How Alessandra Biaggi Defeated Jeff Klein

 Victory was sweet for Alessandra Biaggi Primary night 2018, with City Comptroller Scott Stringer, City Council Speaker Corey Johnson, former Councilman Oliver Koppell,  and over 200 people who came to celebrate the the victory of the new Democratic candidate for the 34th State Senate District Alessandra Biaggi.

  So how did Alessandra Biaggi defeat a seven term, fifty-eight year old state senator who became the Fourth Man in-the Room as head of the Independent Democratic Conference (IDC) in the state senate? Jeff Klein was elected to the state senate the same year that Congressman Joseph Crowley had his last Democratic primary, 2004. 

  With the election of Donald Trump as President in 2016 the old line way of Democratic politics was changing to bring in new younger voters for the first time. Congressman Crowley didn't realize that until it was to late, whereas Alexandria Ocasio-Cortez was mobilizing these new young voters, who had moved into the 14th Congressional District. In those fourteen years since Crowley had his last primary the congressional district changed. Then in June of this year Joe Crowley lost the Democratic primary to a 28 year old woman named Alexandria Ocasio-Cortez. 

  When looking at the 34th State Senate district, Jeff Klein as the head of the IDC was given extra privileges such as a larger budget for staff, more monies to dole out to his district, and a bigger persona by being the forth man in-the room when it came to state budget negotiations. One of the pitfalls of all that was that he was being accused of keeping Republicans in control of the state senate. 

  When Donald Trump became President in 2016 things started to go wrong for Jeff Klein. In 2017 it seemed that the backlash against Donald Trump was aiming at him. Klein was eventually forced to give up the once coveted position as head of the IDC, disband the IDC, and rejoin the Senate Democratic Conference or face tough primaries for all eight members of his conference. It was well known that Assemblyman Luis Sepulveda was going to replace Ruben Diaz Sr. (now Councilman Diaz Sr.) in the state senate, and it had been rumored that Sepulveda would become the ninth member of the IDC because of his friendship with Klein, but now that would not happened. 

  As Luis Sepulveda got the Democratic nod for the special election in April of 2018, Democratic Conference Leader Andrea Stewart-Cousins and Senator Michael Gianaris were in the audience. I asked Senator Gianaris if this deal with Jeff Klein would last through the election. He laughed and said 'not even that long'. Once Alessandra Biaggi and others declared their intentions to run against Klein and other former IDC members things changed again for Jeff Klein. Two months later Congressman Joe Crowley was defeated, and Senator Gianaris came out with the following statement. 'The Senate Democratic Conference is not siding with the former IDC members or their challengers'. That was a slap in the face to all eight former IDC members including Jeff Klein.  

  Momentum continued to build against Jeff Klein and the other former IDC members. It seemed that the Anti-IDC movement had grown so that it was now so large it could not be stopped. Alexandria Ocasio-Cortez who defeated Congressman Crowley in the June congressional primary and others like Congressman Jerry Nadler and former Riverdale Councilman Oliver Koppell also had endorsed Biaggi. Mayor Bill de Blasio was endorsing two opponents of former IDC members (one in Brooklyn and one in Queens). City Comptroller Scott Stringer and City Council Speaker Corey Johnson then also endorsed Alessandra Biaggi. Oliver Koppell ran against Klein in 2014, but while Koppell edged out Klein in Riverdale, Koppell was badly beaten in the Morris Park and East Bronx side of the district. That however was while Jeff Klein and the IDC were riding high in the state senate.

The Biaggi plan was simple, if Alessandra Biaggi could do better than Oliver Koppell in Morris Park and the East Bronx the plurality of votes from South Riverdale would hold up. There were two target areas, seventy election districts in Riverdale, and seventy election districts in Throggs Neck. Since Ms. Biaggi was from the Pelham area of the Westchester County part of the district it was felt that she would win there also. More and more people joined the campaign for Alessandra Biaggi, and against Jeff Klein. There were mailings and mailings galore from both candidates, but it seemed that the voters wanted a new voice for them as they did in the congressional primary. After the three debates it seemed that Alessandria Biaggi came out ahead in all three. In fact she did so well in the City Island debate that she won the area which had been solid for Jeff Klein in past elections. 

