A big worry is the effect the legislation could have on private equity investments. We are already the funding of last resort for private equity firms. Due to transparency concerns this could cause them to no longer look to us.
The whole issue of divesture is a legitimate policy issue. But this is not how I would have written it.
Either Tom Lee and partners are victims of fraud or they dropped the ball in terms of due diligence. Today, we don't know which it is. This is not a good time to come to market with a new fund.
The governor's proposal would increase plan accountability while retaining board discretion on the administration of investment portfolios, ... The effect should be to enhance transparency while having no measurable effect on performance. These are positive steps the likes of which plans should and in fact will consider enacting on their own.
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