This content is from:家
摩尔定律
North Carolina Treasurer Richard Moore is leading pension funds to clean up Wall Street abuses. Is he a force for corporate governance -- or just a canny and ambitious politician?
North Carolina Treasurer Richard Moore is leading pension funds to clean up Wall Street abuses. Is he a force for corporate governance -- or just a canny and ambitious politician?
作者：Justin Dini
October 2002
Institutional Investor Magazine
Back in the mid-1930s, with the U.S. economy mired in the Great Depression and Wall Street widely reviled as a haven for swindlers and crooks, an idealistic North Carolina congressman took up arms against corrupt financiers. Young and politically shrewd, Franklin Willis Hancock helped write the Securities Exchange Act and the Glass-Steagall Act. That legislation, designed to rein in financial excess, helped to define the course of American capitalism for the rest of the century.
70年后，汉考克的孙子追随家族的脚步，鼓动修复美国金融体系，再次因丑闻和腐败而步履蹒跚。理查德·汉考克·摩尔是北卡罗来纳州的财政部长，也是该州540亿美元退休资产的唯一受托人，他与纽约州引人注目的总检察长艾略特·斯皮策联手；H。纽约州审计长兼州长候选人卡尔·麦考尔；加州财政部长菲尔·安吉利德斯；他们说，一个强大联盟中的其他几位养老金官员旨在“扩大改善企业问责制的动力，恢复金融市场的诚信”
由于斯皮策今年5月与美林（Merrill Lynch&Co.）达成了具有里程碑意义的1亿美元法律和解，并对其他华尔街公司进行了调查，斯皮策的知名度可能要高得多，但这位土生土长的北卡罗来纳州人正迅速成为改革的有力倡导者。”“摩尔是养老基金联盟背后的催化力量，值得称赞，”安吉利德斯说摩尔的团队在7月份的一次新闻发布会上首次公布了它的计划，几乎没有人怀疑它的存在会被感受到：集团中的养老金管理人员共同控制着大约4000亿美元的资产。他们的要求是直截了当的，如果严格的话。斯皮策在与美林达成的和解协议中明确提出，进行交易和承销国债发行的投资银行必须切断分析师薪酬与企业融资活动之间的联系，并成立一个审查委员会，批准所有研究报告。养老金管理人员进一步要求公司在研究报告中披露分析师在过去12个月内是否收到或有权从相关公司获得任何补偿。这些官员还建立了一个程序来监测遵守情况。此外，摩尔的研究小组还要求公共工资单上的基金经理披露潜在的利益冲突，比如他们是否为投资的公司管理401（k）养老金；每年披露其投资组合经理和研究分析师的薪酬；并按季度报告他们的经纪佣金。
The group followed up its press conference by firing off dozens of letters to North Carolina's money management firms and investment banks, demanding that they provide detailed explanations of how they intend to comply. The pension officers threatened to fire noncompliant money management firms and to withhold business from Wall Street firms that failed to plug holes in the porous Chinese walls intended to separate their institutional research departments from their investment banking arms. Florida, Michigan and Ohio have joined Moore's crusade, and several other states, including Connecticut, are considering adopting Moore's principles as well.
“谢天谢地，这家伙，”罗伯特蒙克斯说，他是一位资深的治理活动家和机构股东服务公司的创始人，这是一家总部位于马里兰州洛克维尔的公司，就公司治理问题为机构投资者提供建议摩尔所做的比以前做的任何事情都更有创造力、想象力和进取心。你要去这些公司吃饭。”亚博赞助欧冠
Charismatic, confident, sporting boyish good looks and a Southerner's easy charm, Moore is a natural -- and openly ambitious -- politician who is doing everything he can to seize his moment. "We're sending a strong message to corporate America: We demand a higher level of service from you, and we can do more than just talk about it. We've got the clout to actually do it," says the 41-year-old former federal prosecutor and state legislator, who is widely seen in Democratic party circles as a contender for higher office -- runs for governor or senator have been mentioned -- before the decade is out.
Whether his principles will produce the reforms Moore seeks remains an open question, but money managers and bankers are certainly paying heed. "It doesn't take a brain surgeon to know we are certainly going to comply," says one money manager. "We're taking the requirements very seriously."
Still, some in the financial industry think Moore is overstepping his bounds. "It is a fine line between a principle and a regulation," says David Tittsworth, executive director of the Investment Counsel Association of America, a lobbying group for money managers based in Washington, D.C. "If something has the effect of precluding you from doing business with that state, it doesn't matter what you call it." There are also questions as to how closely Moore and his colleagues will be able to monitor Wall Street's compliance. "State governments generally don't have the staffs to monitor Wall Street goings-on, so the best that can be done is to sever a relationship with a Wall Street firm after the infraction has been committed," says Charles Geisst, a Manhattan College finance professor and author of Wall Street, A History. "After the fact is certainly too late."
Other critics carp that Moore is using the issue of corporate governance to bolster his political career. "It's just marketing," says Fern Shubert, a Republican North Carolina state representative who has sparred frequently with the treasurer. "He's just doing it to raise his profile."
