Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
Two challengers, Drew Warshaw and Raj Goyle, criticize New York State Comptroller Thomas DiNapoli's management of the $300 billion pension fund, citing high fees, underperformance, and ethical concerns.Summary
The article details the campaign of Drew Warshaw and Raj Goyle against New York State Comptroller Thomas DiNapoli, who manages the state's $300 billion pension fund. Warshaw, a former politician and business executive, argues that the fund underperforms its benchmarks by 39% due to excessive fees totaling $1 billion annually, costing taxpayers $59.1 billion over 19 years. He advocates for low-cost index investing. Raj Goyle, a former immigration lawyer and political activist, focuses on ethical issues, including DiNapoli's investments in companies like Palantir and SpaceX, which he deems incompatible with public values. Both challengers highlight the lack of accountability in DiNapoli's sole-trustee role, where he acts as both manager and board. DiNapoli defends his record, citing the fund's full funding and high marks from independent reviews, but critics argue this masks systemic issues. The race underscores broader debates about pension fund management, transparency, and the influence of Wall Street on public finances.
(Source：Fortune)