Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
October 21, 2014

The Dangers of Elected Pension Managers

The New York Times looks at how former New York City Comptroller and current mayoral candidate Bill Thompson (D) “raised campaign money aggressively from those seeking business from his office.”

“Mr. Thompson’s political fund-raisers arranged for him to meet investment managers pursuing city business, sometimes within days of when the donors made their contributions to his campaign. In some cases, he met those investment managers in his government offices.”

Matthew Yglesias says that this “is a very systemic problem.”

“The fund managers get fees, some of the fees get turned into campaign contributions, and everyone wins. Everyone, that is, except for taxpayers… There’s a range of misconduct from the felonious to the sleazy to the merely inept along which this kind of situation can play out, but ‘effective stewardship of public funds’ isn’t likely to be on the list.”

  • http://satp.blogspot.com/ JoshSN

    Another reason to vote for John Liu…

    The NY Times, already having endorsed Quinn and having investigated 1000s of pages of documents, can’t link Liu to any of the scandal except the lame attempt to point out he made one good investment that Thompson may have originally invested in shadily.

    By the way, Montesquieu points out one culture let the lawyers elect all the Judges. The idea is that lawyers would want to get rid of the most effective competition they have… the best lawyers around.

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