Such criticism has dogged Moore since he mounted his campaign three years ago. Harlan Boyles, who was then serving the last of his 24 years as North Carolina's treasurer, worried that Moore was merely looking to use the job as a stepping stone to higher office. (Moore reportedly considered a run for lieutenant governor before setting his sights on treasurer.) The widely respected Boyles, a Democrat, withheld his endorsement until Moore reassured him that he would devote all his energies to his new post. Says Moore, "If I do my job here, the political side will take care of itself."
Certainly, the North Carolina treasurer draws upon the resources of a powerful office. As one of the country's four sole trustees of a state pension plan, Moore is the final authority on how North Carolina's pension assets -- composed of seven different retirement systems covering 600,000 workers -- are invested. He also chairs the board of trustees overseeing those retirement systems and supervises the state's debt offerings.
甚至在他登上公司治理战线的中心舞台之前，摩尔就以他作为该州最高公共安全官员所抗击的飓风的力量，横扫了这个曾经沉稳的财务主管办公室（前两位任职者总共工作了48年）。自2000年11月当选以来，摩尔对美国第十大养老金计划的投资策略进行了全面改革，旨在将固定收益以外的资产转移出去，并增加私人股本和风险投资等另类资产的股份。去年，摩尔成功地游说北卡罗来纳州的联合国大会通过了一项立法，使他有了更大的自由。2001年10月颁布的这项法律允许养老基金将其股票敞口从计划账面价值（购买证券时的价值）的50%提高到市场价值的65%；将另类投资限额从1%提高到5%；并允许国家首次投资于三B级债券。
他的newfo摩尔只有慢慢地利用und freedoms, largely because of the sorry state of equity markets. Beyond boosting the international stock position from 4.8 percent of assets at the end of 2000 to 6 percent by June 2002, he's done little tweaking. Reflecting declining equity values, and a decision not to rebalance the portfolio, bonds accounted for 45.3 percent of assets in June, far above the average of 31.4 percent for other public plans, according to consulting firm Greenwich Associates. The rest of the June asset allocation: 45.6 percent in domestic stocks; 3 percent in real estate; and 0.2 percent in alternative assets, an area Moore intends to get as high as 4 percent by 2004 or 2005.
摩尔的保守主义得到了回报。纽约美世投资咨询公司（Mercer Investment Consulting）的数据显示，在两次糟糕的股票押注（安然公司（Enron Corp.）股权遭受1500万美元的打击和世通控股遭受1亿美元的损失）拖累下，该基金截至2002年6月30日的财年亏损4%，但这远好于同期公共基金5.9%的亏损。
As it happens, North Carolina's leading manager -- Alliance Capital Management, which runs $12.9 billion for the state -- was the biggest institutional shareholder of Enron and WorldCom. Unlike the Florida state pension plan -- which lost more than $300 million on its investments in Enron, fired Alliance Capital in December and is suing the money manager for its decision to continue buying Enron stock even after the company's problems began to emerge -- Moore says he still has confidence in Alliance. He sees its Enron bet as a bad judgment call, not one motivated by conflicts of interest.
不过，摩尔表示，如果他认为有正当理由，他会毫不犹豫地解雇一名基金经理或承销商。对一家与政府做了多年生意的公司来说，这样做并不令人愉快，但艰难的选择——显然是政治上的选择——会伴随着领土而来。摩尔还有很多要做。
"Moore is ambitious," says Theodore Arrington, a political science professor at the University of North Carolina at Charlotte. "He's a comer in the state Democratic party. He's articulate, he's got his own teeth, and he's got a lot of hair."
For nearly 300 years, the Hancock clan and its descendants have been living in the farm country of North Carolina's Granville County, hard by the Virginia border. A family of farmers and small-businessmen, the clan also produced more than its share of politicians, dating back to the 1720 election of representative William Hancock. When Moore was elected to the North Carolina House of Representatives in 1992, he represented the sixth generation to serve in the state legislature.
The son of a small-businessman who ran a storage warehouse, Moore spent his youth in Oxford, North Carolina, with his sister and two brothers. At Wake Forest University Moore got good grades, joined a fraternity and played golf. Handsome and 6-foot-3, "Richard never had any trouble getting dates," says Steve Nelson, one of Moore's fraternity brothers and now a partner at North Carolina venture capital firm Wakefield Group. Moore met his future wife, Noel Crook, at Wake Forest; the two were married in 1985 and now have three children.
1982年毕业后，摩尔于1984年获得伦敦经济学院会计与金融硕士学位，两年后获得威克森林大学法学院法学博士学位。在得克萨斯州科珀斯克里斯蒂市担任一名联邦法官一年的书记员职务，并在现已倒闭的纽约律师事务所芬利·库姆布尔（Finley，Kumble）的华盛顿特区办公室担任助理一年之后，摩尔回到家中，在美国检察官玛格丽特·柯林（Margaret Currin）的领导下，作为联邦检察官处理该州东区的白领案件，保守派和美国参议员杰西·赫尔姆斯的盟友。
Moore ran for a seat in the North Carolina Assembly in 1992 and sailed into office. But two years later, in 1994, he stumbled in a race for a seat in the U.S. House of Representatives. In the year of the Gingrich revolution, in which Democrats lost control of the House and the Senate, Moore lost by 8 percentage points. "In the toughest year in history for Democrats, he came awful close to winning," says mentor and former North Carolina governor Jim Hunt.
