A Democratic challenger just took aim at New York’s powerful pension fund, according to Spectrum News 1. Drew Warshaw released a report accusing Comptroller Tom DiNapoli of costing taxpayers billions through expensive Wall Street investment strategies.
Warshaw claims DiNapoli’s approach over 18 years relied heavily on outside money managers who charged high fees and delivered weak returns. He argues that shortfall forced taxpayers to cover an extra $59.1 billion to keep the pension fund fully funded, as state law requires.
DiNapoli’s campaign pushed back hard. A spokesperson dismissed the report as flawed and full of math errors. The analysis was first reported by the New York Post.
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