Sunday, May 02, 2010

NY pensions are losing Money on Goldman Sachs

The New York Post reports:
The city and state pension systems have more than $2 billion invested in -- and with -- scandal-stained Goldman Sachs, which has been bleeding money in the wake of fraud charges.

Four city pension funds -- for the NYPD, FDNY, teachers and other city employees -- have hired the Wall Street giant to invest $885 million, mostly in mortgage-backed securities, records show.

In addition, the taxpayer-backed pension funds own 1.86 million shares of Goldman stock, worth $269 million as of Friday, when the value fell 9.4 percent. The plunge came amid news that the US attorney in Manhattan has launched a criminal probe into possible securities fraud.

Imagine that.