Comptroller Sees ‘Trying Times,’ But Is Bullish on Pension Fund
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Comptroller William Thompson Jr. is assuring New Yorkers that the city’s pension system will withstand the mayhem that has struck the financial sector.
Only about two-tenths of a percent of the pension fund is invested in Lehman Brothers, Merrill Lynch, and American International Group, the three powerhouses that were most affected by the mortgage crisis this week. Still, he is warning that the $110 billion pension fund will probably shrink due to dismal economic conditions.
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