A New York politician got caught messing with the state pension fund. Here is how it affects you. No matter where you live and work. And even if you are on Social Security.

Alan Hevesi was the New York Comptroller. He was in charge of the pension fund for state employees. He took big money and gifts from money managers.  And from their agents.  Bribes.  If he asked them to give, it is called extortion. 

The managers wanted to manage some of the pension fund’s investments. He took their money and gifts. Then he directed at least $5 billion to them. (That we know of.) They got to manage those billions. They took their normal fees for the management, oh boy.

Now, why do you suppose only one guy was in charge of this pension fund? The fund is worth over $125 billion. Gee whilikers, that seems like a lot of money to let just one guy control.

Politicians set it up that way. So they could use those billions to lure gifts. Like this crook did. They have used the fund in the past to reward cronies. A few years ago they funneled many millions into “economic projects” around the state. They let their cronies select the projects. You don’t suppose the cronies were rewarding supporters. By selecting their projects for the money.  Perish the thought.