I-Team: Despite Ban on Payday Lending, Public Pensions Benefit From Outlawed Loans
By Chris Glorioso and Evan Stulberger Published October 5, 2017 Updated on October 5, 2017 at 7:36 pm
Do when I do as I say, not.
That would be the message ny is giving while the state’s public retirement funds spend millions in payday financing organizations.
Short-term, high-interest debt referred to as pay day loans are unlawful inside ny boundaries. But who hasn’t stopped state and city your your your retirement funds from investing significantly more than $40 million in payday loan providers that run various other states.
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“New York should not be investing a dime propping them up,” said Andy Morrison, a spokesman for the brand brand New Economy venture, a nonprofit that urges retirement supervisors in order to make more investments that are socially responsible.
The brand new Economy venture is currently asking new york Comptroller Scott Stringer and New York State Comptroller Tom DiNapoli to initiate an activity of divestment from payday loan providers. But up to now, neither comptroller has expressed passion when it comes to concept.
DiNapoli declined to respond to questions regarding divestment. His spokesman, Matthew Sweeney, stated the fault for buying stock in payday lenders falls on “outside managers, who possess discernment to buy publicly traded shares” with respect to the state retirement.
Jack Sterne, a spokesman for Stringer, stated any office would review payday financing assets, but advised it might be tricky to divest through the businesses because those assets can be bundled with broad indexes offering experience of the stock market that is entire.
“Comptroller Stringer is against payday financing,” Sterne said. (more…)