Hunt tapped the young politician to serve as secretary of Crime Control and Public Safety. When Hurricane Fran slammed into North Carolina in September 1996, killing 24 people and inflicting $5 billion in damage, Moore was stunned by the state's inadequate preparations.
他更新了状态的技术能力,and three years later the state was far better prepared when the more powerful Hurricane Floyd struck the coast, killing 51 people and causing $6 billion in damages. Says Hunt, who was still in office at the time, "Moore really showed his colors."
In 2000, encouraged by Hunt and others, Moore ran against Henry McKoy, a former state senator, for treasurer. Vowing to institute a more aggressive investment strategy, Moore swept into office with more than 55 percent of the vote.
He named as his deputy treasurer Michael Williamson, a policy wonk with 20 years' experience in the Wisconsin and North Carolina state governments. Moore recruited Andrew Silton, a former Legg Mason portfolio manager, to be the plan's new chief investment adviser. Not least, he hired the department's first-ever director of communications to cultivate his relationship with the press.
随后，摩尔开始推动放宽州政府对该计划的限制；他决心提高股票敞口。经过摩尔和他的同事们的大力游说，立法机关放宽了限制。亨特说：“这对这个州来说是一个巨大的进步。”
Moore's days as a prosecutor had prepared him for his current role as an activist. Outraged by the sheer audacity of executives at companies like Adelphia Communications Corp., Moore's prosecutorial instincts kicked in. When the news of Spitzer's investigation into Merrill Lynch broke in May, Moore decided to join forces with the high-profile New York AG.
"There's no doubt I bring a cop-on-the-beat mentality to this job," Moore says.
这两位前检察官有一个共同的朋友：华盛顿律师马克·伦敦。摩尔上世纪80年代曾在伦敦昆布尔的芬利（Finley，Kumble）工作，伦敦在90年代初通过斯皮策的姐姐认识了纽约公司。”马克早就说过艾略特和我会合得来的，”摩尔说。
Moore called Spitzer in May and ran his reform plan by the AG, who suggested that Moore include in it some of the elements of the Merrill Lynch settlement. Moore quickly agreed. Spitzer also recommended that Moore bring in New York State Comptroller McCall, who controls more than $100 billion in retirement assets. A few weeks later, California's Angelides, whom Moore had sought out for guidance soon after taking office, joined the team. Angelides sits on the boards of California Public Employees' Retirement System and California State Teachers' Retirement System, which have some $230 billion in assets.
California and New York have long traditions as shareholder activists, but North Carolina had been happy to stay on the sidelines. Says former treasurer Boyles: "I've always thought that securities rule-making should be best left to those who have the resources and expertise to do it. Who are we to supercede the regulatory authorities?"
在公司治理运动中，摩尔需要运用一些他天生的政治手腕。摩尔说，到目前为止，北卡罗来纳州名册上的资金管理公司——联盟资本和惠灵顿管理公司（Alliance Capital and Wellington Management Co.）管理的资金最多——对这些改革努力持开放态度。惠灵顿拒绝置评。联盟发言人约翰迈耶斯说：“我们支持该州努力提高资产管理公司活动的透明度。”同时为北卡罗来纳州管理资金的美国银行（Bank of America Corp.）发言人说，“我们致力于解决我们的投资管理客户可能存在的任何担忧。”
摩尔和首席投资顾问西顿从他们的基金经理那里收集了回复后，他们对每一个回复进行了评级，并向每一位经理发回了具体的指导。如果承销商和经纪自营商不制定程序消除分析师薪酬和投资银行业务之间的冲突，那么他们将被撤销在该州预先批准的资金池中。
虽然现在要衡量摩尔清理华尔街的行动是否成功还为时过早，但他肯定已经成功地抓住了国内的头条新闻。这对他的政治前景肯定有帮助。不过，摩尔的雄心壮志可能还需要一段时间才能实现。首先，国家财政部长不是党内唯一的新星；司法部长罗伊·库珀也受到高度评价。而且，财政部长在短期内晋升的机会可能很小。下一次州长选举是在2004年，当时现任州长迈克尔·伊斯利也是民主党人，准备连任。目前看来，州长赢得初选并竞选连任似乎是个不错的选择。
Moore might have a stronger shot at a U.S. Senate seat. Senator John Edwards, who is also up for reelection in 2004, is mulling a presidential run that year. In North Carolina Edwards would have to choose to run for either reelection or the presidency; he could not run for both. Moore, though, is also up for reelection that year, which means that he might not be able to wait Edwards out. In other words, Moore may have to wait until 2008 for another gubernatorial race; North Carolina's other senate seat is also up that year.
财务主管说他并不着急,当然, his corporate governance campaign will demand much of his energy and imagination.
摩尔说：“我认为，我们所有人都需要更加自如地行使自己的所有权。”我天生就是个斗士。”
No one should count him out.
