Lisa Chow
Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Cuomo's Proposed Pension Fund Board Stalls
Sunday, March 14, 2010
New York, NY –
New York Attorney General Andrew Cuomo has made headway in his investigation into alleged corruption at the state's pension fund, with the guilty plea of a top state investment officer this week. Yet one of his key reform proposals has been stalled in Albany. WNYC's Lisa Chow reports.
REPORTER: Last October, Cuomo stood at the old Tweed Courthouse in downtown Manhattan and demanded an end to "pay to play" schemes at the state's pension fund, which was most recently valued at $129 billion. Cuomo said Albany must change the way the fund is managed. Make a 13-member board responsible, not the state comptroller. Cuomo believes with more people in charge, corruption would be less likely than in the current system, where a single elected official has final say on all investment decisions. That was five months ago. So far, no legislator has officially introduced Cuomo's bill. And with a massive budget deficit before them, legislators are unlikely to consider the change any time soon.
For WNYC, I'm Lisa Chow.
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