News & Politics

DiNapoli Bans Placement Agents from Touching Pension Fund

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In the current environment, it makes sense that comptroller Thomas DiNapoli would want to be as squeaky-clean as possible. He was the first statewide official to release his tax returns this year. And now, as the pension fund scandal under former comptroller Alan Hevesi unravels and the papers call for reform, he has prohibited paid agents from placing investments from the state pension fund. This cuts out “placement agents” such as Ray Harding affected to be under the Hevesi-Hank Morris regime, in which role Harding allegedly took payoffs out of the fund. DiNapoli also said he and law firm Day Pitney LLP would review the fund’s investments, hopefully heading off any unpleasant news from the Attorney General’s office down the road.