  The September primary day arrived, and voters went to the polls. There was a larger than usual turnout, and it seemed that more younger people were voting. They no longer wanted politics as usual, but wanted new faces in office. The polls closed at 9 PM, and results came in slowly, but Biaggi never trailed. By 10 PM she held a slim but steady lead. After 11 PM there was a huge roar of "BIAGGI, BIAGGI, BIAGGI." it was at that point that Alessandra was being declared the winner of the 34th State Senate District. In all five other former IDC members lost on primary day, leaving only Brooklyn/Staten Island State Senator Diane Savino, and Rockland County State Senator David Carlucci the only two former IDC members in office less than one year after the break up of the IDC.

Scott Stringer on Primary day outside the Riverdale Kingsbridge Academy, (the largest poll site in Riverdale)  with Assemblyman Jeffrey Dinowitz. Dinowitz was giving out palm cards for Jeff Klein.

BIAGGI POST PRIMARY STATEMENT

  Alessandra Biaggi, the Democratic candidate for State Senate in District 34, issued the following statement:

I want to thank all the Democrats from all over the Bronx and Westchester who voted for me in the primary and made me the Democratic candidate for State Senate in District 34. I am so immensely grateful for your support and enthusiasm.

I’m going to continue working very hard from now until November listening to the needs and concerns of everyone in the District.

Our campaign will continue to be about the same issues it has been from the start and about mobilizing to ensure they are passed: guaranteeing a woman’s right to choose in New York, effective laws to protect tenants, access to affordable health care and affordable housing, criminal justice reform, fully funding our schools, rebuilding and expanding mass transit and more.

I look forward to working with the Governor and the Legislature to deliver for the working people in Bronx, Westchester and all of New York.

Organized Crime Associate Pleads Guilty To Attempted Murder

  Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced that VINCENT BRUNO pled guilty today before United States Magistrate Judge Paul E. Davison to attempting to kill, and conspiring to kill, a Bronx man in 2012.  In May 2017, BRUNO and 18 other members and associates of the Luchese Family of La Cosa Nostra were arrested and charged in a nine-count Indictment, for their involvement in offenses including racketeering, murder, attempted murder, narcotics trafficking, and gun crimes.  Since the unsealing of the Indictment, BRUNO and nine other defendants have pled guilty, and have been or will be sentenced by U.S. District Judge Cathy Seibel.

U.S. Attorney Geoffrey S. Berman said:  “Bruno’s attempt to murder a man at the behest of his mob superiors has ended where it should:  With Bruno behind bars.  We will continue to work with the FBI and our other partners in law enforcement to stamp out the remnants of La Cosa Nostra.”

According to the superseding information to which BRUNO pled guilty, his statements when pleading guilty, the allegations in the Indictment, and statements made in related court filings and proceedings:

In 2012, armed members and associates of the Bonanno Family of La Cosa Nostra forced their way into a Bronx social club controlled by the Luchese Family.  During the ensuing confrontation, one of the Bonanno Family associates (the “Associate”) acted in a manner that a leader of the Luchese Family, Steven L. Crea (“Crea Sr.”), perceived as a personal affront. To avenge this supposed offense, Crea Sr. ordered his son, Steven D. Crea (“Crea Jr.”), to have the Associate killed.  Crea Jr. passed the order to Paul Cassano Jr., a/k/a “Paulie Roast Beef,” and BRUNO.  On a subsequent night, BRUNO and Cassano travelled to the Associate’s Bronx residence.  There BRUNO, armed with a gun, tried to find the Associate in order to kill him, but failed.  The dispute between the rival families was then resolved before the murder was carried out.

In conjunction with this incident, Cassano pled guilty to attempted assault in aid of racketeering in 2017.   Crea Sr. and Crea Jr. are also charged with attempting to have the Associate killed and other crimes, and are scheduled to begin trial before Judge Seibel in 2019.

