Democratic Primary Debate for New York Comptroller — Full Debate

[0:00] is making an impact in your community and your city. [0:05] If it's important to New Yorkers, then it's being talked about here. [0:11] In Focus with Cheryl Wills. [0:13] Sunday mornings at 10.30 on New York One. [0:52] It's 7 o'clock. 1-800-GOT-JUNK for Homer Office. [0:55] We make junk disappear. [1:15] Welcome to a Spectrum News New York One debate [1:18] in the Democratic primary race for state controller. [1:21] I'm Errol Lewis, political anchor at New York One, [1:24] and we're coming to you live from our studios in Manhattan. [1:26] I'm joined tonight by my Spectrum News colleague, political anchor Susan Arbetter. [1:31] Tonight's broadcast can be seen across all of our stations from Staten Island up to Buffalo. [1:36] We're also streaming live on the Spectrum News app and on our YouTube channel. [1:41] We are less than one month away from the start of early voting, [1:44] which kicks off on Saturday, June 13th. [1:46] And primary day is nearly one month out on June 23rd. [1:50] New Yorkers will be casting their ballots in key state legislative and congressional races, [1:54] as well as the statewide race we are focused on tonight for state controller. [1:59] While it might not be the most high-profile job, [2:02] the state controller has tremendous power and influence, [2:05] serving as the state's chief fiscal officer. [2:08] The job of the controller is to ensure that taxpayer money is being spent properly [2:13] by conducting audits, overseeing budgets and reviewing contracts. [2:17] The controller also serves as the sole trustee of the state's retirement accounts for public employees, [2:23] which is valued at nearly $300 billion. [2:27] Tonight's forum will be the first-ever debate hosted under the auspices [2:30] of New York State's Public Campaign Finance Board. [2:34] This year marks the first elections where statewide candidates are required to participate [2:38] in at least one debate as part of their program certification [2:42] and in order to receive public matching funds. [2:44] Over the next hour, we will hear from all three candidates, [2:48] including Tom DiNapoli, the incumbent Democrat, [2:51] who has served in the role since 2007. [2:54] His Democratic challengers are Raj Goyal, [2:56] the former representative in the Kansas legislature, [2:59] and Drew Warshaw, a former non-profit housing executive [3:02] and former Port Authority official. [3:04] The rules that you see on your screen have been agreed to by the candidates. [3:08] Each candidate will have 60 seconds for an opening statement, [3:12] and then answers to our questions will generally be limited to 60 seconds, [3:15] with 30 seconds to answer rebuttals or for follow-ups at our discretion. [3:20] And there will be both a cross-examination round [3:23] where candidates get to ask one question to an opponent [3:26] and a lightning round where their answers should be yes or no or very short. [3:31] Okay, we begin now with one-minute opening statements. [3:34] The order was determined by a random drawing earlier today on live television. [3:38] And we'll start with you, Mr. Warshaw. Good evening. [3:40] Thank you. [3:41] For the first time in 20 years, we have a choice [3:45] for one of the most powerful offices in the country. [3:48] At a time when Donald Trump and billionaires are telling us we have no power, [3:53] but we do have power. [3:54] It's right here. [3:55] We just need to use it. [3:57] I will choose to build the housing we need, to lower our electricity costs, [4:01] and to stop wasting our tax dollars on handouts to Wall Street bankers, [4:06] on investments in Netanyahu's wars, in Palantir, the IT backbone of ICE. [4:12] I fought for campaign finance reform. [4:14] I fought for immigrant rights at a moment when my opponents were fighting against it. [4:19] And for the last five years, I ran the largest affordable housing nonprofit in the country [4:24] because every New Yorker deserves a home they can afford. [4:28] After 20 years of the same, we have a choice and a chance to do it different, [4:32] to take money and to take power and to use it for you, because that's the point. [4:37] Join us in that fight. [4:40] Thank you. [4:41] Next is Mr. DiNapoli. [4:43] Hi, I'm Tom DiNapoli, and I'm very privileged that on four occasions, [4:47] New York voters have chosen me to be your state controller. [4:49] In my next term, I look forward to growing our state pension fund [4:53] to