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Bronx County Democratic Party Endorses State Sen. Brian Benjamin for NYC Comptroller

NYS Senator Brian Benjamin presides over a New York State Senate session in the NY Senate Chamber of the Capitol Building in Albany on May, 27, 2020, where the senate passed a calendar of bills helping residents during the pandemic. 
Photo Courtesy of NY Senate Media Services

State Sen. Brian Benjamin received the endorsement of the Bronx County Democratic Party on Thursday, Feb. 24, in his bid to win the seat for New York City comptroller. Representatives for the Party said it is committed to helping elect Democrats across the borough who will continue to fight for progress and for the residents of the community.

 

The Party’s representatives said the endorsement was based on Benjamin’s extensive experience handling investments, and his background in finance, a crucial skill, they said, for the job of city comptroller. Combined with his work as chair of the Budget and Revenue Committee in the state senate, they said Benjamin is the only candidate with the ability to handle investing the City’s money while protecting the pensions of retirees.

 

The announcement is the latest in a growing list of endorsements the senator has received from the Bronx, including those from U.S. Representative Adriano Espaillat, former Bronx Assemblymember and Democratic National Committee vice chair, Michael Blake, Assemblymember Kenny Burgos, Assemblymember Chantel Jackson, City Councilmember Diana Ayala, and candidate for New York City Council District 16, Althea Stevens.

 

Bronx Democratic Party chairman, State Sen. Jamaal T. Bailey, said the party was honored to endorse Benjamin for the role, and added that in the midst of an unprecedented fiscal crisis, Benjamin was exactly the experienced, forward-thinking leader needed to oversee the City’s economic recovery based on a plan, he said, that must center a bold vision for the future of the Bronx.

 

“Whether it’s fighting to bring accountability to policing, maximizing pension returns for New York’s retirees, investing in M/WBEs, rooting out waste in city agencies, or delivering the resources our communities deserve, Brian has the proven experience to manage our City’s finances and make government work for all New Yorkers,” Bailey said.

 

He continued, “As chair of the Senate Budget and Revenues Committee, he successfully fought to protect affordable housing, strengthen tenant protections, and expand criminal justice reforms. Prior to serving in the State Senate, Brian put his financial management background to work for his community – building affordable housing, helping young people develop work skills, and serving as chair of his Community Board.”

 

Bailey concluded by saying that he had no doubt Benjamin was prepared to tackle the tough challenges ahead as the next comptroller, and that he would be proud to work alongside him for a more just and equitable New York City.

 

Reacting to the announcement, Benjamin said he was honored to be endorsed by the Bronx Democratic Party. “My campaign has quickly gained the support of the Bronx, and I look forward to working with this influential group and all the Bronx legislators that have already endorsed my candidacy in building a stronger New York City as your next comptroller” he said.

 

According to his campaign, Benjamin is running for the comptroller position to chart a new course for New York’s financial future in what he described as “these difficult times,” one that protects New Yorkers’ retirements while upholding the values of decency and justice for all.

 

His campaign team said he gained crucial insight into financial management by working as an investment advisor at Morgan Stanley before deciding to apply his skillset for the greater public good.

 

According to the NY Daily News, Morgan Stanley borrowed $107 billion, the most of all banks, during the 2008 financial company bailout. This was clearly at great cost to the taxpayer, though it also saved many jobs and helped stabilize the economy.

 

Some criticized the government’s actions at that time in allowing Lehman Brothers, another major U.S. brokerage firm, to fail in the immediate aftermath of the crisis, and only later bailing out other banks and brokerage firms like Morgan Stanley, as reported in The Guardian.

 

Though it is clear, and has been widely reported that inadequate regulation and government oversight of Wall Street contributed to the 2008 crash, it is also true that those investment advisors with the remit to invest money on behalf of their clients had a fiduciary responsibility to adequately weigh up the risks of certain investment decisions.

 

Robert Lenzner wrote in a 2012 Forbes opinion piece, four years after the crisis, that, “the banks and investment banks were using reckless amounts of leverage (borrowing). They borrowed, in many cases, $30 to $40 of debt for every dollar of capital they had. In truth, this was a recipe for disaster, since a decline of only 4 percent in their capital put them on the road to insolvency. It was as if you bought a million dollar house, put down a payment of $30,000 and borrowed $970,000. What sense of irrational optimism allowed this mad way of doing business?”

 

Of course, Morgan Stanley was not unique in its operational model. Most investment advisors working at such firms, across the board, adopted similar investment strategies in efforts to maintain competitiveness. We reached out to Benjamin’s campaign to ask what was the maximum leverage percentage he approved for his clients’ investments when he worked as an investment advisor at Morgan Stanley.

 

A representative responded saying the leverage percentage he authorized for his clients’ investments was standardized by Morgan Stanley, which operated based on industry-wide standards. The representative added that they were not sure, therefore, they could provide a maximum, especially since it was back in 2007.

 

Of his time at the firm, Benjamin himself was quoted as saying, “I gained crucial insight into financial management by working as an investment advisor at Morgan Stanley. During my time there, I advised high net worth individuals and institutions, charging rates that were standardized industry-wide based on the type of investment. Through this, I gained experience managing assets similar to those handled by the city Comptroller for New York’s hard-working retirees. As the next city Comptroller, I will bring the qualifications and experience necessary for the job.”

 

After his time working in the financial services sector, Benjamin’s campaign team said that while working at a minority-owned business to build affordable housing, the senator helped create over one thousand affordable and environmentally sustainable units, all while helping young people develop work skills and securing good construction jobs through community youth programs.

 

As a member of the New York State Senate, Benjamin has led on criminal justice reform, introducing legislation to close Rikers Island and divest the state pension fund from private prisons in his first year.

 

In the face of the COVID-19 pandemic, Benjamin advocated to pass the Rainy Day Fund law, which will ensure that New York City can meet its financial obligations when the next crisis hits. If elected comptroller, Benjamin commits to working to ensure that New Yorkers’ retirements are protected, that agencies like NYCHA, DOE, MTA and the NYPD face sufficient oversight, and that investments in the pension fund reflect New York City values.

 

Benjamin was born in Harlem and raised by Caribbean immigrants. He holds a degree in public policy from Brown University and a Master’s degree in business from Harvard. After earning his MBA, he returned to Harlem to start his career. In 2017, he was elected to serve as state senator to New York’s 30th Senate District.

 

Also in the city comptroller race are CNBC journalist, Michelle Caruso-Cabrera, a former Republican who most recently ran and lost against Congresswoman Alexandria Ocasio-Cortez in New York’s 14th congressional district June primary race, businessman and historian, Chris J. McNickle, Iraq war veteran, Zachary Iscol, City Councilman Brad Lander representing District 39, former economic analyst at The Port Authority of NY & NJ, Terri Liftin, college student and former “groundskeeper” at the New York City Housing Authority, Alex K. Pan, State. Sen. Kevin S. Parker representing District 21, Manhattan Community Board 6 vice-chair of the Budget and Government Affairs committee, Reshima P. Patel, City Councilwoman for District 6 in Manhattan, Helen K. Rosenthal, and New York State Assemblyman for District 24, David I. Weprin.

 

Each is seeking to succeed incumbent comptroller, Scott Stringer, who is currently running for the position of New York City mayor and who, as reported, by the Norwood News has been endorsed by State. Sen. for District 34, Alessandra Biaggi, among others.

 

 

Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.

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