Cuomo Vs. Thomas DiNapoli
Cuomo is merely generating hot air in his quest as an advocate for the taxpayer. Cuomo is interested in the publicity and not structural reform. It is obvious to this columnist that Cuomo is all hat and no cattle.
[Policing Wall Street]
The difference between New York State Comptroller Thomas DiNapoli and New York State Attorney General Andrew Cuomo in protecting the New York State
Common Retirement Fund is the difference between night and day.
Cuomo is allegedly investigating the pay-to-play scandal in the office of the New York State Comptroller.
I say allegedly because Cuomo is really all bluster. Recently Cuomo announced that Carlyle/Riverstone must regurgitate some $50 million in fees, which it obtained from managing money for the New York State Common Retirement Fund (CRF). Carlyle/Riverstone is currently managing $530 million in pension funds for the CRF.
Carlyle/Riverstone still keeps 20% of the profits that the CRF investment earns. Assuming 10% annual profits of approximately $50 million, Carlyle/Riverstone earns $10 million per annum- for the length of the investment usually a 10 year period.
So Cuomo has permitted the big guys on Wall Street to continue to steal with little regard for the people, who voted for Cuomo.
Let's contrast that with the actions of New York State Comptroller Thomas DiNapoli against Renaissance Private Equity Partners and its alter ego Aldus
Equity Partners and several other defendants.
Aldus Partners was also involved in a pay-to-play scheme involving the CRF with David Loglisci and Hank Morris, who were also named as the go-betweens in the Carlyle/Riverstone imbroglio. The involvement of Loglisci, Morris and Carlyle/Riverstone has been fully detailed in a series of articles, which have appeared in The Black Star News.
DiNapoli, who became Comptroller due to the ouster of Alan Hevesi for abusing taxpayer money, has decided to reform the awarding of contracts minus the bombastic antics of Cuomo.
DiNapoli has a far more effective strategy. DiNapoli has sued in New York State Supreme Court. But not to recover only the management fees. No, DiNapoli has sued to recover the principal amount invested in the Aldus and other funds-an amount of $350 million.
To further prevent the pay-to-play fiasco from again occurring, DiNapoli has sued for punitive damages because of the corrupt practices of the CRF in selecting the funds in which the CRF would invest-and the involvement of Aldus in these corrupt practices.
Cuomo is merely generating hot air in his quest as an advocate for the taxpayer. Cuomo is interested in the publicity and not structural reform.
It is obvious to this columnist that Cuomo is all hat and no cattle.
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