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-- John -- the chief financial officer of the city has been in office.
We're just fifty days but is already pushing big changes for the city pension funds he manages totaling 98 billion dollars in assets.
Here now on a Fox Business exclusive interview this job -- New York City comptroller and you're some waves here it's good to go above a hundred.
You think you are would probably yet that was as of the in the last month -- you've got to be one of the few cities.
That actually is growing with its pension because the pew report that just came out yesterday showed.
Total and utter panic that there's a trillion dollar deficit between how much that I need for their public worker pensions.
And how much they actually.
It's an enormous liability that's outstanding and obviously it governments all across this country need to figure out ways to systematically.
Fulfill those obligations by funding -- -- what are you going to do to keep New York's growing.
Well New York's pension plans are fortunately they had a good -- good grade from the pew reports.
There's there's been careful systematic funding out all the city and state pension plans.
At the city level we've we've had ups and downs the good pension assets was high as a 120 billion dollars.
Have to be the typical market times of all waded -- -- -- -- -- went as low as 85 billion so now we're back up somewhat.
But I think the -- point -- is that it is it is one of my prime objectives.
To work with the pension trustees and new RC to ensure that we are maximizing -- times and one of those things you wanna do.
Is actually to partially lift the ban that attorney general Andrew Cuomo had put into place.
For this so called I get that call that pay to play but where you actually have placement agents.
Who help investment managers win business from pension funds and the AJ absolutely hated this because he felt that there was a kickback scandal brewing and and so he -- of them why do you say lift it and in fact I.
They're probably was some kind of kickback scandal.
There are charges that have been brought at the state level and they are people going to the process right now.
When when the scandals happened -- the New York State.
Pension fund level last year.
The immediate reaction in new York and actually in other parts of the country and including the SEC itself was to say you know what let's get rid of these placement agents.
But I think.
In the intervening months we've had a more thoughtful look at exactly what happens and what role placement agents have.
I do believe that there there are some placement agents that really have no role in the process just -- they get a fee for introducing.
Fund managers to to mass atrocities.
But there are some pension.
Some placement agents who provide value added services such as due diligence which is legal document.
And and those -- Manhattan.
Placement agents are relied upon.
My salute small up and coming fund managers many of whom are women and minorities.
And so I wanna I wanna make sure that.
That the up and coming fund managers don't get locked out of the process because they don't know it's -- way to go but at the same time.
While world making a more reasoned approach at.
Placement agents and recognize it as it appears the SEC is starting to do now.
That the placement agents should not be banned outright but there should be.
-- very strict set of regulations and coupling that with a policy that's very strict policy in my office.
Of no gifts and no -- -- OK but I love it because you're you're in essence taken on Andrew Cuomo in -- way because he says no you're saying yes with an explanation.
Let me know I'll hold -- -- I'm working very closely with the attorney general he's been working on this for quite some time now OK with it and he is he is on the right track in many of these areas.
As I said even the SEC itself has evolved somewhat.
In the intervening months with regard to how they want treatments -- let's talk about banker bonuses.
That there's outrage certainly about Wall Street they took all of the taxpayer money now they're doing better than everybody else and nobody.
Nobody's against them actually doing well but it doesn't sit well with people that sit with you because those bonuses.
Bring in tax revenues to the city coffers in a big way -- They do.
And of course the easy thing to do -- would be.
To support millions and millions of dollars billions of dollars of bonuses being paid out this year so we can immediately address the deficit that needs to be reached within a matter of four months what does that deficit right now the deficit that the city level is four billion dollars -- -- at the state level it's eight point two billion pocket at a -- cola just a few English -- growing.
Unfortunately those are very large numbers out.
But I think Americans and including New Yorkers have a right to be outraged that taxpayers bailed out just -- banks and now -- They are experiencing record profits.
And giving or proposing in some cases to give millions and millions of dollars away to top executives.
Nobody understands what the processes by which to calculate these -- since.
And and you could say that these bonuses were made possible by taxpayer bailouts and subsidies.
And so I think.
Here in New York City sure we can say -- we give those bonuses because we need attacks from news.
But -- concerned not just about this you know make sure that the books are balanced.
Next year and the year after that and -- -- after that and the way to do that it's 222 gold these banks into perhaps freeing some of the credit.
So that homeowners can send their homes.
Small businesses can -- I've got to ask you this before Rico governor Paterson -- said he wants to cut services to bring down the deficit for the state.
Don't cut tap into the rainy day fund which is -- what about a billion dollars because it's raining folks.
But it shouldn't the government be forced to cut first even if it's painful not saying don't cut there are no there there is no question that's significant.
Cuts in expenditures must be taken at the state state and city well and I'm also saying.
Is that there is a rainy day fund of more than a billion dollars and it is pouring right now.
And so -- -- -- -- terrorism hit god forbid wouldn't it better be just saved better to have.
Powder dry in case there is a true emergency where we needed immediate well that's true but the billion dollars we're talking about going to hit the classrooms immediately and -- -- going to be short period.
-- solid education.
I know but I I look at this that the educational aspects of the city -- I've watched year after year where a lot of it.
Mistreated you now it's just looks looks disastrous.
While there -- a lot of typical budget choices that will be taking -- that the state and city levels.
I think it at the end of the day -- will necessarily be a combination of significant expense reductions.
As -- as well some revenue John -- New York city's new comptroller of the money sheriff OK we'll.
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