Carlyle Group’s settlement with New York Attorney General Andrew Cuomo will curb “pay-to-play” campaign contributions to elected officials who sit on public fund boards .
The private equity firm, one of this country’s most politically connected, also agreed to end the use of placement agents, who work as middlemen between funds and investment managers and have been at the center of multiple corruption charges.
Other fund managers will also feel the heat as the Securities and Exchange Commission deliberates possible bans on contributions to officials overseeing pension funds.