protect the retirement security of our 1.3 million public workers in New York [4:58] who depend on the strength of that fund, [5:00] to continue our audits and investigations, [5:03] to make government more efficient so that we can reduce the cost burden on New Yorkers, [5:08] and to help our state navigate the disastrous impact of the Trump policies, [5:13] the policies coming from the D.C. Republicans. [5:15] There's a lot of work to do, but I have a proven track record. [5:19] I've delivered results. [5:21] That's why I'm pleased to have the near-unanimous support of labor in our state, [5:24] the unions who represent the working men and women of our state. [5:27] I'm pleased to have the support of so many of the elected officials I partnered with, [5:31] including our Attorney General, Tish James, and Governor Kathy Hochul. [5:34] I ask for your support. [5:36] I hope I can count on your vote to continue the support and work. [5:40] Thank you. [5:40] And next is Mr. Goyle. [5:42] Thank you, Errol. [5:43] I'm Raj Goyle, and I'm running because we need better Democrats. [5:47] I'm running to be the people's watchdog, fighting the affordability crisis, [5:51] using every molecule of power we have to fight Donald Trump. [5:54] I'm the son of immigrants, the first in my family born in this country. [5:57] My parents came to America from India with nothing, but they clawed their way to success, [6:01] and that's why I fought for change my entire career. [6:04] I worked as an ACLU attorney after 9-11. [6:07] I built a successful New York City business, [6:09] and I led the coalition to pass the cell phone ban in public schools. [6:13] When I'm Comptroller, we will lower utility rates. [6:17] Tom hasn't? I will. [6:18] We will cut Wall Street fees. [6:20] Tom hasn't? I will. [6:21] We will build thousands of affordable homes across the state. [6:24] Tom hasn't? I will. [6:26] We will get the pension fund out of ICE, [6:28] stop funding a genocide abroad, [6:30] get out of fossil fuels, [6:31] and we will cut waste and fraud across the state. [6:34] 20 years is long enough. [6:35] 40 years in Albany is long enough [6:37] when Raj Goyle, the State Comptroller, change begins on day one. [6:41] Okay, thank you, candidates. [6:42] Let's start on the topic of the economy. [6:46] Recently, there have been some warning signs for the economy. [6:49] Inflation has risen for the third straight month. [6:51] Gas prices are at or near the highest they've been in five years. [6:55] The conflict in the Middle East [6:56] has led to global disruptions in trade. [6:59] What should New York State do to prepare for a fiscal storm, [7:02] and what can you do in your role as state controller [7:04] to soften the blow for taxpayers? [7:07] Let's start with you, Mr. Goyle. [7:08] Sure, that gets to the heart of the affordability crisis [7:11] that is choking New York. [7:13] The reason why we have this fiscal crisis right now, Errol, [7:16] is because we've had Albany mindset. [7:19] Tom has been in Albany now for 40 long years, [7:22] been a politician for 53 years, [7:24] longer than I've been alive. [7:26] We need change fundamentally [7:28] because we do have these threats. [7:29] We need someone who will stand up to Donald Trump. [7:31] Where has Tom been fighting against the Trump administration? [7:36] And yes, it's great that Tish has endorsed you, [7:37] but Tom, you're no Tish James. [7:39] We, nobody in this state can tell one thing [7:42] that Tom has done to make your life better. [7:45] What we need to do is, right, [7:46] in fact, there was a report just this week [7:48] about the threats that AI face New York City [7:50] and New York State. [7:51] They're very real and they're very grave. [7:54] Tom doesn't use a computer. [7:55] He has his assistant print his emails for him. [7:58] We need change and someone who's a forward-thinking, [8:00] who will tackle this affordability crisis, [8:03] lowering utility prices, building housing, [8:05] investing in childcare, [8:06] and getting ice the hell out of New York. [8:08] I'll give you a chance to respond [8:10] if you'd like, Mr. DiNapoli. [8:12] Well, there's not enough time to respond [8:13] to all those lies and all those fictions, [8:15] which is what Raj Goyal has been doing [8:16] all through this campaign. [8:18] I have a very clear track record. [8:20] I have a very clear record of delivering results. [8:23] This notion that I'm somehow responsible [8:25] for global inflation, for wars and everything