Brad Lander aids boycott movement against Israel with 'withdrawal' of bonds: Adams' camp
'I write on behalf of the Adams Administration to request a review of the decision-making process surrounding the effective withdrawal of New York City pensions funds from investment in State of Israel Bonds,' First Deputy Mayor Randy Mastro said in a July 10 letter to Lander and obtained by The Post.
'This divestment, occurring amid a global Boycott, Divestment, and Sanctions (BDS) campaign against Israel, appears to be in furtherance of that BDS campaign, regardless of the adverse financial consequences for city pensioners,' Mastro wrote to Lander, who is in charge of overseeing the city's finances, including its pension investments.
4 The Adams administration is accusing city Comptroller of supporting a the Boycott, Divestment, and Sanctions movement against Israel by withdrawing union funds from bonds issued by the Jewish state.
AP Photo/Olga Fedorova
'Your public characterization of this shift as a mere 'decision not to reinvest' does not insulate it from scrutiny.'
The Big Apple first invested $30 million in State of Israel Bonds in 1974 under former city Comptroller Harrison Goldin through its pension funds for educators.
Over the years, successive city Comptrollers Elizabeth Holtzman, Alan Hevesi, Bill Thompson, John Liu and Scott Stringer have all reinvested the bonds as they matured.
But now only the city Police Pension Fund has a little more than $1 million invested in Israel Bonds.
By comparison, the New York state pension system, run by state Comptroller Tom DiNapoli, has more than $360 million invested in the Jewish state.
'We request a review because the public record is incomplete as to the basis for and impact of your decision to withdrawal [of] investment in Israel Bonds,' Mastro said in his letter. 'It appears, based on available information, that the city's pension systems had held tens of millions of dollars in State of Israel Bonds across multiple decades, with a record of strong returns and minimal risk.
4 First Deputy Mayor Randy Mastro wrote a letter to Lander demanding a review of the decision to withdraw city pension funds from investing in Israeli bonds.
Andrew Schwartz / SplashNews.com
'Under your tenure, those holdings have declined sharply, from tens of millions of dollars across multiple pension funds, to now less than $1.2 million held only by the Police Pension Fund,' Mastro said.
'This reduction appears to be the result of a sustained and coordinated decision on your part not to reinvest in State of Israel Bonds upon maturity. Moreover, this decision has adversely affected the performance of the pension funds' bond portfolios because State of Israel bonds have outperformed other bonds in which the pension funds are invested,' the Adams' deputy said in the letter.
Israel bonds are considered a solid investment, accumulating about 5% returns on average a year, records show.
4 Lander at the New York City Pride Parade with Democratic mayoral candidate Zohran Mamdani — a supporter of the BDS movement.
hoto byIt's unclear how much the workers' pension funds may have lost by the city comptroller's move.
Lander and Israel-bashing socialist buddy Mamdani cross-endorsed each other in the city's Democratic primary in June — a move that is credited with helping propel the far-left Mamdani well in front of the pack to clinch the party's nomination.
'You have publicly stated that your decision was based on limiting investment in foreign sovereign debt, not to divest Israel Bonds,' Mastro said in his letter to Lander. 'But it appears that the only sovereign bonds in which the city has invested are Israel Bonds, so this policy appears to target only Israel Bonds.
'You have a fiduciary duty to the city's pensioners that is now called into question by your decision in this regard.'
The comptroller's office oversees the city's five pension systems: the Teachers' Retirement System of the City of New York; the New York City Employees' Retirement System; the New York City Police Pension Fund; the New York City Fire Pension Fund; and the Board of Education Retirement System of the City of New York.
The mayor also has a representative on each of the pension boards along with the comptroller and union reps.
Mastro requested that Lander's office provide copies of all documents and communications relating to the decision whether to purchase Israel Bonds after the existing one mature. Those communications would include discussions with outside parties, the Adams aide said. He requested a response by July 17.
4 Mamdani and Lander cross-endorsed each other during the Democratic mayoral primary campaign.
AP Photo/Heather Khalifa
Adams, a Democrat, is running for re-election as an independent and is seeking support from Jewish constituents. He faces off against Democratic nominee Zohran Mamdani, Republican nominee Curtis Sliwa, ex-Gov. Andrew Cuomo and lawyer Jim Walden, the latter two who are also both running on independent ballot lines.
Mamdani is an outspoken supporter of the BDS movement against Israel.
Lander's office had no comment to The Post, but he was forced to address the issue during his unsuccessful Democratic primary campaign for mayor.
The comptroller, who is Jewish, said he opposes the BDS movement against Israel.
'Lander has never divested,' a rep for the comptroller said in March. 'It's a policy of his office to never invest in foreign sovereign debt, but we have more than $400 million in investments in Israeli companies.'
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