Dear Brad Lander:
Congrats on becoming the city’s next comptroller. It’s an important job, and I hope you’ll publish all sorts of interesting audits and reports. Before you get started, I suggest buying some comfortable gloves. Your phone is about to get hot from private-equity firms calling to help with the city’s pension funds.
The city pension plans collectively manage about $270 billion in assets, and they are coming off one whale of a year, in which their investments returned a whopping 25%. Normally a 7% return is a good year for a pension fund.
In light of that amazing performance, city officials concluded they don’t
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