Heartland Capital Corp., for instance. has been paid to over $400,000 a year to invest $17 million of retirement money for the state. But investigators think that Heartland only had $1 million in investment funds turned over to it but still got the full management fee.
Heartland, which didn't return a telephone call, is run by Alice L. Walton, Son of Sam. Investigators for the new Arkansas governor and for Independent Counsel Ken Starr are both said to be curious about such arrangements.
(John Crudele is a financial columnist with the New York Post. His mailing address is P.O. Box 610, Lincroft, N.J. 07738. Click here to send him e-mail).