Tuesday, January 7, 2014

Where's Waldo?

For the fourth year in a row, NYCERS has failed to identify the Chair of the Board of Trustees. See page 7 of the new FY-2013 NYCERS CAFR .

For fun, check the video of the most recent investment meeting to get a glimpse of this elusive person.

On a more substantive issue, check pages 121 to 128 of the CAFR to see the details on $150.5M paid in investment fees of which roughly $110.0M was wasted. Also check page 105 for a notice of $29.7M which was paid for miscellaneous and organizational costs. In plain English, that is $29.7M down a rat hole. NYCERS has no clue who it paid this money to. At the end of the year the agency was just short $30M. What the heck, we'll charge it to organizational costs. No one will know the difference. I wonder if that will work with the DFS auditors?

On a funny closing note, check page 107. Susan Sanders now performs consultant services for $100K per year. She no longer provides legal services. I guess someone at NYCERS is reading my blog.

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