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Richard Tettamant Likely Out as Director of Police and Fire Fund

Tettamant

I’ve heard a high-grade rumor that Richard Tettamant is stepping down from his directorship of the Dallas Police and Fire Pension System. I stress: rumor. I can, however, confirm that next week’s pension board meeting will feature an executive session to discuss a personnel matter. I’m not sure what this possible move might signal about the fund’s finances. Maybe it means nothing. Maybe the fund’s unorthodox, real-estate-heavy portfolio is in good shape. Maybe Tettamant just decided — suddenly — that it was time to retire. But I think I do know what his possible departure means for the Nasher: good news.

When I interviewed Tettamant for our 2012 cover story about the glare coming off Museum Tower, he made it pretty clear that the tower was his baby. In fact, he told me that the basic design of Museum Tower was his. He drew its shape on a napkin to show architect Scott Johnson what he wanted. His ego is closely tied to that tower, which is why he doesn’t want to alter it in any way. With Tettamant no longer calling the shots, finding a fix to the glare problem should be easier.

There is one minor problem, however. The general partner of Museum Tower is an entity called RTGP, LLC. RTGP runs that building. And RTGP stands for “Richard Tettamant General Partner.” Even if he’s no longer the director of the pension system — if — Tettamant is still the manager of RTGP, making it unclear how much control over Museum Tower he might still retain.

  • Dubious Brother

    No conflict of interest with a director of the pension fund that provided the $$ to build the building also being the General Partner that controls the building. Is this Chicago?

  • tested

    How did that board let the chairman become the managing partner in that building. That seems illegal to me. The entire board needs to be replaced and his role with the building must end. Horrible.

  • Wylie H Dallas

    [The general partner of Museum Tower is an entity called RTGP, LLC. RTGP runs that building. And RTGP stands for “Richard Tettamant General Partner.” Even if he’s no longer the director of the pension system — if — Tettamant is still the manager of RTGP, making it unclear how much control over Museum Tower he might still retain.]

    WHAT???? How is this even legal? If this is true, Tettamant needs to be escorted out of his office NOW… I mean, like… within the next 5 minutes.

    The next step is bringing in a team of forensic accountants to find out how much financial damage Tettamant wreaked on the pension system. In all seriousness, I believe that his mismanagement has cost the system at least $500 million and possibly as much as $1 billion.

    This is the single most under reported financial scandal in the history of Dallas.

  • Wylie H Dallas

    How did former pension fund trustee and city council member Delia Jasso end up with ownership of a condo in the Beat Condominiums (the Jack Matthews development financed by the pension fund) during her tenure on the pension fund board?

  • DF Aubrey McClendon

    Seems perfectly okay to me.

  • Logic

    People certainly do jump to conclusions pretty quickly, particularly when they are convenient to their bias. Tettament clearly made a terrible investment for the pension in Museum Tower, but unless someone has read the organizational documents for RTGP, LLC, there is no way of knowing whether Tettament actually has any control over that entity at all. Regardless of whether or not he is replaced in his current job, the Nasher and its PR director, Tim Rogers, will have to become much more reasonable if they want a solution to the glare issue. Museum Tower is a financial loser, and any additional dollars that the pension funds to fix the glare issue will be additional dollars that they will not get back in an already terrible investment.

  • Oak Cliff Townie

    Lets figure all has happened that is going to happen about this and its time to write the check How much will it take to buy out RTGP, LLC

  • J T

    Not the Nasher’s problem that it is a financial loser. In every single case of this solar glare issue that has propped up before in California, in the UK, — EVERYWHERE in the whole planet — the developer has to change their building to eliminate the glare issue.

    The Pension Fund can’t both simultaneously claim that they are a real professional team and then not do what professional teams do — suck it up and pay for the losses.

    The Nasher Museum can offer the Pension Fund this alternative — the Nasher will fix their oculi but the Pension Fund will declare themselves that they are a bunch of financial amateurs that they will NEVER actively manage their pension funds again. That the Pension Fund will just farm out 100% of their pension investment to BlackRock and Fidelity Investments. See if the Pension Fund would agree to that.

  • Tim Rogers

    I sent Tettamant an email a few weeks back asking him to explain the structure of RTGP. He did not respond. All I have to go by is the records kept by the TX Secretary of State.

  • Dubious Brother

    Unless fixing the glare issue speeds up sales of the units in a mostly vacant building.

  • Wylie H Dallas

    Is this document relevant… not sure….

    http://tinyurl.com/nslphyv

  • tested

    Wylie hits the nail on the head. This is the single most under reported financial scandal in Dallas history. The problem: few people to report it. The TV stations don’t have reporter able to do the kind of reporting that needs to be done here. Maybe Bret Shipp, but he’ll go overboard pretty fast and start looking like a goofball and the public will lose interest.

    The folks at D, The Observer and the News can probably report it well. But if you look at the News’ report on this story (http://www.dallasnews.com/news/metro/20140605-dallas-police-and-fire-pension-board-to-discuss-top-staffer-s-status.ece) , they don’t seem to even be aware of RTGP or perhaps they don’t care. The News frequently has an axe to grind or feels the need to protect someone regardless of the merits of a story. I don’t know what the truth is in this case. It’s just apparent they aren’t going to dig on this story.

    That leaves D and the Observer. Can’t wait to see what they find out.

  • Neal K

    He looks well-fed. Very fitting for a corrupt swine.

  • Neal K

    Isn’t it time for D to allow live links in its comments? Copying and pasting a URL is a 1997 thing.

  • Neal K

    The LLC was formed in Delaware and registered in Texas. The Delaware filing probably won’t have any useful information. Delaware requires even less disclosure than Texas, which in Tettamant’s case may be the point. The LLC should have some kind of written operating agreement similar to a partnership agreement. If competently prepared, that agreement will show the owner(s) of the LLC. I wonder if it would be available through a FOIA request? Likewise, the limited partnership that owns the tower (of which RTGP LLC is the general partner) will have a limited partnership agreement with the same information. Presumably, the limited partners will be the pension fund or affiliated entity and maybe the developer or other investors. You would think this document would be obtainable by a FOIA request as well.

    Also Tim, did you notice that Tettamant (or his lawyer) misspelled his own name on the second page of the filing? The pension fund has some truly high-caliber leadership.