State Comptroller Alan Hevesi's Republican opponent, J. Christopher Callaghan, launched his "Tax-Less Express" bus tour in front of Hevesi's Albany office this morning.
Callaghan, the former treasurer of Saratoga County, introduced his wife, Liz. "Here is the poor woman who will not have a chauffeur," he said.
Callaghan also had choice words for city Comptroller Bill Thompson who has questioned Callaghan's qualifications and yesterday said, "Comptroller Hevesi's record as both New York City Comptroller and State Comptroller is something to be proud of."
"I want to know, Bill, what do you have to do to be a bad comptroller?" Callaghan said.
Meanwhile, Hevesi's press operation continued to roll out endorsements from politicians and community leaders. Here are three Hevesi just sent out:
I have always respected Alan Hevesi's work as City and State
Comptroller. And Chris Callaghan, his opponent, is just not qualified
to be Comptroller and manage our pension funds. On Tuesday, I'm
voting for Alan Hevesi.
- Reverend Floyd Flake, former Congressman
Alan Hevesi has a good record as Comptroller. I am voting for Alan Hevesi.
- Charles B. Rangel, Congressman (15th Congressional District)
Alan Hevesi has a terrific record of accomplishment as Comptroller for
both the City and State. On election day, I am casting my vote for Alan.
- Peter F. Vallone, former NYC Council Speaker
Comments (2)
If Larry Levy is correct, http://www.newsday.com/news/columnists/ny-oplev014955290nov01,0,224268.column?coll=ny-news-columnists, why is Newsday endorsing Spitzer and Cuomo? Aren't they playing fast and loose with the Hevesi situation?
Alan Hevesi's mismanagement of the $142.6 billion pension fund is the real reason he should be denied reelection next Tuesday. According to the Comprehensive Annual Financial Report, Page 123, issued by the New York State Comptroller's Office, state and local governments contributed $263.8 million for the year ending March 31, 2002 in order to pay retiree benefits. Hevesi assumed office in 2003. Due to obviously questionable investment of pension fund assets by Hevesi, as their share of paying retirees, the State and local governments were forced to contribute an astonishing and devastating tenfold increase amounting to $2.8 billion for the year ending March 31, 2006!
Retiree benefits for state and local governments State and local governments currently amount to $6.1 billion. In order to earn the $6.1 billion, all Hevesi had to do was invest the $142.6 billion at in securities averaging a 4.2% cash flow return. The state and local governments could then supplement this by contributing a modest $100 million matched by a similar sum from their employees to taking advantage of what John Maynard Keynes called "the beauty of compound interest" and build sufficient reserves for future emergencies.
It is patronizing for New York City Democrats promoiting on all city slate to demean the qualifications of upstater Christopher Callaghan. A reasonable argument can be made that he is one of the best qualified candidates on the basis of education and experience to run for New York State Comptroller since World War II. Callaghan majored in accounting in college in contrast to Hevesi, who obtained his degree in political science.. Following graduation, Callaghan was employed in accounting and budget analysis. He eventually became Treasurer of Saratoga County. Hevesi, on the other hand, was an assemblyman and professor of political science.