Antonacci: DiNapoli Short on Details 

Cites Vague Press Release on Goldman Sachs Partnership 

SYRACUSE, NY -  Republican State Comptroller candidate Bob Antonacci released the following statement after his opponent, Democrat Comptroller Tom DiNapoli, announced a new $2 billion strategic partnership between the New York State Common Retirement Fund (CRF) and Goldman Sachs Asset Management. Goldman and the CRF will invest the State's retirement fund in a diverse group of global equity strategies.  

 

"My first question is: What does "strategic partnership" mean?" said Antonacci. 

 

"If it's a contract, how has it been acquired? How will Goldman Sachs be compensated? Are there fees to be paid? If so, how are they determined? What exactly will the CRF, and by proxy the people of New York, get out of this deal?

 

"Remember, Tom DiNapoli was handpicked by Assembly Speaker Sheldon Silver to replace Alan Hevesi, who had to resign in disgrace. So, how much will this new "strategy" cost us, Mr. DiNapoli? Maybe we should just ask Shelly Silver."

 

DiNapoli's release goes on to claim that the partnership is "the first of its kind," as well as, "...designed to help strengthen the Fund as it provides benefits to New York's current and future public employee retirees."  

 

Antonacci's response: "Great. How?" 

 

According to the most recent Financial Statements and Supplementary Information for the New York State and Local Retirement System, the CRF already pays out millions of dollars for investment advisory services, and that's on top of the millions spent in other fees.

 

"This is classic DiNapoli, relying too much on abstract concepts, while coming up short on the details," said Antonacci.

 

"I am a Certified Public Accountant and a lawyer and I can tell good information from complete and utter garbage. Mr. DiNapoli, your press release on a $2 billion Strategic Partnership for Global Equity Investments is absolute garbage. What are you trying to hide? If you think New Yorkers are going to be fooled by the incomprehensible language of your press releases, think again."

 

Bob Antonacci is the two-time elected Comptroller of Onondaga County, which has the highest credit rating in New York State.

 

 

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