News & Politics

DiNapoli: I’ll Continue to Run the Pension Fund Myself, Thanks

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When Andrew Cuomo started digging up crooked deals in the pension fund, state comptroller Thomas DeNapoli was quick to endorse an end to the use of corrupting “placement agents” in handling fund investments. But there’s only so far DiNapoli is willing to go. Bloomberg News says DiNapoli wants to remain the sole trustee of the fund, rather than turn its oversight over to a board. After the apparently spectacular malfeasance of former comptroller Alan Hevesi, you might think he’d want someone else sharing responsibility — particularly as New York is one of only four states with a sole trustee responsible for its pension fund. But DiNapoli is confident in his own integrity and sees no advantage in adding new officers. “You could argue that with a board you have more eyes looking at decision-making,” he says. but “you could also argue that you have more mouths to feed and that you have less accountable or less open process.”


Still, he’s not above accepting a little help: DiNapoli has hired Day Pitney to review the fund’s investments to see if anything’s amiss with the investments impacted by the scandal, and to prepare his office to handle any fallout.

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