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Albany, NY – State comptroller Tom DiNapoli says despite the big drop on Wall Street Monday, he believes the state's massive pension fund can withstand market swings. Capitol Correspondent Karen DeWitt reports...
DiNapoli, as State Comptroller, is sole trustee of the state's multi-billion dollar pension fund.
In a statement, the Comptroller says while the over 630 point drop in the stock market is a "concern," he thinks the fund can deal with market swings , saying as a long term global investor, he has "long term confidence in the global marketplace."
DiNapoli says traders are reacting to perceived weaknesses and he believes there are still areas of financial strength that present good investment opportunities and he says he has faith in the nation's economy and believes it will recover.
The state budget depends on 15% of its revenues from Wall Street salaries and profits. A longer term decline could open up a deficit in what DiNapoli has previously said is a "tightly balanced" budget.
In Albany, I'm Karen DeWitt.