Over the last 30 years NYCERS has lost money in only five years. They are 2001, 2002, 2003, 2008, and 2009. Something very fundamental has gone wrong with NYCERS in the last eight years. In 2000 NYCERS was worth $43B. Today it is worth only $31B.
The mayor, however, has done very well in the last eight years. His personal wealth has gone from $4B to $16B. It's nice know that someone knows what he is doing.
It's too bad he wasn't able to be as successful as the chair of the NYCERS Board of Trustees. Eight times in the last eight years he has approved the annual authorization of Bill Thompson as the investment manager for NYCERS. He has also approved every investment decision that NYCERS trustees have made in the last eight years.
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