New York City’s $140 billion retirement system pays Wall Street money managers about $360 million a year, the only one of the 11 biggest U.S. public- worker pensions that refuses to manage any assets internally. Larry Schloss, the city’s chief investment officer, says the practice must end.
New York City narrowed its projected 2013 budget deficit to $2 billion from $4.6 billion through agency spending cuts and $1 billion in revenue from new taxi medallion sales, according to Mayor Michael Bloomberg.
New York Mayor Michael Bloomberg endorsed Republican U.S. Senator Scott Brown of Massachusetts for re-election against Elizabeth Warren, a Democrat and Harvard Law School professor who helped create the federal Consumer Financial Protection Bureau.
New York City Comptroller John Liu stood in a Chinatown banquet hall last week surrounded by hundreds of guests who paid $100 each to celebrate his 46th birthday. There were platters of noodles, balloons and enough American flag-themed cake to feed the entire room.
Science Applications International Corp., the contractor hired to overhaul payroll systems for New York City agencies, agreed to pay $500.4 million under a deferred-prosecution agreement to resolve claims that it conspired to defraud the city.
New York’s 8 percent assumed rate of return on its pension investments is so unrealistic that the city may have to spend even more than the $1 billion it has in reserve for its retirement plans, Mayor Michael Bloomberg said.
A man fired from his job near the Empire State Building returned to his former workplace today and shot a co-worker, triggering a firefight with police near one of Manhattan’s most recognizable landmarks. The shooter and a 41- year-old man were dead after the violence, and as many as nine people were injured.