Tommy D's Nuts
Dear Monkeys,
I recommend shoving a banana in your own tailpipe and practicing
, as you read this next story. It should make the anal rape suggested by New York Comptroller Tommy DiNapoli a bit less painful in the future. Or you can just shrug it off and say: "that's BP's problem, he'll never ask me to pay for his stupidity". Here's further evidence that everything north of the Tappan Zee bridge, really is fucking Canada.
So the next time you try to rationalize your NYS tax dollars going to worthwhile causes, think of
Mr. Thomas DiNapoli , arguably the smartest ape in the room. The Hofstra wunderkind and former adjunct professor is swinging from the vines of state sanctioned armed robbery and waiting for bonus season with more zeal then any 1st year analyst. After all, you guys are going to work hard for your money. He's just going to bitch slap you and take his cut, while punching his chest in a self righteous daze.
Get your checkbooks ready boys, its only a matter of time before New York State begins requiring you to subsidize your next IPO and/or LBO venture with the deed to your childhood homes and guaranteed rights to your first born.
Enjoy your day.
I'm really worried for NYC's future. The tax and spend liberals are intent on taking money from the successful and giving it away to those who don't deserve it. Liberals inflicted so much damage to NYC from the 60's onward. If it wasn't for Rudy, the city would currently be just a bigger version of detroit.
Ridiculous. Fund should be banned from investing.
Trying to figure out how any of you think this is strange or a problem.
Suing companies and advisors for deals and investments that go sour is fairly standard.
He is operating within the law, and further is exercising his fiduciary duties. For him not to take every reasonable step within the law to maximize returns on the NY pension fund would not only be irrational and grounds for a lawsuit against the state, it would mean your taxes would actually go up. For every cent NY earns on this lawsuit, that is something you don't have to pay in taxes; for every cent they lose on an investment in BP, that is something you do have to pay.
So please, before you think, try to show a modicum of intelligence.
Drexelalum has a point, but I think the problem most of us have with this story is the fact that the pension fund knew (or should have known) the risks associated with investing in a public company in the stock market, and they wouldn't be suing anyone had BP's stock gone up 20%. When things go down, however, everyone looks for someone to blame rather than take it like a man. They took a risk and it didn't pay off; instead, it backfired in their face. Tough luck, that's how capitalism works. If you want a "safe" investment, buy some treasury bills.
You can only know the publicly disclosed risk factors - shoddy safety policies aren't generally disclosed in a 10K. Of course you don't sue anybody when stock goes up - you trusted them with capital and they have provided return on said capital - that's what supposed to happen. It's not about looking for someone to blame, it's about negligence and violation of fiduciary duty. I'm pretty sure there isn't a section in the securities laws that says to "take it like a man" when the company's negligence causes you to lose money.
On that note, I'm actually waiting for the shareholder suits calling BP to the carpet for paying out more than they are legally obligated to ($75MM currently). That will be an interesting lawsuit - though one I doubt anyone really wants to be known for bringing.
Drexel,
The guy is trying to use government muscle to hedge his own stupidity risk. I have a problem with all forms of implicit or explicit socialist leaning activity. He made the investment, the responsibility is his.
I don't have a stake in this, I no longer pay NYS taxes because of guys just like this.
If a company is held liable to every single person who ever invested a dime in it, where is the encouragement to do any due diligence at any point in any situation on the part of any investor? More importantly, where is the incentive for that company to do business? If it can be determined that BP actually did something wrong (read, "something they knew would happen and took steps NOT to avoid"), sue them to death. But this is not the case of protecting public interests. He is trying to cover his own careless tracks.
Sort of like Blanche Lincoln lambasting Wall Street and exempting the Walton's personal bank.
Maxime sit consequatur aliquam adipisci et odio unde. Non vitae autem aut omnis.
In quo ab id earum molestias. Est omnis inventore corrupti tempore. Aut ullam dolorum tenetur. Quis alias molestias dolor. Quis aut nihil perferendis alias voluptate.
Fuga officiis minus omnis nemo. Vel sed aspernatur commodi reiciendis. Aut et quidem maiores aliquid maxime.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...