Posted on 05/06/2023 9:29:28 AM PDT by CFW
New York City teachers, cops and firefighters lost nearly $30 million in pension funds tied to the collapse of Silicon Valley Bank.
Critics accuse Comptroller Brad Lander, who is custodian of the pension systems, of favoring the “woke” bank over shareholders.
Five city pension funds had a total of $41,867,214 invested in the doomed bank as of Jan. 31, according to data provided by the comptroller’s office under a Freedom of Information request by The Post.
The comptroller’s Bureau of Asset Management oversees the investment portfolios.
Among the largest funds left holding the bag were the Teachers Retirement System, which plunked at least $15,804,413 into SVB; the New York City Employees’ Retirement System ($12,930,936), and the Police Pension Fund, ($8,967,580).
(Excerpt) Read more at nypost.com ...
The fruits of the ideology and practice of socialism.
Oh for crying out loud. That’s about one one-hundredth of a percent of the fund.
Go woke go broke.
Go Woke....go Broke.
“Oh for crying out loud. That’s about one one-hundredth of a percent of the fund.”
Yes, it’s only a minuscule portion of the fund but if the remaining is similarly invested (which I suspect it is) then it puts other amounts at risk.
...and it’s only about 3.5% of the amount of money Bill DeBlasio’s wife carted off..
When will Sam be brought to trial?
better call Saul...fiduciary duty...
No, No, No...teachers, firefighters and cops did not loose pension money. Ultimately, they will be made whole by taking that money that was lost because of bad investments from either New York taxpayers or from federal taxpayers.
We have seen in state after state and city after city bankrupt pension programs bailed out by “compassionate” Democrats.
Isn’t this the bank that was bailed out that saved all the insiders money like Oprahs $535 million?
BFH
Mismanagement of pension funds
Yellen knows all about that she’s tapping into many of them to pay on the debt Joey mum.
Wait for the best part
We’re going to pay it back
Unfortunately you are correct... taxpayers need to take this no more.
On an NYS related note...
Get a load of the spin.
New York State pension fund reports investment loss, tax increases could follow
The public exists to service its servants.
New York State Common wins push for disclosure of political spending
Union presses Hochul to sign bill granting 20-year retirement to range of state police officers
And let's just "police officers" is very broadly defined.
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