DiNapoli hires Goldman Sachs to pick stocks

[hrmjustin]

Rick Karlin, Capitol bureau

It wasn’t immediately clear how much they are being paid or how, nor is it known how this will fly with the left-leaning wing of the Democratic Party but Comptroller Tom DiNapoli is bringing on Goldman Sachs to help the state retirement fund invest in global stocks.

Here are the details:

New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (CRF or the Fund) has created a $2 billion strategic partnership with Goldman Sachs Asset Management (GSAM) to invest in a diverse group of global equity strategies viewed as having strong potential to enhance the Fund’s return. The partnership is the first of its kind for the Fund.

http://blog.timesunion.com/capitol/archives/220319/dinapoli-hires-goldman-sachs-to-pick-stocks/

[Historic NY]

1. I don't think its worth gambling again...

tying our money to Wall Street doesn't bode well.

[hrmjustin]

2. Agreed!