BRUNO, 34, pled guilty to one count of attempted murder in aid of racketeering, and one count of conspiracy against the United States.  In total, the counts to which BRUNO pled guilty carry a maximum sentence of 15 years.  BRUNO will be sentenced before Judge Seibel.

The allegations contained in the Indictment as to Crea Sr., Crea Jr., and the other defendants who have not pled guilty are merely accusations, and these defendants are presumed unless and until proven guilty.

Mr. Berman praised the outstanding investigative work of the FBI’s Joint Organized Crime Task Force, which comprises agents and detectives of the FBI, NYPD, Homeland Security Investigations, and the Waterfront Commission of New York Harbor.  He also thanked the Queens County District Attorney’s Office.

Four Defendants Sentenced Following Convictions At Trial For Stealing Confidential Government Information And Using It To Engage In Illegal Trading

  Robert Khuzami, the Attorney for the United States, Acting Under Authority Conferred by 28 U.S.C. § 515, announced today that DAVID BLASZCZAK, a political intelligence consultant, was sentenced to 12 months and one day in prison; CHRISTOPHER WORRALL, a government employee at the Centers for Medicare and Medicaid Services (“CMS”), was sentenced to 20 months in prison; and THEODORE HUBER and ROBERT OLAN, two partners and analysts at Deerfield Management Company, L.P., a healthcare-focused hedge fund in New York, New York (“Deerfield”), were each sentenced to 36 months in prison, respectively, in connection with their convictions following a four-week jury trial. 

BLASZCZAK, WORRALL, HUBER, and OLAN each participated in a scheme to obtain confidential information from CMS, which was then used execute profitable trades at Deerfield.  Specifically, as part of the scheme, BLASZCZAK obtained confidential and nonpublic information from CMS employees, including his friend, CHRISTOPHER WORRALL, who worked at CMS, and who breached his duties as a CMS employee by providing confidential information to BLASZCZAK.  BLASZCZAK then provided this material nonpublic information in advance of market-moving CMS announcements to employees at Deefield, including HUBER, OLAN, and Jordan Fogel, who recommended trades on the basis of the information.  Fogel, a former partner and analyst at Deerfield, previously pled guilty and is cooperating with the Government.  As a result of these trades, Deerfield reaped more than $7 million in profits.

In a separate scheme, BLASZCZAK also obtained confidential and nonpublic CMS information about cuts in CMS’s reimbursement rates for home health providers, and provided that information to Christopher Plaford, a portfolio manager at Visium Asset Management, L.P., another healthcare-focused hedge fund in New York, New York (“Visium”).  Plaford then used BLASZCZAK’s information to execute trades, resulting in approximately $330,000 in profits.  Plaford has previously pled guilty to this conduct and is also cooperating with the Government. 

Deputy U.S. Attorney Robert Khuzami said:  “Blaszczak, Worrall, Huber, and Olan conspired to steal highly sensitive and confidential government information and profit from that theft.  This scheme was carried out through Blaszczak’s purported ‘political intelligence’ firm, but nothing about this scheme was intelligent.  When you steal confidential information from the Government and use it to make illicit millions in the stock market, you will get caught.”           

According to the allegations in the charging documents, the evidence and testimony at trial, and statements made in court proceedings:

CMS

CMS, a component of the United States Department of Health and Human Services (“HHS”), administers Medicare and Medicaid, among other things.  CMS is also responsible for setting Medicare reimbursement rates for healthcare providers.  CMS spends more than $1 trillion annually and pays approximately one-third of the country’s health expenditures.  Accordingly, CMS rulemaking decisions, including decisions that affect how much the federal government will pay to reimburse medical providers for services rendered, have a substantial, market-moving impact on publicly traded companies that depend on government healthcare spending. 

WORRALL began working at CMS in or about 1999.  Beginning in January 2012, WORRALL worked in the Director’s Office for the Center for Medicare (“CM”), which gave WORRALL broad access to CMS’s confidential deliberations about upcoming reimbursement decisions.  WORRALL also served as a project manager for a confidential CMS database that contained CMS’s most up-to-date claims data that CMS used to inform its decision-making. 

