When You Elect a Man Without a Finance Background for Comptroller…..
Comptroller Brad Lander posted a video on social media today bragging that the NYC Pension system achieved a combined 10% return. (See video)
Lander doesn’t have the background to understand why 10% is not a good return. If he understood the market, he wouldn’t have made that video!
Councilman Joe Borelli shared this message:
For Comptroller Lander, the 10% is a big deal since this was the headline in May 2023: (See story)
Brad Lander didn’t say anything when the fund lost so much money! While the NYC pensions lost that amount, NYC had to make up that amount for the pensions.
Errol Louis, anchor from Spectrum News didn’t think it was fair to compare the pension fund to S&P. He said a better match would be Russell 3000.
Russell 3000 also performed a lot better:
In 2021, the pensions were doing a lot better. Back then, Ray McGuire told us that they were underperforming and could be handled a lot better.
Councilman Justin Brannan and Senator Andrew Gounardes pushed Brad Lander for Comptroller because he was their friend.
The government isn’t a fifth grade “friend contest”, people need the qualifications to do the job well.
Hugs,
marlene
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