Albany, NY, Aug 09, 2011 — State comptroller Tom DiNapoli says even after the big drop on Wall Street yesterday, he believes the state's massive pension fund can withstand market swings. Karen DeWitt has more from Albany.
DiNapoli, as State Comptroller, is sole trustee of the state’s multi billion dollar pension fund. In a statement, the Comptroller says while the over 630 point drop in the stock market is a “concern”, he thinks the fund can deal with market swings, saying as a long term global investor, he has “long term confidence in the global marketplace”.
DiNapoli says traders are reacting to perceived weaknesses and he believes there are still areas of financial strength that present good investment opportunities, and he says he has faith in the nation’s economy and believes it will recover.
The state budget depends on 15% of its revenues from Wall Street salaries and profits. A longer term decline could open up a deficit in what DiNapoli has previously said is a “tightly balanced” budget.