David Blaszczak

At all relevant times, BLASZCZAK served as a consultant at a number of Washington, D.C.-based firms that, in exchange for a fee, provided so-called “political intelligence,” which included analysis about how changes in Government reimbursement rates would impact publicly traded healthcare-related companies.  Before becoming a political intelligence consultant, BLASZCZAK worked at CMS, eventually serving as a special assistant to the CMS Administrator.  BLASZCZAK met WORRALL while the two worked at CMS. 

As a former CMS employee, BLASZCZAK was well aware of CMS’s rules governing the dissemination of nonpublic information. 

Deerfield Management Company, L.P. 

At all relevant times, Deerfield managed multiple hedge funds specializing in healthcare-related investments.  As of 2017, Deerfield had more than $7 billion in assets under management.  HUBER, OLAN, and Fogel were partners and analysts at Deerfield, where their job was to analyze investment decisions and recommend potentially profitable trades for Deerfield.  Deerfield’s compliance manual prohibited its employees from committing insider trading.  

The Scheme to Convert and Use Confidential CMS Information 

The Scheme

From at least in or about 2009 through in or about 2014, BLASZCZAK, WORRALL, HUBER, OLAN, Fogel, and others participated in a scheme to convert to their own use confidential and material nonpublic information from CMS concerning, among other things, CMS’s internal deliberations regarding coverage and reimbursement decisions.           

During this time period, Deerfield retained BLASZCZAK as a consultant who provided political intelligence related to, among other things, the content, likelihood, and timing of CMS reimbursement decisions.  As part of the scheme, HUBER, OLAN, and Fogel encouraged BLASZCZAK to obtain confidential and material nonpublic information from CMS insiders.  As HUBER, OLAN, and Fogel knew, these CMS insiders included BLASZCZAK’s former colleagues with whom he had close personal relationships, who were prohibited from disclosing such information to CMS outsiders.

BLASZCZAK obtained material nonpublic information from his close friend and former CMS colleague WORRALL.  BLASZCZAK and WORRALL were friends since their time working together at CMS.  BLASZCZAK also frequently offered to help WORRALL find lucrative private sector employment opportunities, in exchange for WORRALL giving BLASZCZAK confidential government information.  

BLASZCZAK conveyed the information obtained from WORRALL to HUBER, OLAN, and Fogel, who – knowing that BLASZCZAK had obtained the information improperly from a CMS insider – used the information to trade.  In exchange for being provided with this inside information, HUBER, OLAN, and Fogel caused Deerfield to pay BLASZCZAK more than $800,000 in consulting fees.

The Verdict 

The jury found BLASZCZAK guilty of 10 counts, HUBER and OLAN guilty of five counts each, and WORRALL guilty of two counts.  Specifically, with respect to Count One (conspiracy to convert government property, to commit securities fraud, and to defraud the United States relating to Deerfield) and Count Two (conspiracy to commit wire fraud and securities fraud relating to Deerfield), the jury found BLASZCZAK, HUBER, and OLAN guilty.  With respect to Count Three (conversion of government property) and Count Nine (wire fraud), the jury found all four defendants guilty.  With respect to Count Ten (securities fraud), the jury found BLASZCZAK, HUBER, and OLAN guilty. With respect to Count Thirteen (conversion of government property), Count Fifteen (wire fraud), Count Sixteen (securities fraud), Count Seventeen (conspiracy to convert government property and to defraud the United States relating to Visium), and Count Eighteen (conversion of government property), the jury found BLASZCZAK guilty on each count.

In addition to his prison sentence, BLASZCZAK, 42, of Isle of Palms, South Carolina, was sentenced to two years of supervised release, including one year of home confinement, and ordered to forfeit $727,500 and pay restitution to CMS in the amount of $1,644.26.

WORRALL, 40, of Linthicum Heights, Maryland, was sentenced to one year of supervised release, and ordered to pay restitution to CMS in the amount of $1,644.26.

HUBER, 56, of Westport, Connecticut, was sentenced to two years of supervised release, and ordered to forfeit $87,078, pay restitution to CMS in the amount of $1,644.26, and pay a fine of $1.25 million.