Laying down the law
Investment banks must:
* Sever link between analyst compensation and corporate finance activity;
* Disclose in research reports if analysts have received or are entitled to any compensation from a covered company over the past 12 months;
* Establish a monitoring process to ensure compliance.
基金经理必须：
* Reveal any potential conflicts of interest, such as whether they administer 401(k)s for companies in which they invest;
* Disclose annually how their portfolio managers and research analysts are compensated;
*报告每季度支付给经纪人的佣金。
One voice -- and $1 trillion in assets
最近一系列公司丑闻的厌恶s, U.S. public pension funds are swarming into courtrooms to threaten corporations, money managers and investment banks that fail to adequately protect the interests of their retirees. Though Richard Moore, North Carolina's treasurer, has taken the lead in corporate governance reform, he has plenty of company.
纽约州审计长H。卡尔·麦考尔（Carl McCall）在8月份的一次记者招待会上说，在17个州和华盛顿特区官员的支持下，他们共同控制了超过1万亿美元的养老金资产加起来，我们损失很大。但正如今天在座的各位所看到的，我们实现变革的决心一如既往地坚定。”
California, New York and North Carolina have joined forces to impose new investment protection principles on investment banks and money management firms that do business with the state, but the corporate governance activism doesn't end there.
In August a federal judge named McCall, who serves as the sole trustee of the $112 billion New York State Common Retirement Fund and is a candidate for governor this year, the lead plaintiff in a class-action suit against embattled telecommunications company WorldCom and its accounting firm, Arthur Anderson. The New York fund lost more than $300 million on its WorldCom holdings.
The $83 billion Florida State Board of Administration fired money manager Alliance Capital Management in December; five months later Florida sued the firm, alleging that Alliance had breached its fiduciary duty with its "reckless purchase" of bankrupt energy company Enron Corp. Alliance calls the suit "completely without merit." Florida lost $328 million on its Enron investments; all told, public pension funds around the country lost a collective $1.5 billion on the company.
俄亥俄州总检察长贝蒂·蒙哥马利正在俄亥俄州法院起诉美国银行（Bank of America Corp.）、花旗集团（Citigroup）、瑞士信贷第一波士顿银行（Credit Suisse First Boston）、德意志银行（Deutsche Bank）、雷曼兄弟（Lehman Brothers）、美林证券（Merrill Lynch&Co.）、摩根大通（J.P.Morgan Chase&Co.）、所罗门史密斯·巴尼（Salomon Smith Barney）和前所罗门电信分析师杰克·格鲁曼（，俄亥俄州养老基金会和俄亥俄州劳工赔偿局在安然和世通的股票交易中总共损失了5亿美元。
三家加州养老基金——加州公共雇员退休系统、加州教师退休系统和洛杉矶县雇员退休协会——也对世通高管和承销公司债券的大银行提起诉讼。加起来，这些基金在世通债券上损失了3.185亿美元。
Politicians aren't confining themselves to corporate and Wall Street malfeasance; some are using their investing clout to force companies to enact changes in other areas. Phil Angelides, the California state treasurer who serves on the boards of both the California Public Employees' Retirement System and the California State Teachers' Retirement System, has called for both to stop investing in companies that move their legal residences offshore to reduce taxes. California State Controller Kathleen Connell, who also serves on the CalPERS and CalSTRS boards, is urging both funds to stop investing in companies that pad their bottom line by using overly optimistic pension fund return assumptions.
In Connecticut, state Treasurer Denise Nappier, who is the sole trustee of the $19 billion Connecticut Retirement Plans and Trust Funds, joined forces this summer with Attorney General Richard Blumenthal to stop New Britain, Connecticutbased Stanley Works from moving its legal residence to Bermuda. In July the two officials filed suit to prevent the switch. A month later Stanley Works decided to stay put. -- J.D.
The treasurer defends his turf
When it comes to governance, Richard Moore has to play defense as well as offense. Even as the North Carolina treasurer challenges the fiduciary stewardship of money managers and corporate executives, he is battling with some of the 600,000 state employees and retirees who are unhappy with his stewardship of their pensions.
Their discontent dates to February 2001, when Governor Michael Easley, faced with an $850 million budget gap and the state's worst fiscal crisis in a decade, froze $229 million in scheduled annual contributions by the state to the pension fund. At the time, Moore took a wait-and-see approach. The governor, a fellow Democrat, later restored $100 million to the fund, but state workers were outraged by Easley's maneuver -- and Moore's inability to rein him in.
"He is a good politician, but quite frankly, he has not been very strong in protecting our retirement system," says Dana Cope, executive director of the State Employees Association of North Carolina, which represents 60,000 current and former state workers. "As an employee advocate, I would rate his performance a C."
In June a group of 14 current and former state employees named Moore in a lawsuit alleging that he had failed to do his job by not stopping Easley, which, they argue, he might have done by filing suit against the governor. The employees allege that Easley's decision and Moore's inaction endangered the actuarial soundness of the retirement system. Filed in Wake County Superior Court, the suit is pending.
Moore's response is thoroughly political: He sides with his critics. "I agree with the state employees," he says, "and I have told the governor that I don't believe he had the legal right to take that money." Meanwhile, the state's General Assembly last year approved a bill stating its intent to repay the withheld money over five years, but that legislation is not binding. -- J.D.
