As more details filter out about the collapse of MF Global – the major derivatives trading firm that crashed under a $1 billion cash shortfall last month— a New York City union leader is questioning why two of the company’s top officials are leading efforts to revamp the city’s $120 billion pension fund system. —
Comptroller John Liu hired Larry Schloss, a private equity fund manager who had also been serving as one of the four directors for MF Global, in early 2010 as deputy comptroller for pensions and chief investment officer.
This September, the comptroller hired Kevin Davis, the former CEO of MF Global, to oversee the pension system’s new commodities investment program, a Liu spokesman confirmed. Davis had left the company amid a $90 million settlement stemming from a rogue trading scandal. The hiring was not announced via press release.
– To read the full article by Chris Bragg, head to City Hall…