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	<title>Landers &#8211; Our Story Insight</title>
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		<title>NYC pension system will be in better hands after Brad Lander&#8217;s departure as city comptroller</title>
		<link>https://www.ourstoryinsight.com/nyc-pension-system-will-be-in-better-hands-after-brad-landers-departure-as-city-comptroller/</link>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=11217</guid>

					<description><![CDATA[<p>Brad Lander won’t be New York City comptroller much longer — and that’s good news for Gotham’s rank and file. It’s not just because Lander is a knee-jerk leftist who rivals Mayor-elect Zohran Mamdani when it comes to his out-of-touch patter on economic policy. He’s also a dullard seemingly unaware of the core function of [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/nyc-pension-system-will-be-in-better-hands-after-brad-landers-departure-as-city-comptroller/">NYC pension system will be in better hands after Brad Lander&#8217;s departure as city comptroller</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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										<content:encoded><![CDATA[<p>Brad Lander won’t be New York City comptroller much longer — and that’s good news for Gotham’s rank and file.</p>
<p>It’s not just because Lander is a knee-jerk leftist who rivals Mayor-elect Zohran Mamdani when it comes to his out-of-touch patter on economic policy. </p>
<p>He’s also a dullard seemingly unaware of the core function of the job he’s held for the last four years.</p>
<p>Lander, as the city’s chief fiscal officer, is the fiduciary, investment adviser and custodian of the city’s $300 billion pension fund system. </p>
<p>He’s supposed to make sure the funds are invested in securities that grow in value so they can “fully fund” the retirement accounts of all the city’s police, firefighters and teachers.</p>
<p>Those accounts are not fully funded, and the shortfalls are poised to grow once Mamdani gets into office.</p>
<h2 class="inline-module__heading subsection-heading subsection-heading--single-line ">
			More From							<span class="subsection-heading__sub">Charles Gasparino</span><br />
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<p>Recall the mayor-elect’s pledges to raise taxes and turn the city into Moscow-on-the-Hudson, which will certainly cause more businesses and high earners to leave.</p>
<p>Now Lander wants to oust BlackRock from managing city retirement money because it refuses to embrace his weird green energy agenda, which envisions a future of windmills and bicycles along the streets of New York instead of cars — and energy bills that no one can afford.</p>
<p>Consider: BlackRock doesn’t suck at money management, it’s actually quite good at it. </p>
<p>Its CEO, Larry Fink, is considered among the best risk managers in the business.</p>
<p>BlackRock’s big crime is that it doesn’t want to be an accomplice to Lander’s wacky, unrealizable and maybe illegal campaign on the climate — i.e. reducing carbon emissions with brute force.</p>
<p>In Lander’s mind, the stocks of companies that drill for oil, frack natural gas, keep our lights on or make sure the AC works in the summer are pure evil.</p>
<p>The comptroller, of course, prefers those that embrace green energy — like those useless windmills off the coast of New Jersey that give the state some of the highest electricity bills on the planet.</p>
<p>What’s more, Lander literally wants the city to demand that all of BlackRock’s clients’ portfolios — not just the NYC retirement system’s — comply with his whims under threat of NYC yanking its funds.</p>
<h2 class="wp-block-heading">Dumb and dumber</h2>
<p>It’s among the most narcissistically dumb ideas to ever come out of a public official. </p>
<p>Let’s get real: little Brad Lander ain’t doing nothing to stop global warming; China keeps polluting and adding to carbon emissions every day. So does India and the rest of the ­developing world.</p>
<p>Plus, those green stocks often really do really suck (Google “Solyndra”) while companies that invest in good old-fashioned crude like ExxonMobil — with a five-year spike in its shares of nearly 200% far outstripping the S&#038;P — really don’t.</p>
<p>BlackRock’s CEO, it should also be noted, is an odd target for Lander. </p>
<p>Fink was one of the key proponents of so-called Environmental, Social, and Governance (ESG) investing, which took into account carbon emissions of companies in which it invested.</p>
<h3 class="inline-module__title headline headline--combo-sm-md">
							Charlie Gasparino has his finger on the pulse of where business, politics and finance meet						</h3>
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<p>He got a bad rap from the political right for it, and BlackRock lost business — that is until Fink clarified the company’s position: As Fink told Lander years ago, the NYC comptroller can’t dictate what BlackRock does for the Texas state pension.</p>
<p>Plus, if BlackRock sold all of its $225 billion in energy-related stocks — the largest energy slug owned by any money manager — it would probably crash all major stock market indices.</p>
<p>How is that good for NYC retirees? </p>
<p>It isn’t, of course.</p>
<p>It shows how little thought Lander probably put into this attention-grabbing charade as he reportedly gears up to run for a seat representing lower Manhattan and progressive parts of Brooklyn in Congress in the 2026 midterms. </p>
<p>It also shows why lefty Manhattan Borough President and former City Councilman Mark Levine, who will replace Lander as comptroller, should just ignore his predecessor’s recommendation.</p>
<p>Levine probably won’t, of course, given how progressively cringey NYC politics has become. </p>
<p>I should point out that neither Lander nor Levine has the complete final say over where managers of the city’s retirement system invest all that money. </p>
<p>That say belongs to the trustees of the funds, of which the comptroller has one vote, while the mayor appoints members as well.</p>
<p>That doesn’t mean Lander should be given a pass in the court of public opinion for making this an issue.</p>
<p>Nor should he be given a pass when it comes to his legal obligations as city comptroller, i.e. maximizing returns in the retirement system, as opposed to tilting at windmills.</p>
<p>A fully functioning government should take action before Lander or whoever replaces him does even more damage to a city that has been losing population and business for years.</p>
<p>But our local prosecutors (Manhattan DA Alvin Bragg, et al) are too busy jailing citizens defending themselves from criminals to make sure a raging leftist doesn’t defund pension funds that are already underfunded — and bound to get worse as the city goes full-on socialist under our new mayor.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/nyc-pension-system-will-be-in-better-hands-after-brad-landers-departure-as-city-comptroller/">NYC pension system will be in better hands after Brad Lander&#8217;s departure as city comptroller</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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