Tuesday, April 12, 2011

NYC taxpayers foot $850 million bill for Wall St. pension fees

New York City taxpayers are helping to pay $850 million in Wall Street investment fees -- even as these financial gurus have produced only meager results for strapped city and state pension funds.

City Comptroller John Liu this week released a comprehensive analysis of NYC pension costs over the past decade, revealing why they have risen from $1.2 billion to $7.7 billion.

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