For recent articles on Wall Street research, its history and conflicts, please go to
www.huaqiangtimber.com/research .
作者：Justin Dini
October 2002
Institutional Investor Magazine
Back in the mid-1930s, with the U.S. economy mired in the Great Depression and Wall Street widely reviled as a haven for swindlers and crooks, an idealistic North Carolina congressman took up arms against corrupt financiers. Young and politically shrewd, Franklin Willis Hancock helped write the Securities Exchange Act and the Glass-Steagall Act. That legislation, designed to rein in financial excess, helped to define the course of American capitalism for the rest of the century.
70年后，汉考克的孙子追随家族的脚步，鼓动修复美国金融体系，再次因丑闻和腐败而步履蹒跚。理查德·汉考克·摩尔是北卡罗来纳州的财政部长，也是该州540亿美元退休资产的唯一受托人，他与纽约州引人注目的总检察长艾略特·斯皮策联手；H。纽约州审计长兼州长候选人卡尔·麦考尔；加州财政部长菲尔·安吉利德斯；他们说，一个强大联盟中的其他几位养老金官员旨在“扩大改善企业问责制的动力，恢复金融市场的诚信”
由于斯皮策今年5月与美林（Merrill Lynch&Co.）达成了具有里程碑意义的1亿美元法律和解，并对其他华尔街公司进行了调查，斯皮策的知名度可能要高得多，但这位土生土长的北卡罗来纳州人正迅速成为改革的有力倡导者。”“摩尔是养老基金联盟背后的催化力量，值得称赞，”安吉利德斯说摩尔的团队在7月份的一次新闻发布会上首次公布了它的计划，几乎没有人怀疑它的存在会被感受到：集团中的养老金管理人员共同控制着大约4000亿美元的资产。他们的要求是直截了当的，如果严格的话。斯皮策在与美林达成的和解协议中明确提出，进行交易和承销国债发行的投资银行必须切断分析师薪酬与企业融资活动之间的联系，并成立一个审查委员会，批准所有研究报告。养老金管理人员进一步要求公司在研究报告中披露分析师在过去12个月内是否收到或有权从相关公司获得任何补偿。这些官员还建立了一个程序来监测遵守情况。此外，摩尔的研究小组还要求公共工资单上的基金经理披露潜在的利益冲突，比如他们是否为投资的公司管理401（k）养老金；每年披露其投资组合经理和研究分析师的薪酬；并按季度报告他们的经纪佣金。
The group followed up its press conference by firing off dozens of letters to North Carolina's money management firms and investment banks, demanding that they provide detailed explanations of how they intend to comply. The pension officers threatened to fire noncompliant money management firms and to withhold business from Wall Street firms that failed to plug holes in the porous Chinese walls intended to separate their institutional research departments from their investment banking arms. Florida, Michigan and Ohio have joined Moore's crusade, and several other states, including Connecticut, are considering adopting Moore's principles as well.
“谢天谢地，这家伙，”罗伯特蒙克斯说，他是一位资深的治理活动家和机构股东服务公司的创始人，这是一家总部位于马里兰州洛克维尔的公司，就公司治理问题为机构投资者提供建议摩尔所做的比以前做的任何事情都更有创造力、想象力和进取心。你要去这些公司吃饭。”亚博赞助欧冠
Charismatic, confident, sporting boyish good looks and a Southerner's easy charm, Moore is a natural -- and openly ambitious -- politician who is doing everything he can to seize his moment. "We're sending a strong message to corporate America: We demand a higher level of service from you, and we can do more than just talk about it. We've got the clout to actually do it," says the 41-year-old former federal prosecutor and state legislator, who is widely seen in Democratic party circles as a contender for higher office -- runs for governor or senator have been mentioned -- before the decade is out.
Whether his principles will produce the reforms Moore seeks remains an open question, but money managers and bankers are certainly paying heed. "It doesn't take a brain surgeon to know we are certainly going to comply," says one money manager. "We're taking the requirements very seriously."
Still, some in the financial industry think Moore is overstepping his bounds. "It is a fine line between a principle and a regulation," says David Tittsworth, executive director of the Investment Counsel Association of America, a lobbying group for money managers based in Washington, D.C. "If something has the effect of precluding you from doing business with that state, it doesn't matter what you call it." There are also questions as to how closely Moore and his colleagues will be able to monitor Wall Street's compliance. "State governments generally don't have the staffs to monitor Wall Street goings-on, so the best that can be done is to sever a relationship with a Wall Street firm after the infraction has been committed," says Charles Geisst, a Manhattan College finance professor and author of Wall Street, A History. "After the fact is certainly too late."
Other critics carp that Moore is using the issue of corporate governance to bolster his political career. "It's just marketing," says Fern Shubert, a Republican North Carolina state representative who has sparred frequently with the treasurer. "He's just doing it to raise his profile."
