Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

THE REAL SCANDAL
NY Post ^ | October 27, 2006 -- | NICOLE GELINAS

Posted on 10/29/2006 7:33:50 PM PST by neverdem

MEDIA attention on the comptroller's race has focused more on incumbent Alan Hevesi's use of a state worker to drive his ailing wife around the city than on a far bigger issue: the urgent need to reform New York state's massive pension fund.

But the attention on the Hevesi scandal may not be too much of a distraction - for it illustrates that the pension fund concentrates far too much power in one place.

As comptroller, Hevesi is sole trustee of New York's $145 billion in pension assets, which he invests in the financial markets to fund retirement benefits for nearly 1 million state and municipal workers and retirees. State law governs how Hevesi invests the funds, and he gets plenty of advice from financial firms - but he's the only one who's actually responsible.

Hevesi's woes should remind New Yorkers that it's a bad idea to put so much power and responsibility in the hands of a single man. The state's Ethics Commission has found that there's cause to believe that the comptroller "knowingly and intentionally" broke the law when he directed a state worker to spend much of his time over the last three years driving his wife. (Hevesi justified this by claiming threats against his wife but never substantiated them - and the man who serves as the state's "green eyeshades" kept such poor records about the affair that any claim that he ever planned to pay the state back, the commission found, just isn't credible.)

Yesterday, Hevesi lost his most important supporter, Eliot Spitzer, who withdrew his endorsement of his fellow Democrat, calling the allegations "deeply troubling."

(Excerpt) Read more at nypost.com ...


TOPICS: Crime/Corruption; Editorial; News/Current Events; US: New York
KEYWORDS: pensionfunds

1 posted on 10/29/2006 7:33:50 PM PST by neverdem
[ Post Reply | Private Reply | View Replies]

To: neverdem

You sure have to read a lot of stuff before you find out this is a Democrat. You would think he was a Republican, with all the Republican Culture of Corruption we keep hearing about. The Democrats are masters of doublespeak, just like when they would smear anyone who got in their way, example, Billy Dale, and then lament the Republicans for their Politics of Personal Destruction. I am so sick of Democrats.


2 posted on 10/29/2006 7:55:15 PM PST by webheart
[ Post Reply | Private Reply | To 1 | View Replies]

To: cyborg; Clemenza; Cacique; NYCVirago; The Mayor; Darksheare; hellinahandcart; Chode; ...
With Hevesi in the Hot Seat, Others Take a Defensive Stance

The City That Wants Trans Fats Cut Would Tell Restaurants to List Calories, Too (NYC)

A Study Links Trucks’ Exhaust to Bronx Schoolchildren’s Asthma

FReepmail me if you want on or off my New York ping list.

3 posted on 10/30/2006 9:15:55 AM PST by neverdem (May you be in heaven a half hour before the devil knows that you're dead.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: neverdem

The Republicans have finally bought some air time before the election..amazing. Lord help us this election.


4 posted on 10/30/2006 9:46:58 AM PST by tioga
[ Post Reply | Private Reply | To 3 | View Replies]

To: neverdem

Thanks for the ping.


5 posted on 10/30/2006 1:25:13 PM PST by Cincinna (HILLARY & HER HINO " We are going to take things away from you for the Common Good ")
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson