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Alan Hevesi, Comptroller, State of NY

September 10, 2004 @ 12:00 am EDT

userimageMr. Hevesi presides over the 2nd largest pension fund in the nation, and by changing some rules the fund was able to save local governments about $1 billion, while protecting the fund. Hevesi gave an insightful and informative overview of how major events such as the tech collapse, and the events of 9/11, have major impacts on jobs, and state and city revenues. From tech collapse we lost about 160,000 at an average rate of compensation of $253,000. All of these high paid jobs have an enormous effect on the amount of tax dollars collected. He also spoke about my favorite gripe, which is the gaming of the stock market. While Hevesi stated that most corporations are run with integrity, those who have used the system dishonestly, have discouraged investing in the market. This lack of confidence has left the wall street workers with 1/2 the number of trades they were used to. They suffered a proportional loss of income and that translates to a smaller number of dollars in taxes. He pointed out that a properly regulated market, makes for confidence among the investor class. Hevesi spent a little time on the importance of auditing schools, and that about 20 of them have been scheduled for complete audiits. My guess is that more than a few school officials are losing sleep. As is the case in most LIMBA meetings, the Q&A period was lively. Hevesi seemed to really enjoy this part of the program, as did the audience.

Details

Date:
September 10, 2004
Time:
12:00 am EDT