In 2007 the Comptroller wanted to put the City Funds in Hedge Funds…what happened? [Mr. Thompson accepted about $25,000 in campaign contributions from 24 employees of the Manhattan law firm Schulte Roth & Zabel LLP, which, on its Web site, states that it represent half of the 100 largest hedge funds.]
In late June of 2008, the City Funds lost Billions and the New York City taxpayers are on the hook, as the funds are guaranteed no losses by the city charter.
Is it the taxpayers who should pay, or the New York state legislature?
“When investing for retirement, don’t be seduced by the promise of excessive returns made by hedge fund promoters. They come at the price of high risk. In addition, there are added problems of lack of liquidity, lack of meaningful regulation and lack of transparency.
My advice? Just say “no.”–
“Naked Truth Investing: Hedge Funds are for stupid rich people