The Cost of Doing Business? | zero hedge

The Cost of Doing Business? | zero hedge: "New York State Common Retirement Fund, the place where the pay-to-play scandal now sweeping the nation originated, has released performance data on 12 funds named in Securities and Exchange Commission and New York Attorney General documents related to the scandal.



State Comptroller Thomas DiNapoli says that the pension fund continues to evaluate its options, fund by fund, on investments made during the era of his predecessor, Alan Hevesi. He also says the release of the data supports his goal of making the Common Retirement Fund “the most transparent and accountable public pension fund in the nation.” DiNapoli said in June, when he discussed March quarter results on a conference call, that legal counsel advised against releasing fund-level data at that point.



The system has yet to release its Comprehensive Annual Financial Report for its most recent fiscal year. That report typically includes fund-level information for all of its private equity partnerships. The system does not disclose quarterly performance data as many of its peers do; nor does it disclose net internal rates of return, a key measure of private equity performance.



The figures released by DiNapoli today do little to settle the question of whether or not funds that are tied up in the pay-to-play scandal are performing worse than funds that"