Results tagged “bronxjudge”

The Daily News looks at how the city taxpayers are "on the hook for $20 million," thanks to a Bronx surrogate judge. When people die without wills, the city has public administrators who handle their assets "until the court approves a settlement." While the PAs are supposed to invest conservatively, like in treasury bills, Judge Lee Holzman allowed two administrators invest $20 million in riskier auction-rate securities, which got hammered in this year. The city now how has to pay the heirs their owed money while hoping the securities bounce back--but the lawyers and accountants who handled the transactions get to keep their millions in fees. City Comptroller William Thompson said he was "extremely troubled" taxpayers would "foot the bill for these ill-considered and financially irresponsible decisions."