CONTACT: Dennis Tompkins(518) 474-4015FOR RELEASE: Immediately April 22, 2009 DiNAPOLI BANS PLACEMENT AGENTSRenews Call for Public Campaign Financing;
Review of Hevesi Investments UnderwayState Comptroller Thomas P. DiNapoli today
announced he has banned the involvement of placement agents, paid intermediaries
and registered lobbyists in investments with the New York State Common
Retirement Fund (CRF). The ban includes entities “compensated on a flat
fee, a contingent fee or any other basis.”DiNapoli also announced Day Pitney LLP, a
law firm specializing in pension fund issues, and Pension Consulting Alliance,
an independent full service investment consulting firm, are assisting his
office in its review of CRF investments with firms under investigation
by the Attorney General and the Securities and Exchange Commission.“The Hevesi administration violated the
public trust,” DiNapoli said. “Since I took office, we’ve worked to
implement reforms that will help restore integrity and trust in this office.
Banning placement agents and lobbyists from involvement in investments
is the next step, and it’s a big step. “And, once again, I ask the legislature
and every statewide official to support my program bill for public campaign
financing for the State Comptroller race in 2010. We can take pay-to-play
out of the equation by drastically limiting what donors can contribute.
I’ve already put self-imposed limits on contributions to my campaign.
But public campaign financing is the best answer.” DiNapoli said he was drafting legislation
to codify the pension fund reforms he has made since taking office in 2007,
eliminating the potential for abuse in the future. In addition, DiNapoli
asked Insurance Superintendent Dinallo to codify the ban into CRF regulations.Starting immediately after he took office,
DiNapoli began instituting a series of reforms to address the transgressions
of the previous administration.  He has increased transparency, enhanced
ethics reporting and worked with the Insurance Department to strengthen
the Department’s oversight of the pension fund.###

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