Latest news with #StateofIsraelBonds
New York Post
12 hours ago
- Business
- New York Post
Mark Levine will reinvest in Israel Bonds as next NYC comptroller — reversing Brad Lander divestment
The leading candidate for Big Apple comptroller says he will reinvest millions of dollars of city pension funds into Israeli bonds — after current Comptroller Brad Lander divested from them. When Lander took office in 2022, the pension funds of city government workers and retirees that he oversees had $39.9 million of assets in Israeli bonds. When the bonds matured, Lander did not reinvest in them, in effect divesting the pension funds from bonds that New York City had invested in since the 1970s. Advertisement Brad Lander did not reinvest in Israeli bonds, despite it being a standard practice by the city since the 1970s Adam Gray for New York Post A campaign rep for Levine — Manhattan's borough president and the Democratic nominee for comptroller and thus likely next comptroller — said his boss will invest in Israel government bonds again if elected. 'We have a globally diversified portfolio, and that should include investments in Israel and Israel Bonds, which have paid solid dividends for 75 years,' Levine had said during the June comptroller primary-race debate with rival and Brooklyn Councilman, Justin Brannan. Advertisement 'We are now the only pension fund in America without that investment,' Levine said at the time. 'I think prudent management for global diversity should include investment in those assets.' Lander was criticized during his mayoral campaign for divesting from Israeli bonds. Foes have noted that he and Israel-bashing socialist buddy Zohran 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. Lander recently spelled out his divestment decision in a response letter to First Deputy Mayor Randy Mastro, who had ripped the divesting. Advertisement Lander had accused prior comptrollers of investing pension funds from unionized workers in Israeli bonds for political reasons, not for prudent returns. 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. 'We are now the only pension fund in America without that investment,' Mark Levine (pictured) said during June's debate. 'I think prudent management for global diversity should include investment in those assets.' Pacific Press/LightRocket via Getty Images 'The decision to invest only in Israel bonds, when the funds held no other country's bonds, and to invest assets intended for short-term cash management in longer-term bond instruments, was a political decision, not a fiduciary one,' Lander said in his July 13 letter. Advertisement 'The City's pension fund holdings of Israel bonds amounted to $39,947,160 at the time I took office in January 2022. In January 2023, those bonds matured, and our office was faced with the choice of whether or not to purchase new ones. We consulted our guidelines and made the prudent decision to follow them, and therefore not to continue investing in the sovereign debt of just one country.' Lander, who is Jewish and a self-described Zionist, added, 'To summarize: We treat investments in Israel as we treat investments in any other country. No better, and no worse. 'The [Boycott, Divestment, Sanctions] Movement asks investors to treat Israel worse than other countries; I oppose this effort. You appear to be asking that the City's pension funds treat Israel better than all other countries. That would also be politically motivated, and inconsistent with fiduciary duty.' He then accused Mayor Eric Adams of using the city's divestment of Israeli bonds as a 'cynical ploy' in his desperate re-election campaign. But Lander's predecessor as comptroller, Scott Stringer, said Lander was out of line for claiming that Israeli bonds are not a worthy investment. 'Brad got busted for BDS'ing the pension system. He got caught, and now he has to own up to it,' Stringer told The Post. Stringer said he was infuriated with Lander for claiming Stringer and other prior comptrollers invested in Israeli bonds for political, not sound financial, reasons. Advertisement He said Israeli bonds had always been a sound investment and told Lander to 'f–k off. 'If you get busted, you can't be trusted,' Stringer said. Israeli bonds are considered a solid investment, accumulating about 5% returns on average a year, records show. The New York state pension system, run by state Comptroller Tom DiNapoli, has more than $360 million invested in the Jewish state.
New York Post
13-07-2025
- Business
- New York Post
Brad Lander aids boycott movement against Israel with 'withdrawal' of bonds: Adams' camp
City Comptroller and Zohran Mamdani crony Brad Lander has aided boycott efforts against Israel by withdrawing union pension funds from bonds issued by the Jewish state, Mayor Eric Adams' top deputy claims. '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 / '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.'