Such criticism has dogged Moore since he mounted his campaign three years ago. Harlan Boyles, who was then serving the last of his 24 years as North Carolina's treasurer, worried that Moore was merely looking to use the job as a stepping stone to higher office. (Moore reportedly considered a run for lieutenant governor before setting his sights on treasurer.) The widely respected Boyles, a Democrat, withheld his endorsement until Moore reassured him that he would devote all his energies to his new post. Says Moore, "If I do my job here, the political side will take care of itself."
Certainly, the North Carolina treasurer draws upon the resources of a powerful office. As one of the country's four sole trustees of a state pension plan, Moore is the final authority on how North Carolina's pension assets -- composed of seven different retirement systems covering 600,000 workers -- are invested. He also chairs the board of trustees overseeing those retirement systems and supervises the state's debt offerings.
甚至在他登上公司治理战线的中心舞台之前，摩尔就以他作为该州最高公共安全官员所抗击的飓风的力量，横扫了这个曾经沉稳的财务主管办公室（前两位任职者总共工作了48年）。自2000年11月当选以来，摩尔对美国第十大养老金计划的投资策略进行了全面改革，旨在将固定收益以外的资产转移出去，并增加私人股本和风险投资等另类资产的股份。去年，摩尔成功地游说北卡罗来纳州的联合国大会通过了一项立法，使他有了更大的自由。2001年10月颁布的这项法律允许养老基金将其股票敞口从计划账面价值（购买证券时的价值）的50%提高到市场价值的65%；将另类投资限额从1%提高到5%；并允许国家首次投资于三B级债券。
他的newfo摩尔只有慢慢地利用und freedoms, largely because of the sorry state of equity markets. Beyond boosting the international stock position from 4.8 percent of assets at the end of 2000 to 6 percent by June 2002, he's done little tweaking. Reflecting declining equity values, and a decision not to rebalance the portfolio, bonds accounted for 45.3 percent of assets in June, far above the average of 31.4 percent for other public plans, according to consulting firm Greenwich Associates. The rest of the June asset allocation: 45.6 percent in domestic stocks; 3 percent in real estate; and 0.2 percent in alternative assets, an area Moore intends to get as high as 4 percent by 2004 or 2005.
摩尔的保守主义得到了回报。纽约美世投资咨询公司（Mercer Investment Consulting）的数据显示，在两次糟糕的股票押注（安然公司（Enron Corp.）股权遭受1500万美元的打击和世通控股遭受1亿美元的损失）拖累下，该基金截至2002年6月30日的财年亏损4%，但这远好于同期公共基金5.9%的亏损。
As it happens, North Carolina's leading manager -- Alliance Capital Management, which runs $12.9 billion for the state -- was the biggest institutional shareholder of Enron and WorldCom. Unlike the Florida state pension plan -- which lost more than $300 million on its investments in Enron, fired Alliance Capital in December and is suing the money manager for its decision to continue buying Enron stock even after the company's problems began to emerge -- Moore says he still has confidence in Alliance. He sees its Enron bet as a bad judgment call, not one motivated by conflicts of interest.
不过，摩尔表示，如果他认为有正当理由，他会毫不犹豫地解雇一名基金经理或承销商。对一家与政府做了多年生意的公司来说，这样做并不令人愉快，但艰难的选择——显然是政治上的选择——会伴随着领土而来。摩尔还有很多要做。
"Moore is ambitious," says Theodore Arrington, a political science professor at the University of North Carolina at Charlotte. "He's a comer in the state Democratic party. He's articulate, he's got his own teeth, and he's got a lot of hair."
For nearly 300 years, the Hancock clan and its descendants have been living in the farm country of North Carolina's Granville County, hard by the Virginia border. A family of farmers and small-businessmen, the clan also produced more than its share of politicians, dating back to the 1720 election of representative William Hancock. When Moore was elected to the North Carolina House of Representatives in 1992, he represented the sixth generation to serve in the state legislature.
The son of a small-businessman who ran a storage warehouse, Moore spent his youth in Oxford, North Carolina, with his sister and two brothers. At Wake Forest University Moore got good grades, joined a fraternity and played golf. Handsome and 6-foot-3, "Richard never had any trouble getting dates," says Steve Nelson, one of Moore's fraternity brothers and now a partner at North Carolina venture capital firm Wakefield Group. Moore met his future wife, Noel Crook, at Wake Forest; the two were married in 1985 and now have three children.
1982年毕业后，摩尔于1984年获得伦敦经济学院会计与金融硕士学位，两年后获得威克森林大学法学院法学博士学位。在得克萨斯州科珀斯克里斯蒂市担任一名联邦法官一年的书记员职务，并在现已倒闭的纽约律师事务所芬利·库姆布尔（Finley，Kumble）的华盛顿特区办公室担任助理一年之后，摩尔回到家中，在美国检察官玛格丽特·柯林（Margaret Currin）的领导下，作为联邦检察官处理该州东区的白领案件，保守派和美国参议员杰西·赫尔姆斯的盟友。
Moore ran for a seat in the North Carolina Assembly in 1992 and sailed into office. But two years later, in 1994, he stumbled in a race for a seat in the U.S. House of Representatives. In the year of the Gingrich revolution, in which Democrats lost control of the House and the Senate, Moore lost by 8 percentage points. "In the toughest year in history for Democrats, he came awful close to winning," says mentor and former North Carolina governor Jim Hunt.
