a big lie coming from one side. Powers is saying one thing and Attorney General Andrew Cuomo is saying the exact opposite.

Powers continues: “There was NEVER a discussion or assumption between Rattner and David Loglisci in regard to Chooch. Steven already knew Rattner.”  (Here, I believe Powers meant to say “Steven already knew David.”)

I will gladly accept Powers’ statement on the relationship between Rattner and Loglisci. It has been widely reported that Rattner was incensed that he had to pay Loglisci and Henry Morris, the political consultant who was also indicted for his role in the pay-to-play deal, to have the CRF invest in Quadrangle.  After all, Rattner had already raised millions for the Democratic Party and for Hillary Clinton’s Presidential campaign.

Clearly I will now have to do some extra reporting and come back to you the readers when I determine who’s lying in this sordid affair involving taxpayers’ money.

Please post your comments directly online or submit them to publication to

If anyone has verifiable information about Wall Street malfeasance please submit them to or

“Speaking Truth To Empower.”

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