Friday, March 5, 2010

No Strings Pension Funds 2010 Vs 70s Strings

No Strings Pension Funds 2010 Vs 70s Strings
In the 70's when New York borrowed from the pension funds they were forced by the federal government and others that loaned money to them to cut the budget and put the Emergency Control Board in charge of spending. State Controller DiNapoli has not made one demand on controlling the spending side if Albany uses the state pension funds to plug the budget gap. DiNapoli raised eyebrows by not immediately denouncing the borrowing plan, which was first reported Saturday according to the Daily News.

Signing on to the plan could also further jeopardize DiNapoli's standing with Attorney General Andrew Cuomo, who has made it clear he opposes borrowing to fix Albany's financial woes. Cuomo is still investigating DiNapoli in the pay-to-play pension fund probe and has demanded to no avail that the comptroller give up his sole control of the pension funds and appoint a board like the city to make the final decision who get the pensions to invest.

Wilson, the GOP candidate, said borrowing from the pension fund to cover pension costs would be a "perverse situation where the controller is reversing his historical role of defending the pension fund at all costs." Controversial pension plan could sink state Controller Tom DiNapoli (DN)

True New Gets Results
DiNapoli Gets Religion On Pension Fund ‘Raid’ (YNN) *DiNapoli to NY Legislature: Hands off pension fund (NYP)

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