Drew Warshaw, a Democratic candidate for New York state comptroller, released a report Monday which seeks to analyze incumbent Comptroller Tom DiNapoli’s record.
Warshaw said that the contents of that report should make New York taxpayers think twice before extending DiNapoli’s nearly two decades in the role.
The release claimed that over DiNapoli’s 18 years in office, his methods for managing the state’s pension fund have cost taxpayers an additional $59.1 billion thanks to a reliance on Wall Street investment managers that Warshaw says come at a high price.
The pension fund must remain fully funded by state law.
Warshaw claims the fees paid out to hundreds of Wall Street managers have underperformed, forcing taxpayers to make up the difference.
“Not to go to public services, not to go to public infrastructure, but to fill the hold left by DiNapoli’s high fee, low return on investment decisions while Wall Street managers made off with billions,” Warshaw said.
DiNapoli’s campaign did not respond to a request for comment but the findings were first reported by The New York Post Monday morning and a spokesperson for his campaign called Warshaw’s findings a “shoddy report full of math mistakes.”