DiNapoli Is Still Looking at Cuomo’s Pension Code of Conduct

ALBANY—City Comptroller Bill Thompson said yesterday he wants all city pension funds to adopt the code of conduct to prevent abuse developed by Andrew Cuomo, but state Comptroller Tom DiNapoli is still working on it.

"We'll take a look at it. We've been ahead of the curve on the placement-agent ban, and there are many other parts of the code of conduct. We've been talking with the attorney general's office and we're all on the same page. We have different systems so we're looking at the best way to implement the different recommendations," DiNapoli told me after an event yesterday commemorating law enforcement officers who died in the line of duty.

Cuomo unveiled a code of conduct for firms doing business with public pension funds last week, and announced that the Carlyle Group had signed on. His probe of pension fund abuse has stretched nationwide, and started with the indictment of Hank Morris and David Loglisci, top aides to former Comptroller Alan Hevesi.

DiNapoli has been on the defensive about the state pension fund, of which he is the sole trustee, ever since. I asked if Thompson's move would push him to move faster.

"No, we have different responsibilities in this regard. He's recommending [to] his board that they take a look at it, we're going through that same process. Of course here, we don't have a board at the state," he said. "There's a lot of good material in there. As you know, we've called on the S.E.C. to also implement some of what's in there, particularly with regard to the issue of pay-to-play. I think there ought to be a federal standard on that, and I'm hoping the S.E.C. will follow through as well."

DiNapoli Is Still Looking at Cuomo’s Pension Code of Conduct