"In a recent speech to private equity investors, Securities and Exchange Commission (SEC) Chairman Gary Gensler said hedge funds and private equity firms must provide far greater transparency about the fees that they are charging their clients.

"'More competition and transparency could potentially bring greater efficiencies to this important part of our capital markets,' said Gensler, who formerly worked on Wall Street. 'This could raise the returns for the pensions and endowments behind the limited partner investors. This ultimately could help workers preparing for retirement and families paying for their college educations.'

"Efforts to increase transparency and expose the widespread abuses by high flying Wall Street players of the pension funds of teachers, firefighters, cops, and bus drivers could soon be coming to a head in Ohio.

"'Ohio could be the first place where the secrecy surrounding public pensions and their investments in risky, speculative and high-fee investment vehicles could be looked at in a serious way,' said Ted Siedle, a former SEC attorney and longtime pension whistleblower.

"Pointing out that pension funds across the country have routinely invoked 'trade secrets' exemptions to deny the public information about investment performance and fees, Siedle said the actions taken by the state auditor and securities commissioner 'could be the beginning of the end" of such secrecy — not just in Ohio, but nationwide.'"