OLAN, 47, of Rumson, New Jersey, was sentenced to two years of supervised release, and ordered to forfeit $98,244, pay restitution to CMS in the amount of $1,644.26, and pay a fine of $1.25 million.

Mr. Khuzami praised the work of the Federal Bureau of Investigation and U.S. Department of Health and Human Services, Office of the Inspector General, and thanked the Securities and Exchange Commission for its assistance. 

A.G. Underwood Sues Operator Of Online Ticket Resale Platform, Ticket Broker Over Massive Scheme To Sell Non-Existent, “Speculative” Tickets

TicketNetwork and Ticket Galaxy Allegedly Tricked Tens of Thousands of New York Consumers into Purchasing Non-Existent Tickets That Looked Real, Often at Hugely Inflated Prices

NY Consumers Unknowingly Placed Over 96,000 Orders through these Speculative Ticket Programs between 2012 and 2018

  Attorney General Barbara D. Underwood  filed a lawsuit against TicketNetwork, Inc., Eventvest, Inc. d/b/a Ticket Galaxy, and the companies’ owner, Donald Vaccaro, for allegedly conducting a massive scheme to trick tens of thousands of unsuspecting fans into buying tickets to concerts, shows, and other live events that the sellers did not actually have. 

The illegal conduct allegedly at issue centers on undisclosed “speculative tickets” – offers to sell tickets that the ticket seller does not have, has not yet purchased, and does not have a contractual right to obtain. Only after a consumer places an order for speculative tickets does the listing broker attempt to purchase the real tickets, at a lower price and from a different source, to provide to the buyer. The broker keeps the difference between the price that he paid and the price at which he sold the speculative ticket.

“Speculative tickets like these are nothing more than a scam that hurts New Yorkers and undermines the entire ticket industry – driving up prices while defrauding consumers into believing that they’re buying a real ticket,” said Attorney General Underwood. “New Yorkers should not have to – unknowingly – bet on whether a seller can actually deliver the tickets for which they paid. This office will continue to do what’s necessary to protect New York fans.”

The suit alleges that TicketNetwork, the operator of an online marketplace known as a ticket resale platform, orchestrated a deceptive scheme by operating several “speculative ticket” programs. These programs were specifically designed to enable select ticket brokers, like Ticket Galaxy, to offer speculative tickets for sale through the TicketNetwork resale platform, disguised to look like real tickets. Speculative ticket listings on the TicketNetwork platform are, in all relevant ways, indistinguishable from listings for real tickets, and appear to consumers to be offers for tickets that the sellers have already secured and can provide.

The complaint alleges that Ticket Galaxy and dozens of other brokers have offered deceptive speculative ticket listings through TicketNetwork’s speculative ticket programs. Between January 2012 and April 1, 2018, consumers in New York unknowingly placed more than 96,000 orders through these speculative ticket programs, more than 30,000 of which were placed with Ticket Galaxy.

Defendants’ Made Millions through TicketNetwork’s Speculative Ticket Programs

The suit alleges that Ticket Galaxy and other brokers commonly use TicketNetwork’s speculative tickets programs to post ticket listings to popular concerts and other events before tickets to those events have even been released for sale to the public. During this period, when few other tickets are available, the demand for tickets is so great that Ticket Galaxy and other brokers can charge fans enormous premiums – often hundreds or thousands of dollars above face value. 

For example, in early December 2015, TicketNetwork’s website allegedly carried speculative ticket listings to several Bruce Springsteen concerts at venues around New York State that ranged in price from $2,100 to $3,600 per ticket, all of which had been posted before tickets were released for sale to the general public. 

Screenshots from TicketNetwork website listing speculative tickets, December 7, 2015

TicketNetwork charges brokers more to sell speculative tickets through these programs – in some cases two and a half times what the broker would pay to sell similarly priced real tickets on the same program. 

Internal TicketNetwork documents obtained during the Attorney General’s investigation show that the company has also allegedly reaped other benefits from the programs. The programs “create the appearance of plentiful inventory on the [TicketNetwork platform] when there are little or no real tickets,” which helps “generate sales that would not otherwise materialize when limited real inventory is available.” They also help “make TicketNetwork a more important marketplace for brokers” by creating added value for brokers. 

