Is Wall Street Really Robbing New York City’s Pension Funds?

“Heads or tails, Wall Street wins,” City Comptroller Scott Stringer said. Credit Photograph by FRED R. CONRAD/The New York Times/Redux Most any fee, even a fraction of one per cent, will come to look big if it’s multiplied by tens of billions of dollars. So when New York City Comptroller Scott Stringer wanted to make a point recently about the fees the city’s public-sector pension system had paid to asset managers between 2004 and 2014, he didn’t have to work very hard to find an outrageous number. Over the past ten years, New York City public employees have paid out

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