Hunt tapped the young politician to serve as secretary of Crime Control and Public Safety. When Hurricane Fran slammed into North Carolina in September 1996, killing 24 people and inflicting $5 billion in damage, Moore was stunned by the state's inadequate preparations.
他更新了状态的技术能力,and three years later the state was far better prepared when the more powerful Hurricane Floyd struck the coast, killing 51 people and causing $6 billion in damages. Says Hunt, who was still in office at the time, "Moore really showed his colors."
In 2000, encouraged by Hunt and others, Moore ran against Henry McKoy, a former state senator, for treasurer. Vowing to institute a more aggressive investment strategy, Moore swept into office with more than 55 percent of the vote.
He named as his deputy treasurer Michael Williamson, a policy wonk with 20 years' experience in the Wisconsin and North Carolina state governments. Moore recruited Andrew Silton, a former Legg Mason portfolio manager, to be the plan's new chief investment adviser. Not least, he hired the department's first-ever director of communications to cultivate his relationship with the press.
随后，摩尔开始推动放宽州政府对该计划的限制；他决心提高股票敞口。经过摩尔和他的同事们的大力游说，立法机关放宽了限制。亨特说：“这对这个州来说是一个巨大的进步。”
Moore's days as a prosecutor had prepared him for his current role as an activist. Outraged by the sheer audacity of executives at companies like Adelphia Communications Corp., Moore's prosecutorial instincts kicked in. When the news of Spitzer's investigation into Merrill Lynch broke in May, Moore decided to join forces with the high-profile New York AG.
"There's no doubt I bring a cop-on-the-beat mentality to this job," Moore says.
这两位前检察官有一个共同的朋友：华盛顿律师马克·伦敦。摩尔上世纪80年代曾在伦敦昆布尔的芬利（Finley，Kumble）工作，伦敦在90年代初通过斯皮策的姐姐认识了纽约公司。”马克早就说过艾略特和我会合得来的，”摩尔说。
Moore called Spitzer in May and ran his reform plan by the AG, who suggested that Moore include in it some of the elements of the Merrill Lynch settlement. Moore quickly agreed. Spitzer also recommended that Moore bring in New York State Comptroller McCall, who controls more than $100 billion in retirement assets. A few weeks later, California's Angelides, whom Moore had sought out for guidance soon after taking office, joined the team. Angelides sits on the boards of California Public Employees' Retirement System and California State Teachers' Retirement System, which have some $230 billion in assets.
California and New York have long traditions as shareholder activists, but North Carolina had been happy to stay on the sidelines. Says former treasurer Boyles: "I've always thought that securities rule-making should be best left to those who have the resources and expertise to do it. Who are we to supercede the regulatory authorities?"
在公司治理运动中，摩尔需要运用一些他天生的政治手腕。摩尔说，到目前为止，北卡罗来纳州名册上的资金管理公司——联盟资本和惠灵顿管理公司（Alliance Capital and Wellington Management Co.）管理的资金最多——对这些改革努力持开放态度。惠灵顿拒绝置评。联盟发言人约翰迈耶斯说：“我们支持该州努力提高资产管理公司活动的透明度。”同时为北卡罗来纳州管理资金的美国银行（Bank of America Corp.）发言人说，“我们致力于解决我们的投资管理客户可能存在的任何担忧。”
摩尔和首席投资顾问西顿从他们的基金经理那里收集了回复后，他们对每一个回复进行了评级，并向每一位经理发回了具体的指导。如果承销商和经纪自营商不制定程序消除分析师薪酬和投资银行业务之间的冲突，那么他们将被撤销在该州预先批准的资金池中。
虽然现在要衡量摩尔清理华尔街的行动是否成功还为时过早，但他肯定已经成功地抓住了国内的头条新闻。这对他的政治前景肯定有帮助。不过，摩尔的雄心壮志可能还需要一段时间才能实现。首先，国家财政部长不是党内唯一的新星；司法部长罗伊·库珀也受到高度评价。而且，财政部长在短期内晋升的机会可能很小。下一次州长选举是在2004年，当时现任州长迈克尔·伊斯利也是民主党人，准备连任。目前看来，州长赢得初选并竞选连任似乎是个不错的选择。
Moore might have a stronger shot at a U.S. Senate seat. Senator John Edwards, who is also up for reelection in 2004, is mulling a presidential run that year. In North Carolina Edwards would have to choose to run for either reelection or the presidency; he could not run for both. Moore, though, is also up for reelection that year, which means that he might not be able to wait Edwards out. In other words, Moore may have to wait until 2008 for another gubernatorial race; North Carolina's other senate seat is also up that year.
财务主管说他并不着急,当然, his corporate governance campaign will demand much of his energy and imagination.
摩尔说：“我认为，我们所有人都需要更加自如地行使自己的所有权。”我天生就是个斗士。”
No one should count him out.
Laying down the law
Investment banks must:
* Sever link between analyst compensation and corporate finance activity;
* Disclose in research reports if analysts have received or are entitled to any compensation from a covered company over the past 12 months;
* Establish a monitoring process to ensure compliance.
