City pension funds had almost $2 million invested with First Republic and Signature banks — losing all of it when each banks failed this yr.
The losses were contained in recent data The Post obtained from town Comptroller’s office under a Freedom of Information Law request.
Though a federal bailout rescued bank depositors, town’s pension money had been invested in bank stocks and bonds.
“The general loss is negligible within the context of the each day market motions of our $240 billion pension funds,” said Chloe Chik, spokesperson for Comptroller Brad Lander.
All five city pensions funds were hit within the bank failures.
The most important losers were city teachers, who were down $799,792. They were followed by police, who lost $455,934, and the Recent York City Employees’ Retirement System, which lost $439,204.
Fire pensions lost $177,213, while town Board of Education Retirement System had the least exposure with just $62,521.
The losses add to the greater than the nearly $30 million city pensions were down after the collapse of Silicon Vally Bank.
First Republic also followed Signature in bankruptcy. AP
Recent York City Comptroller Brad Lander has often touted the advantages of woke investing. Roy Rochlin/Shutterstock
Signature Bank failed and took Recent York City pension money with it.AP
Each Lander and SVB were proponents of Environmental, Social, and Governance investing which seeks to speculate in firms that support progressive political causes — and never exclusively concentrate on investor return.