else, [8:28] I mean, this is part of the craziness [8:29] of this campaign from Mr. Goyal. [8:31] I'll look forward to your questions, [8:33] Errol and Susan, [8:33] so we can really get to the substance [8:35] and stop the hyperbole and the lies and the rhetoric. [8:38] Well, tell me about what, [8:40] with the economic challenges facing New York families, [8:43] what you would plan to do over the next four years [8:45] to help soften the blow for them. [8:47] Well, what I have been calling for, [8:49] and we've seen a positive response [8:50] from the legislature and the governor, [8:51] is for the state to have a much more rigorous discipline [8:55] in building up our reserve funds. [8:57] They're at the highest level that they've been in many years. [9:00] And I said we need to do that [9:01] because we have to be prepared [9:02] for the economic downturn, number one. [9:05] And number two, to navigate the disastrous impact [9:08] of the Trump policies that I have called out consistently, [9:11] particularly with regard to the impact [9:12] of the health care cuts. [9:14] The impact of those cuts [9:15] is going to hurt New York families. [9:17] One of the questions that's really [9:18] part of the budget negotiations that are going on now [9:21] is to what extent we can backstop some of those cuts [9:24] for those people who will be losing health insurance. [9:27] If we have adequate reserves, [9:28] that's perhaps how we could buffer [9:30] and protect New Yorkers against these disastrous cuts. [9:34] At the end of the day, [9:35] we Democrats have to unite [9:36] and change the dynamic in Washington, [9:38] starting with the Democratic House of Representatives this year. [9:41] Okay, Mr. Warshaw. [9:43] Sure. [9:43] The biggest challenge facing New Yorkers [9:45] is that they can't afford to live here. [9:47] And the controller actually has the power [9:49] to do something about it. [9:51] I want to be very specific. [9:52] Three concrete things to address this affordability crisis. [9:55] First, we are in the middle of budget negotiations, [9:58] and our chief financial officer of the state of New York [10:01] has no opinion on whether or not [10:03] we should tax the wealthiest New Yorkers. [10:06] We have 139 billionaires. [10:08] They can afford to live here. [10:10] It's the working New Yorkers who can't. [10:12] And we need to tax the wealthiest among us [10:14] so that we can pay for the promises [10:16] that we've already made [10:17] and the far more ambitious promises we must make. [10:21] The second thing we're going to do [10:22] is we're going to cut out the Wall Street middlemen. [10:24] Mr. DiNapoli has made hundreds of Wall Street bankers [10:27] millionaires over the last 19 years [10:30] with our property taxes. [10:32] We are going to fire every last one of them [10:34] and lower your property taxes as a result. [10:37] And the last thing we're going to do [10:38] is we're going to address electricity prices. [10:40] We're going to audit the Public Service Commission [10:42] that is jacking up our rates [10:44] with Con Edison and National Grid [10:47] and we're going to lower their guaranteed rate of return [10:50] that they continue to get year after year [10:53] despite Tom DiNapoli having an opportunity [10:56] to actually do something about it. [10:59] Okay. [10:59] Well, since I was mentioned again [11:01] and there are more lies and more exaggerations, [11:04] you know, if you want to run for governor [11:05] of the state legislature, Drew, [11:07] you should bring that. [11:08] Those are the ones who set the tax policy, [11:10] not the controller. [11:11] You want to be on the PSC? [11:12] We apply to be a commissioner. [11:14] The controller does not manage... [11:15] We can't... [11:16] We do not approve utility rates. [11:19] And we've ordered the PSC repeatedly. [11:21] You both keep saying we don't audit the PSC. [11:23] You could just look at our website [11:24] since you seem to be good with a computer. [11:27] You could look at that [11:27] and you could see exactly what we've done. [11:29] And this notion that we're making [11:30] Wall Street people rich. [11:31] I'm standing between two multimillionaires [11:34] and they have the nerve to be talking [11:36] about making Wall Street people rich. [11:37] We are protecting a $300 billion pension fund. [11:43] And yes, we use some managers to help us [11:46] have the strongest pension fund [11:48] in the United States of America. [11:49] That is