Annual Women's History Month Luncheon & Business Development
Day Breakfast Speaker - Alan
G. Hevesi, State Comptroller
G. Hevesi was elected New York State Comptroller in 2002.
Under his stewardship as sole trustee, the nation’s
second largest pension fund grew from $95 billion to $119.2
billion, a 29 percent gain, for the fiscal year ended March
31, 2004. The fund is currently valued at about $120 billion.
Some of the Comptroller’s responsibilities include managing
and protecting the state pension fund, auditing the spending
practices of all state agencies and local governments, reviewing
the New York State and City budgets, reviewing and approving
all state contracts, and administering the State Oil Spill
Comptroller Hevesi has successfully proposed and passed pension
reform that saved local governments $1 billion, while strengthening
the pension fund. Additionally, Comptroller Hevesi initiated
a campaign to expose problems at state public authorities
such as the Metropolitan Transportation Authority, the Long
Island Power Authority and the Canal Corp., and laid the basis
for fundamental reform and increased accountability of these
organizations. He has also been a leader in fighting fraud
and corruption in state government. For the first time within
the State Comptroller’s office, he established a Division
of Investigations that has uncovered fraud and corruption
in school districts, including Roslyn, and municipalities
statewide. Comptroller Hevesi has also undertaken efforts
to boost the upstate economy by setting aside additional funds
for a private equity program aimed at investing in New York
businesses and for the first time, including economic development
within the Division of Local Governments.
along with Attorney General Eliot Spitzer, Assembly Speaker
Sheldon Silver, and Assemblyman Richard Brodsky, sweeping,
comprehensive public authority reform legislation, which
if passed, would fundamentally alter the way public authorities
operate in New York State to provide unprecedented transparency
and accountability to the public.
and corrected the deceptive budget practices of the New
York Metropolitan Transportation Authority.
improper polling practices and budget practices at the Long
Island Power Authority.
a Canal Corporation contract that would have sold an upstate
developer the rights to develop land along the Erie Canal
without a full and proper competitive bidding process.
abuse at the New York State Bridge Authority where weak
internal financial controls and poor Board oversight allowed
its former executive director to charge thousands of dollars
in personal travel expenses to the $38.5 million public
FIGHTING WASTE, FRAUD AND CORRUPTION
Issued an audit that found school district officials in
Roslyn, Long Island used $11.2 million of school funds for
personal benefit ranging from food purchases to first class
audits of dozens of school districts and worked with school
organizations to develop a five-part plan to improve oversight
of school districts that includes training district personnel
to better audit and monitor their own financial practices.
in his first two years, 291 audits on State and New York
City agencies and public authorities, which identified $76
million in actual savings for the State and $122 million
in potential savings, and completed 487 audits and reports
of local governments, which identified total savings of
$45.8 million, with 32 of these audit reports identifying
fraud or theft of local government assets.
the National Coalition for Corporate Reform and played a
leading role in pushing for reform at a number of troubled
corporations, including the Walt Disney Co. and Marsh &
McLennan Cos., the New York Stock Exchange and with the
Securities and Exchange Commission.
more than $6 billion in settlements with numerous defendants
in the WorldCom securities litigation. This is the largest
settlement ever recorded in a securities class action. He
also reached a $460 million proposed settlement in the Raytheon
securities class action – the seventh largest securities
litigation settlement in history. Hevesi is the lead plaintiff
in both cases.
a $960 million settlement with McKesson Corp. in the securities
class action, the third largest securities class action
settlement in history.
a comprehensive debt reform control program and proposed
constitutional amendment that would bring New York’s
runaway debt under control. Some of the program’s
provisions include: limiting outstanding state-funded debt
to five percent of personal income; creating an independent
debt management board, and requiring voter approval for
annual issuances exceeding $1 billion.
HELPING THE UPSTATE ECONOMY
the State Pension Fund with an additional $195 million in
venture capital for New York State businesses, bringing
the total amount in the program to $298 million, more than
the $250 million recommended by the Legislature.
that nearly half of all businesses in 11 of the State’s
Empire Zones continued receiving tax breaks even though
they created fewer jobs than promised, and in some cases
actually lost jobs.
the creation of a financial control board for Buffalo based
on a review of the city’s finances, which exposed
serious long-term problems. That board is now monitoring
review of Erie County.
Before his election as State Comptroller, Mr. Hevesi served
two terms as New York City Comptroller. Under his stewardship,
the city’s pension funds grew from $49 billion to nearly
$100 billion. Mr. Hevesi more than doubled the number of audits
conducted by his Office, identifying hundreds of millions
of dollars in savings.
He also spent 22 years in the State Assembly, where he authored
108 laws and established himself as a champion for affordable
health care, education reform and the rights of people with
Mr. Hevesi holds a PH.D in Public Law & Government from
Columbia University. He was a professor of political science
at Queens College from 1967-1993, and was later an adjunct
professor at Columbia University’s School of International
and Public Affairs and Fordham Law School. Mr. Hevesi is also
the author of several articles and books.
Mr. Hevesi lives with his wife Carol in the same neighborhood
in Queens where he was born and raised, and where his three
children grew up.