Brad Lander's departure as NYC comptroller is a positive development for Gotham's substantial pension fund, estimated at $300 billion. Lander's tenure as the city's chief fiscal officer has been marked by a lack of awareness of his core responsibilities, particularly regarding the city's pension fund system. As the fiduciary, investment advisor, and custodian of this fund, Lander's primary duty is to ensure the funds are invested in securities that grow in value, thereby fully funding the retirement accounts of police, firefighters, and teachers. However, his failure to address the underfunding of these accounts, which is expected to worsen under Mayor-elect Zohran Mamdani's policies, is a significant concern. Lander's controversial decision to potentially remove BlackRock from managing city retirement money due to their refusal to align with his green energy agenda is a major issue. Despite BlackRock's strong performance and CEO Larry Fink's reputation as a top risk manager, Lander's approach is questionable. The city's demand for BlackRock's clients' portfolios to comply with Lander's whims, under threat of losing NYC funds, is an extreme and potentially harmful measure. This move is seen as a narcissistic and ill-thought-out strategy, especially given the ongoing global warming crisis and the role of developing countries like China and India in carbon emissions. The article also highlights the poor performance of green stocks and the success of traditional energy companies like ExxonMobil, further questioning Lander's approach. With Lander's reported plans to run for Congress, his successor, Mark Levine, is urged to ignore his recommendations and prioritize the city's pension funds. The article concludes by emphasizing the need for a fully functioning government to address the pension fund crisis before further damage is caused to the city's economy.
