Skip to comments.Gore’s eco-friendly firm lands $16M contract to manage city pension funds
Posted on 06/18/2012 11:42:36 AM PDT by arasina
Heres an inconvenient truth: New York is greening the wallet of Al Gore.
Embattled city Comptroller John Liu has delivered a $16.56 million contract to the former vice presidents environmentally friendly investment firm, Generation Investment Management, to help manage hundreds of millions of dollars in city pension funds, The Post has learned.
Theres a lot of pressure on pension funds to be environmentally sensitive. Gores name and stature in the pension-fund community is invaluable particularly for Democrats. Hes Al Gore! said Bill Sannwald, a corporate governance and ethics professor at San Diego State University.
(Excerpt) Read more at nypost.com ...
In other words, it's just another "risky scheme" (as Al Gore likes to say) to pull another Bernie Madoff in New York. The comments following the article are pretty good.
so , wind turbines , solar panels and a whole pile of carbon credits ?
This will end up well./s
So he puts Al Gore in charge of a half billion in city funds, and Al Gore pockets the $35 million fee.
Never hurts to have influential friends.
I think it's probably just a green laundry, if you get my drift.
I can’t believe people still believe in Al Gore.
GIM is not even an American company. Their HQ is in London. The Board of Directors looks like a “who’s who” from the Clinton administration. In 4 years, New York will be trying to get the Federal Government to bail out their bankrupt pension funds, while GIM watches from the other side of the Atlantic.
What could possibly go wrong?
Exactly. And no one will go to prison. The game just keeps on getting played.
Guess we know who’s now holding the Solindra bonds....
Is John Semmens moonlighting for the NY Post?
John Semmens = FR's preeminent satirist, unless I'm mistaken. To wit, that article reads like satire.
$35m is 7% of $500m. That is a pretty big fee..what period does it cover? The city would be better off just putting it in the SP500...with no fee.
If there are any union member pensions involved, someone could disappear...
Theres a lot of pressure on pension funds to be environmentally sensitive.”
As they continually add ballot initiatives to increase millages due to shortfalls. This is completely irresponsible management of funds. If they had any responsibility at all, they would simply deposit those funds in market based mutual funds!
Uh oh. Hope the people who’s money he’s managing are saving on the side because I bet there won’t be any pension money when Gore gets through with it.
Nah. They'll just expect a bailout of some kind.
I think some of the charges are fundraising irregularities.
I wonder if this is a payoff to Gore to help him get some extra cash from his favorite Buddhist temples.