Well, yesterday the Times came out with an editorial lambasting Albany, with a bunch of proposals , including that no one man should decide over state pension investments, as the State Comptroller currently does. Along with the State Attorney General, the editors agreed that there should be a thirteen member oversight board, with appointments made by various different state leaders and state employees:
New York’s comptroller is the sole trustee watching over $116.5 billion in pension investments. This should not be happening anywhere, but especially not in Albany.
Attorney General Andrew Cuomo has proposed a 13-member commission to manage pensions. The idea is a good one, requiring appointments to the board by state leaders and employees with pensions. But this new board should not become another parking place for political hacks. While we need a better system than one person controlling so much money, it must be done right — with a board picked for its financial expertise with fiduciary duties to protect the pension.
What about accountability for the spending of billions of dollars in tax funds for our public schools, and the policies that will doom our children either to success or failure? Funny, instead in the mind of the NY Times, this meant that one man alone, namely Bloomberg, should have total control.
In their endorsement of the Silver bill that continued mayoral control, the editors wrote in praise: “It would preserve the mayor’s right to appoint a majority of the members of the board that advises him on school matters.”
In the editorial, they also implicitly supported the mayor’s right to fire any of his appointees at will, at any time, for any reason – which ensured that the board would continue to act as a rubberstamp , no matter how destructive and/or irrational the mayor's decisions might be.
Why the apparent contradiction? Could it have anything to do with the fact that, according to this week’s New York magazine, Bloomberg has used his political power and personal fortune to buy the support of opinionmakers, and effectively owns this town, lock, stock, and barrel, including the publishers of the three major dailies?
The article starts off with a description of a dinner party Bloomberg recently gave for the Mayor of London, Boris Johnson:
Johnson is in New York to promote U.K.-U.S. tourism. Bloomberg is a longtime Anglophile, and his company’s second-largest office is in London. The clearest sign that this Sunday evening holds special resonance for Bloomberg is the presence of Rupert Murdoch, Mort Zuckerman, and Arthur Sulzberger Jr., the publishers of New York’s three daily newspapers. They’re here because Bloomberg asked them to be. Those three are at anything that really matters to Mike, a dinner-party veteran says.
Indeed, in contrast with the past, when the business and media establishment were allowed to have different views from the mayor, this no longer occurs. Instead they all seem willing to serve as his lackeys.
The article describes how when Randi Weingarten tried to woo certain establishment figures to her side in her battle with Joel Klein, the mayor made it clear that “for business leaders, stepping forward and trying to become a civic leader would be at some risk to your relationship with the mayor, a corporate insider says. Only a crazy person would step out without Bloomberg’s say-so.”
So instead of a circle of wealthy and influential people who make policy in this town, there is one man alone, a billionaire who holds a monopoly on power. As the reporter writes:
…. there is a one-man Establishment: Michael Bloomberg. Certainly there are other figures with real power. But in a way that wasn’t true two decades ago, their influence is circumscribed, confined to their narrow categories: real estate, culture, health care, banking. And, in terms of civic life, little of their power exists independent of their relationships with Bloomberg. The mogul-class push for the mayor’s term-limits extension felt like the last gasp of what’s left of the city’s old-line ruling class….Bloomberg gets what he wants more than any mayor in modern memory. The foundation of Bloomberg’s imperial mayoralty is, obviously, money.
So much for checks and balances and the public having any say when it comes to our schools. Democracy in NYC: RIP.