Wednesday, December 9, 2009

Johnny Liu to the rescue!

From the NY Post:

Investment firms that have reaped hundreds of millions of dollars managing the city's mammoth pension funds over the last eight years could be in a for a rude shock when John Liu takes over as comptroller.

Liu, a Queens city councilman with a background in finance, thinks investment managers are making too much money off the $85 billion pension funds.

"The funds seem to be thinly diversified and heavily managed at the same time," Liu said. "It suggests investment-management expenses can be trimmed."

That's sure to send shivers through firms collecting big bucks to oversee the city's pension investments, which include everything from staid fixed-income securities to leveraged private-equity placements.

Liu's assessment came after what he called a "very cursory review" of pension portfolios. Final decisions will be deferred, he said, until he has consulted with a new team of professionals he's recruiting.


Anonymous said...

is it possible that his "professionals" have connections to ACORN,THE SEIU UNION AND THE WORKING FAMILIES PARTY ?

GLEN BECK ,get ready.

Lino, con-talk hater said...

"GLEN BECK ,get ready."

Glen Back GO TO HELL!-and take the rest of that dying medium (AM radio)with you.

Anonymous said...

Yeah, I guess he has some friend to steer the money money to at initially lower fees. Sic.

Anonymous said...

China will manage our money free! :o

Anonymous said...

GLEN BECK SHOW is broadcast each day on FOX CHANNEL 118. it is reported that FOX has the best viewer ratings at this time.

i see that barbara wa wa just rated him "FANTASTIC".

since Beck exposed the Obama White House advisors as Maoists,marxist ,socialists, they seemed to have left the scene? would you care to name them,or does it shame you? Beck nailed them.