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DiNapoli: Pension Fund is More Transparent

Tuesday, April 14, 2009

State Comptroller Thomas DiNapoli is defending current practices at the state's $154 billion pension fund. He spoke this morning at a Crain's New York breakfast event -- just hours after the New York Times published an article about the ongoing investigations into whether former state employees received kickbacks in exchange for access to pension fund money.

DiNapoli says his office has improved its disclosure practices of so-called placement agents, or brokers who help firms win business with the pension funds.

DINAPOLI: We have a different process now of vetting all deals so that we can be sure we know if there is a placement agent, how much money is being paid, and if there are any relationships that would suggest a compromise.

DiNapoli says his office also posts its transactions on a monthly basis. Last month, two top aides of former State Comptroller Alan Hevesi were indicted on 123 charges, including enterprise corruption, securities fraud, grand larceny, bribery and money laundering. Hevesi has not been charged.

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