I just read a great article about the whiz kids over at the Comptroller's office "transitioning" the city's five pension funds into hedge funds. Don't you just love those glitzy words like transitioning. They make you feel so warm inside.
Of course, I also just read a more skeptical article offering sympathy to the beneficiaries of the funds for the folly of this move.
In the same vain I also read a March 7, 2013 Wall Street Journal article titled "Stop Hedging Around" which confirms the fact that when the city pension funds decide to go into a new investment, it is time to get out of that investment. The same author wrote a 2011 article titled "The Truth about Hedge Funds" for Smart Money. No wonder there is a public pension crisis in this country.
The mayor is now worth $27B up from $4B when he first became mayor in 2002. Where is that investment expertise when it comes to the city pension funds?
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