"New York City's fund managers outperformed their benchmarks by $2.063 billion across the ten-year period under review, and charged $2.023 billion in management fees. Compared with the average public pension fund's experience on Wall Street, this is actually, frighteningly, pretty decent.... [If] the city's pension pool were a sovereign wealth fund, its current value -- a hundred and sixty billion dollars -- would make it the twelfth biggest in the world, ... When you're that big, it's fair to ask why you're paying external managers at all."  MORE >>