NYC Pension Fund "Lagged" Under Thompson

The NY Times questions City Comptroller William Thompson's management of the NYC pension fund, reporting, "A review of how the $80 billion system has performed since he took office shows it has consistently lagged behind many of its public pension peers even as the city tripled the number of money managers it uses and the fees that it pays those firms." What's more, Thompson, who is running for mayor, has "[collected] more than $500,000 in campaign contributions from its growing roster of money managers since he first entered the 2001 race for comptroller. In some cases, the executives gave to Mr. Thompson just months before the pension funds hired them to manage tens of millions of dollars, according to interviews and public records." Thompson says that there have been tough years and that the NYC pension fund does match the Russell 3000 ("a broad stock market index")—the Times used "a widely used financial yardstick compiled by Wilshire Associates, an investment advisory firm" to measure the city's fund performance. Update: In March, the Post ran a story about Thompson's donations from investment firms that manage pension funds; the Citizens Union's Dick Dadey said, "I question why these donors feel a need to contribute. They are out-of-state donors. It certainly isn't out of civic interest because they don't vote here."

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By Jen Chung in News on August 19, 2009 11:20 AM

Comments [rss]

JacqueMehoff

Anyone but Bloomberg.

pal

this country needs some serious campaign finance reform.

which of course won't happen because it's the answer to so many problems.

ANGRYGOD11

A recent magazine article detailed how almost any politician has to go hat in hand to beg campaign money from people who live in much better homes while Bloomberg avoids all this with his billions and looks so much better.

And just to get to that point requires years of hack work.

Can the voters see past this and not make Bloomie king?

JacqueMehoff

didn't the citizen's union endorsed bloomberg? I don't think they're really a watchdog group.

felixthecat2

http://www.nydailynews.com/blogs/dailypolitics/2009/08/thompson-wants-bloombergs-slus.html

JacqueMehoff

what this "lagged"? umm, the market was over 10K and now not, would that have something to do with it?

longacre

Regardless, other public pension funds managed to do better than Thompson's.

felixthecat2

Do you even know what you are talking about? What benchmark are you using and which funds perform better and how much better?

JacqueMehoff

I'm still voting against him. what's this "lagged"?

whitecastlerock

I will vote against Bloomberg no matter what...

felixthecat2

The Times Company located at 229 West 43rd Street.

The site for the building was obtained by the Empire State Development Corporation (ESDC) through eminent domain. With a mandate to acquire and redevelop blighted properties in Times Square, ten existing buildings were condemned by the ESDC and purchased from owners who in some cases did not want to sell, asserting that the area was no longer blighted (thanks in part to the earlier efforts of the ESDC). The ESDC though prevailed in the courts.[1][2]

Once the 80,000-square-foot (7,400 m2) site was assembled, it was leased to the New York Times Company and Forest City Ratner for $85.6 million over 99 years (considerably below market value). Additionally, the New York Times Company received $26.1 million in tax breaks.

felixthecat2

The NY Times lacks journalist integrity and has compromised themselves for King Bloomberg. Times is Burnishing Bloomberg-Klein School Myths and well as other lies. NY times stock price will be lower than the price of the Sunday edition.

http://blogs.villagevoice.com/runninscared/archives/2009/08/barrett_12.php

longacre

Numbers don't lie. Corruption is corruption.

felixthecat2

Learn to read, there is no mention of corruption.

Chakal

hahahaha...no corruption, really?... he's accepting campaign contributions from money managers who then get hired to manage the city's funds? If you substituted Bloomberg's name for Thompson, you'd be all over this!

felixthecat2

There are just as many who contributed and weren't hired but the NY Times which is beholden to King Bloomberg will never mention it

Chakal

Ahhh I see... the argument is that since he didn't hire EVERYONE that contributed, everything's above board. Good luck with that!

felixthecat2

It isn't right but Thompson didn't hire them for their contributions. Most of the managers contribute. It is an industry practice but Bloomberg is using taxpayers' monies for private entities that are his friend and/or business buddies. that is corruption