基金经理必须：
* Reveal any potential conflicts of interest, such as whether they administer 401(k)s for companies in which they invest;
* Disclose annually how their portfolio managers and research analysts are compensated;
*报告每季度支付给经纪人的佣金。
One voice -- and $1 trillion in assets
最近一系列公司丑闻的厌恶s, U.S. public pension funds are swarming into courtrooms to threaten corporations, money managers and investment banks that fail to adequately protect the interests of their retirees. Though Richard Moore, North Carolina's treasurer, has taken the lead in corporate governance reform, he has plenty of company.
纽约州审计长H。卡尔·麦考尔（Carl McCall）在8月份的一次记者招待会上说，在17个州和华盛顿特区官员的支持下，他们共同控制了超过1万亿美元的养老金资产加起来，我们损失很大。但正如今天在座的各位所看到的，我们实现变革的决心一如既往地坚定。”
California, New York and North Carolina have joined forces to impose new investment protection principles on investment banks and money management firms that do business with the state, but the corporate governance activism doesn't end there.
In August a federal judge named McCall, who serves as the sole trustee of the $112 billion New York State Common Retirement Fund and is a candidate for governor this year, the lead plaintiff in a class-action suit against embattled telecommunications company WorldCom and its accounting firm, Arthur Anderson. The New York fund lost more than $300 million on its WorldCom holdings.
The $83 billion Florida State Board of Administration fired money manager Alliance Capital Management in December; five months later Florida sued the firm, alleging that Alliance had breached its fiduciary duty with its "reckless purchase" of bankrupt energy company Enron Corp. Alliance calls the suit "completely without merit." Florida lost $328 million on its Enron investments; all told, public pension funds around the country lost a collective $1.5 billion on the company.
俄亥俄州总检察长贝蒂·蒙哥马利正在俄亥俄州法院起诉美国银行（Bank of America Corp.）、花旗集团（Citigroup）、瑞士信贷第一波士顿银行（Credit Suisse First Boston）、德意志银行（Deutsche Bank）、雷曼兄弟（Lehman Brothers）、美林证券（Merrill Lynch&Co.）、摩根大通（J.P.Morgan Chase&Co.）、所罗门史密斯·巴尼（Salomon Smith Barney）和前所罗门电信分析师杰克·格鲁曼（，俄亥俄州养老基金会和俄亥俄州劳工赔偿局在安然和世通的股票交易中总共损失了5亿美元。
三家加州养老基金——加州公共雇员退休系统、加州教师退休系统和洛杉矶县雇员退休协会——也对世通高管和承销公司债券的大银行提起诉讼。加起来，这些基金在世通债券上损失了3.185亿美元。
Politicians aren't confining themselves to corporate and Wall Street malfeasance; some are using their investing clout to force companies to enact changes in other areas. Phil Angelides, the California state treasurer who serves on the boards of both the California Public Employees' Retirement System and the California State Teachers' Retirement System, has called for both to stop investing in companies that move their legal residences offshore to reduce taxes. California State Controller Kathleen Connell, who also serves on the CalPERS and CalSTRS boards, is urging both funds to stop investing in companies that pad their bottom line by using overly optimistic pension fund return assumptions.
In Connecticut, state Treasurer Denise Nappier, who is the sole trustee of the $19 billion Connecticut Retirement Plans and Trust Funds, joined forces this summer with Attorney General Richard Blumenthal to stop New Britain, Connecticutbased Stanley Works from moving its legal residence to Bermuda. In July the two officials filed suit to prevent the switch. A month later Stanley Works decided to stay put. -- J.D.
The treasurer defends his turf
When it comes to governance, Richard Moore has to play defense as well as offense. Even as the North Carolina treasurer challenges the fiduciary stewardship of money managers and corporate executives, he is battling with some of the 600,000 state employees and retirees who are unhappy with his stewardship of their pensions.
Their discontent dates to February 2001, when Governor Michael Easley, faced with an $850 million budget gap and the state's worst fiscal crisis in a decade, froze $229 million in scheduled annual contributions by the state to the pension fund. At the time, Moore took a wait-and-see approach. The governor, a fellow Democrat, later restored $100 million to the fund, but state workers were outraged by Easley's maneuver -- and Moore's inability to rein him in.
"He is a good politician, but quite frankly, he has not been very strong in protecting our retirement system," says Dana Cope, executive director of the State Employees Association of North Carolina, which represents 60,000 current and former state workers. "As an employee advocate, I would rate his performance a C."
In June a group of 14 current and former state employees named Moore in a lawsuit alleging that he had failed to do his job by not stopping Easley, which, they argue, he might have done by filing suit against the governor. The employees allege that Easley's decision and Moore's inaction endangered the actuarial soundness of the retirement system. Filed in Wake County Superior Court, the suit is pending.
Moore's response is thoroughly political: He sides with his critics. "I agree with the state employees," he says, "and I have told the governor that I don't believe he had the legal right to take that money." Meanwhile, the state's General Assembly last year approved a bill stating its intent to repay the withheld money over five years, but that legislation is not binding. -- J.D.
For recent articles on Wall Street research, its history and conflicts, please go to
www.huaqiangtimber.com/research .