Defendants Made Other False and Misleading Statements to Conceal Their Scheme – and Knew that Speculative Listings Deceived Consumers

The complaint further alleges that the defendants have made other false and misleading statements to conceal their scheme. For example, Ticket Galaxy employees routinely lied to customers about why the company would not be providing the tickets the customers had purchased, to avoid revealing that the company never had those tickets in the first place. 

Employees have allegedly made a variety of false claims, including that Ticket Galaxy could not provide customers with their tickets due to “an issue with our supplier,” a “listing error,” “an error with the system when processing your order,” and because the “supplier did not release the tickets requested.” In all of these cases, Ticket Galaxy never possessed, and was unwilling or unable to purchase, the tickets the company had sold.

The suit also alleges that the defendants know that listings posted through TicketNetwork’s speculative tickets programs are deceptive. At least as early as 2013, TicketNetwork noted that there had been “Customer Service complaints and confusion” from speculative ticket listings and that the speculative ticket listings “appear[] real to consumer[s]”.

Defendants are frequently contacted by customers who are upset and confused because they did not receive the tickets they had ordered. For example, the complaint alleges that one customer who received tickets in a different section than he had ordered wrote in a June 2016 email to Ticket Galaxy that:

We selected our section because we are going as a group.  Now us 4 will be totally separated from the rest . . . And finding all this out less than 24 hours before the event is quite an ordeal for us.  Why couldn’t you get our seats?  We purchased these the first day the ticket sales were announced.  Why did you claim that you had these seat[s] and what right did you have to offer them when you didn’t have them?

The complaint alleges that defendant Vaccaro, the CEO and owner of TicketNetwork and Ticket Galaxy, oversaw the scheme and was fully aware of the consumer deception. In a November 2016 email to Vaccaro, the president of Ticket Galaxy wrote that consumers viewing tickets listed through the speculative tickets programs did not understand that they could receive tickets that did not match the locations specified in the listings. He wrote that “[i]deally, I’d really like to see [TicketNetwork] implement some type of notification to the consumer for category listings . . .” 

Fans are Harmed by the Defendants’ Conduct

The complaint alleges that many fans have been harmed by the defendants’ deceptive scheme. Many consumers who unknowingly purchased a speculative ticket paid vastly inflated prices – often times hundreds or thousands of dollars more than face value. In addition, many consumers did not receive the seats that were advertised. In some cases, consumers received no tickets at all.

The complaint alleges that, through the conduct described above, the defendants have violated New York consumer protection laws meant to protect against deceptive acts and practices, false advertising, and bait advertising – including Executive Law § 63(12), and General Business Law §§ 349, 350, and 396.

Screenshot from TicketNetwork website listing speculative tickets, September 1, 2017

BRONX MAN SENTENCED TO JAIL FOR FATALLY STABBING PIT BULL DOG

Defendant Knifed Dog More Than 50 Times

  Bronx District Attorney Darcel D. Clark today announced that a Bronx man has been sentenced to one year in jail for brutally stabbing an 18-month-old pit bull to death. The incident happened when the dog’s owner left him in the defendant’s care. 

 District Attorney Clark said, “The defendant mercilessly stabbed the dog, Onyx, more than 50 times and also slit his throat. We had recommended the maximum two-year sentence because of the disturbing level of violence. We will continue to pursue justice and prosecute those who commit such crimes against defenseless animals.” 

 District Attorney Clark said the defendant, Stephen Richardson, 34, of 1237 Fulton Avenue, was sentenced today to one year in jail after pleading guilty to Aggravated Cruelty to Animals. He cannot own an animal for ten years and must register with the NYC Animal Abuse Registry. This plea was extended to the defendant by Bronx Supreme Court Justice April Newbauer over the objection of prosecutors, who recommended the maximum two-year sentence.

