Yesterday, Attorney General Andrew Cuomo announced that Wall Street firm the Carlyle Group agreed to pay $20 million to settle its involvement in the state pension fund scandal. And the group, which the NY Times calls "one of the largest and most politically connected private equity firms," also agreed to no longer use placement agents to gain entrance to pension funds. The state pension fund scandal, which has led to similar issues with pension funds in NYC, California, and other states, involves firms pays these middlemen—some politically connected—kickbacks for help meeting comptrollers and the chance to handle millions in the pension funds. Cuomo said, "This is a revolutionary agreement. I believe it totally changes the way people operate: It ends pay-to-play, it bans the selling of access, it puts the political power brokers out of business." Tulane Law professor Elizabeth Nowicki said, "The onus is going to be on the private-equity firms to really market their results. They need to go out and get business the old-fashioned way."