NYC Pension Manager Firings Belie No-Secrecy Pledge
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New York City Comptroller John Liu, who campaigned last year promising “full accountability and transparency” as chief financial watchdog in the most populous U.S. city, has refused to disclose the identities of money managers fired by the city’s $103 billion pension funds.
In an April speech to business leaders, the comptroller said he dismissed six managers for “poor performance.” He refused to identify them all, even after Bloomberg News sought their names under the state’s Freedom of Information Law. Liu, a Taiwan-born Democrat who became the first Asian-American elected to citywide office in November, didn’t want to embarrass them, said his spokeswoman, Sharon Lee.