New York, NY – New York City Comptroller John Liu has hired the former chief executive of MF Global Holdings Ltd. to help manage the city’s pension investments.
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The Wall Street Journal reports that Kevin Davis was quietly hired in September as head of commodities in the comptroller’s Bureau of Asset Management.
Davis left MF Global in 2008 after the firm lost more than 90 percent of its market value.
His hiring has drawn criticism from stakeholders in the city’s pension system. MF Global was sued by four public pension systems outside New York that claimed the firm misrepresented its risk-management practices to investors.
A Manhattan federal judge approved a $90 million settlement in that case last month.
The comptroller’s office says Davis was the best applicant for the job.
Corrupt meets corrupt. Democrats as usual.
If he left mf global after losing 90% the questions is if he was reponsible for those losses or that his investments and they made him “leave” or that he made money but the company did nit follow his advice. I am sure we can all make the city’s pension system lose 90% of the value for much cheaper than he is asking to do it.
IMO Comptroller Liu is history. He might even go to jail. I don’t think he will finish his term as Comptroller. The FBI is on his back big time and his whole office is in disarray. Like the Post says: its time to step aside.