The Emerging Manager Program

Some thing that everyone should think about before it actually happens is retirement. In New York State, the state has a program called the New York State Common Retirement Fund (CRF), which is pension fund. This pension fund is third largest pension fund in the U.S. with $178.8 billions in audited net assets. The State Comptroller (DiNapoli) acts as the sole trustee of the CRF.

DiNapoli announced that he is going to add additional $1.2 billion to the Emerging Manager Program, bring the total budget to $5 billion. “The recent $1.2 billion in commitments to the program will help strengthen the Fund’s overall investment strategy on behalf of the more than one million members and beneficiaries of the Retirement System” ($1.2 billion in new commitments to State Pension Fund’s Emerging Manager Program news article)

The Emerging Manager Program permits the CRF to invest in “newer, smaller and diverse investment management firms and provides opportunities of invest with qualifies minority and women owned business enterprises” (Emerging Manager Program). DiNapoli states “When you look at our program, and the success of it, and the overall strength of the Fund, it’s proof that expanding opportunities and access, to women-owned firms, to firms of color, to emerging managers – it’s not only the right approach, but it’s certainly the best approach” (New York State Common Retirement Fund’s Emerging Manager Program news article).

If you are interested in learning more about or starting your retirement, you should visit the New York State & Local Retirement System website (http://www.osc.state.ny.us/retire/index.php# ) or the New York Retirement News website (http://nysretirementnews.com/ ).

Sources:

http://www.osc.state.ny.us/pension/emerging/index.htm

Emerging Manager Program

http://www.empirestatenews.net/News2015/20150217-3.htm

Link to $1.2 billion in new commitments to State Pension Fund’s Emerging Manager Program news article.

http://nysretirementnews.com/new-york-state-common-retirement-funds-emerging-manager-program/

Link to New York State Common Retirement Fund’s Emerging Manager Program news article. Also has a video on the page

http://www.osc.state.ny.us/pension/snapshot.htm

Pension Fund Overview

Former Speaker Sheldon Silver Prosecuted for swindling

Assembly man Mr. Silver is being charged by prosecutors for two charges of mail fraud, and an extortion fraud. The Manhattan federal grand jury found Silver guilty of bribery, schemes, mail fraud, extortion of funds, that led to his dismissal and appointment of a new speaker Carl Heastie.

 Although Mr. Silver still remains an Assembly man, he was arrested in January and will go to the district court in Manhattan for further trials and hearings. Joel Cohen and Steve Molo who are both lawyers for Mr. Silver are both willing to battle in court for his innocence. The chances of winning this case are very low, however, the stakes are high, there will be more "balance to their paychecks" should Mr. Silver be acquitted.

Mr. Silver apparently received $3.4 million in bribery, performing illegal real estate deals, and funding medical researches. Silver will also pay additional fines for not disclosing other transactions; this secretive practices might put him in much more difficult situations than he is already in. Elites in Albany are calling for stricter legislative laws concerning the incomes of lawmakers outside of the scopes of office. Records of Silvers indictment have been released, which shows Silver preventing the disclosure of his outside income report. The New York State of politics blog by Nick Reisman also stated that Wietz and Luxenberg [a law firm] hired Mr. Silver in 2002, and also put him on leave after confirming his engagement in fraud, and concealment of outside activities.

It is not over for NYS Assembly Speaker

By now, it’s no surprise about what has been happening to New York State Assembly Speaker Sheldon Silver. After being charged with failing to properly disclose all of his outside income, and being stripped of his title, he’s about to get a real downsize. After failing to report nearly $4 million in payoffs and kickbacks, he has been relocated to a seventh floor office in Albany’s Drab Legislative Office Building. While it is unsure what Sheldon Silver will be doing with his new position, his actions will defiantly be being watched by federal law enforcement.

NY Daily News reports while the New York State Assembly declines all news reports, they have said that during a period of transition, change is not unusual. While Silver has been downgraded, the new office he received is given to those veteran Albany lawmakers. While still under federal corruption charges, he is still in a political position that grants him power.

Many people are angry and annoyed that someone who has had so much political corruption and failing to serve the public is still in a position of power according to The New York Times. This corruption scandal has brought many concerns and questions to new Yorkers. Why did Governor Andrew Cuomo disband the anticorruption panel? Funneling more than $500,000 of state money to Weitz and Luxenberg, there seems to be many problems within New York States Government and something needs to happen soon to change that.

Information Retrieved from: http://www.nydailynews.com/news/politics/sheldon-silver-fined-income-disclosure-charges-article-1.2119468

http://www.nytimes.com/2015/01/23/nyregion/speaker-of-new-york-assembly-sheldon-silver-is-arrested-in-corruption-case.html

Picture Retrieved from: http://nypost.com/2013/04/29/shellys-big-body-slam/

Lawyer-Legislators Against Disclosure Reform

In light of the recent call for income disclosure for legislators in New York a certain occupation will fight against the proposed “total disclosure” that Gov. Andrew Cuomo has called for. This occupation would be the lawyer-legislators that are currently in the legislature. According to Attorney General Eric Schneiderman, it will be “Very Challenging” to get full disclosure of clients from lawyer-legislators.

Eric Scneiderman (AP Photo/Richard Drew)

Many would argue that this disclosure will interfere will the lawyers ability to serve their clients. Interestingly, the New York City Bar association released a report in 2010 that outlines specific reasons why the disclosure of “client identity, the amount and nature of all fees and income above a minimum threshold, and a clear description of services provided in exchange for fees.” would not be a problem for New York. The report identifies the commissions in both Washington State and California that have been in effect for thirty years. Louisiana and Alaska both adopted full disclosure measures in 2008 and 2007. These disclosure commissions are independent of the legislatures themselves and do allow exceptions for extreme circumstances that are “very rare”.

Never the less Cuomo recently stated that maybe it might t be the sheer size of government in Albany that may be the root of evil and corruption. Ethic reform has a sizable coalition behind it and it will most definitely come to New York at some point.