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DiNapoli for Comptroller
October 25, 2010
It's difficult to imagine a tougher start to a new job than the one
Comptroller Thomas P. DiNapoli faced in 2007. His disgraced
predecessor, Alan Hevesi, resigned weeks after his re-election, and,
in a tumultuous process, the legislature picked DiNapoli, who rose to
the challenge admirably. DiNapoli has climbed a frightfully steep
learning curve, brought stability to a demoralized agency, and tackled
a cascade of crises. At the top of that list is the deep recession
that has taken a large bite out of the state's common retirement fund,
and the series of Newsday stories showing how attorneys for school
districts were gaming the pension system. He has also overseen audits
of school districts and the troubled MTA.
Now DiNapoli, 56, of Great Neck, faces two more tests: One is Hevesi's
recent guilty plea for placing a major investment and getting in
return almost $1 million in favors. It was a huge morale jolt to the
office. The other is a challenge by the impressive and financially
savvy Republican candidate, Harry Wilson, 39, of Scarsdale.
After making a lot of money in private life on Wall Street, Wilson is
offering to make a lot less in public service. Last year, he did
admirable work as the GOP point man for a Democratic presidential
administration in restructuring General Motors.
Compare Wilson's financial acumen with DiNapoli's, and Wilson wins.
But this job is about more than investments. In fact, Wilson says the
pension fund should be less actively managed: Much of it should be
invested to mimic the performance of standard index funds. That's an
appealing way to eliminate a scandalous pay-to-play system.
The pension fund faces problems. If it falls short of the 7.5 percent
earnings goal that DiNapoli set, down from 8 percent, local
governments will have to make vastly larger contributions to make up
the difference. So the comptroller will need sound advice, possibly
from a board of investment gurus, if one can be structured to avoid
conflicts of interest.
A big part of the job is watching over taxpayers' money. DiNapoli
should be more aggressive in his audits of local governments, state
agencies and authorities, looking for big-dollar savings from broad,
systemic change. Most important, he must be a leader in the
much-needed restructuring of the state's entire pension system. That
requires knowledge of how Albany works, plus the network of trust
DiNapoli, a passionate advocate for Long Island, has built over the
years. Wilson's business skills alone wouldn't get it done, but Wilson
is a significant talent and we hope he finds his way into public
service.
Right after his appointment, we called DiNapoli "Mr. Clean and Mr.
Consensus." Still true. If he wins a second term, the comptroller must
now become Mr. Change, the catalyst in the urgent need to make our
pension system and our state's finances sustainable. Newsday endorses
DiNapoli.
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Together, we can change the world, one mind at a time.
Have a great day,
Tommy
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