 According to the investigation, on December 29, 2017, the defendant was caring for the pit bull dog in his apartment, as he had been doing for approximately six months. Onyx’s owner passed by the defendant’s house to check on the dog, as she frequently did, and found the pit bull in the bathtub, dead. He had suffered multiple stab wounds, mostly in the face and neck. At the same time, police were responding to a 311 call about a possible animal abuse situation in the building. They went to the defendant’s apartment and arrested Richardson, and also recovered a knife.

 According to the investigation, the defendant said he stabbed Onyx in a park because the dog had bit him. Veterinarians said the canine died of a minimum of 55 sharp force wounds, including several that caused lacerations deep into his skin and tissue, and the dog was alive for several minutes.

 District Attorney Clark thanked N Y P D P o l i c e Officer Anthony Alvino of the 42nd Precinct and Dr. Alison Liu of the ASPCA for their assistance.

MAYOR AND COMPTROLLER ANNOUNCE PENSION FUND GOAL TO INVEST $4 BILLION IN CLIMATE CHANGE SOLUTIONS BY 2021

  Mayor Bill de Blasio, Comptroller Stringer, and other trustees of New York City’s pension funds announced a new goal to double the investments of the NYC Funds in climate change solutions to $4 billion or 2% of the City’s $195 billion pension portfolio over the next 3 years. In order to accomplish this objective, City pension systems will aim to double the existing $2 billion investment across all asset classes to reach $4 billion of investment in renewable energy, energy efficiency, and other climate solutions. This new target builds upon the funds earlier, ongoing goal to divest City pension funds from fossil fuel reserve owners within five years.

“New York City leads from the front when it comes to the fight against climate change,” said Mayor de Blasio. “We’re taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions. I know that other cities will look to our example, and I implore them to join us.”

“The future is with big ideas in clean technology, not with big polluters,” said New York City Comptroller Scott M. Stringer. “Today we’re showing that New York City will continue to lead the way in investing in sustainable investments that offer strong returns for New York City beneficiaries. By pledging to double our holdings in climate solutions we’re becoming an important part of that solution.”

New York City is working to change the paradigm for public pension plans and set a new standard for how asset owners, such as pension funds, can use their substantial investments to both do well for our beneficiaries and do good for the planet.  Climate change creates both risks to some investments and opportunities for other investments.  As part of their fiduciary responsibility, city pension funds are working to address the risks and maximize the opportunities for its beneficiaries. Specific investments will be reviewed by the boards of individual pension systems consistent with their portfolio strategies.

Climate change poses significant threats to New York City. Rising temperatures; stronger, more destructive hurricanes; and increasing precipitation tied to climate change have already affected neighborhoods and communities across all five boroughs and are projected to become increasingly severe and costly over the coming decades. Only by eliminating the use of fossil fuels and reducing the carbon pollution that drives climate change can these challenges be fully addressed. Since climate change is a global problem that cannot be solved by any one city, state, or country, Mayor de Blasio has committed to spreading tools, knowledge, and best practices by partnering with the City of London to create and co-chairing the Divest/Invest Cities Divestment Forum.

“Climate change demands bold solutions. In January, New York City pledged to divest its pension funds from fossil fuels,” said Daniel Zarrilli, NYC’s Chief Climate Policy Advisor and OneNYC Director. “Today, we’re going even bigger by doubling our investments in climate solutions and putting $4 billion to work in fiscally responsible investments into clean energy and energy efficiency. If all investors followed our lead, we could leave fossil fuels behind us, deliver on the Paris Agreement, and build a better world for our children.”

“Today’s announcement is an important step in finding clean energy solutions. I applaud the Mayor and Comptroller for their commitment to creating good paying sustainable jobs,” said DC 37 Executive Director Henry Garrido. “As a NYCERS trustee, I will work with my colleagues to lessen the risks and maximize the opportunities for the beneficiaries of our pension funds.”

Bronx Chamber of Commerce Hispanic Heritage Luncheon honors Six Distinguished Individuals

 

Phil Cardone

Events, Communications & Grants Director

Bronx Chamber of Commerce

"The Network for Business Success"
1200 Waters Place, Suite 106
Bronx, NY 10461
718-828-3900