underperforming market. [11:51] It is not underperforming. [11:52] That's how we're ensuring retirement security [11:54] for our public workers. [11:55] You guys know, or you should know, [11:57] if you talk at the same time, [11:58] nobody can hear anything. [11:59] So let's try not to do that if we can. [12:01] A very, very brief response, Mr. Warshaw. [12:04] And then I want to ask another question [12:05] to you, gentlemen. [12:07] Yeah, sure. [12:07] First, one, the New York State Constitution [12:09] protects our pensioners. [12:11] Not you, Mr. DiNapoli. [12:12] You've underperformed the market by 39%. [12:15] It's not true. [12:16] You can continue to say it's not true. [12:18] It's not true. [12:18] We put out a 51-page report. [12:21] Of course he's going to say it's not true. [12:22] For the last 20 years, [12:24] he's made 664 Wall Street bankers millionaires. [12:28] That's 664 bonuses. [12:30] 664 private schools, [12:33] 664 millionaires off of the backs [12:36] of New York taxpayers [12:37] who are the ones who fund the public pension fund [12:40] and public school teachers [12:41] and social workers and firefighters [12:44] who have subsidized Mr. DiNapoli's [12:46] and his bankers under performance. [12:49] Okay, we're going to have an in-depth discussion [12:52] about the pension fund and its management. [12:54] But before we do that, [12:55] let me get a quick response from each of you. [12:57] According to the budget watchdog, [12:59] the Citizens Budget Commission, [13:00] New York State would need [13:01] between $22 and $42 billion in reserves [13:04] in order to weather a recession. [13:06] The state currently has $15 billion [13:08] in its rainy day fund. [13:10] Is that enough? [13:12] And if not, what would you do about it? [13:14] And we'll just go right down the line, [13:15] starting with you, Mr. Warshaw. [13:16] Sure, tax the rich. [13:18] Okay. [13:19] The chief financial officer of New York State [13:21] actually has the power and the voice [13:23] to say something. [13:24] He's silent. [13:25] For 20 years, he talks a lot about the expenses. [13:28] He never talks about the revenue [13:29] and we need to be honest about that. [13:31] We have 139 billionaires living in the state of New York. [13:36] They can afford to live here. [13:37] The 200,000 black New Yorkers [13:40] who have left New York over the last 20 years [13:43] because they can't afford to live here, [13:45] that's who I care about. [13:46] That's who I want to center in my campaign, [13:48] not the Wall Street bankers. [13:50] Okay. [13:51] Mr. DiNapoli, the rainy day fund. [13:52] Yeah, it should be more. [13:53] We're about $15 billion now. [13:55] It would be better to be higher. [13:56] Certainly, we've benefited from tax revenue [13:59] coming in higher than projected. [14:00] I've always advocated for more money [14:02] to be placed into the rainy day reserve funds. [14:05] And again, this notion that we're helping the Wall Street... [14:07] You know what? [14:08] Is there a reason why the men and women [14:11] who are represented by labor, [14:13] who care about the pension fund [14:15] and how it's managed, [14:16] are supporting Tom DiNapoli, [14:17] not Drew Rochera, not Raj Goyal? [14:19] It's because we have responsibly managed the pension fund. [14:22] We have low fees. [14:24] Don't take my opinion. [14:25] Look at the independent evaluations [14:27] of how we've managed the pension fund. [14:28] It's because you haven't told them the Constitution [14:30] who guarantees their benefits. [14:31] Nothing could be more categorically false than that. [14:33] Tom DiNapoli has made, [14:35] pays almost a billion dollars a year [14:37] in Wall Street fees, [14:38] and they underperform. [14:39] We absolutely... [14:40] He's absolutely AWOL on the fight, [14:42] on our revenue. [14:43] Yes, we should, of course, tax the rich, [14:44] but we need to have a... [14:45] We need a chief financial officer [14:47] who is in the game, [14:48] fighting Donald Trump on every step of the way. [14:51] That big, beautiful budget, [14:52] which is an absolute catastrophe for New York, [14:55] Tom DiNapoli was silent on that. [14:57] That's not true. [14:57] He has not done anything to fight [14:59] the Donald Trump agenda. [15:00] And what we need to do [15:02] is make sure that we have a chief financial officer [15:04] who fights for progressive values [15:05] and doesn't defend ICE [15:07] and other aspects of New York [15:11] in which we are terrorizing our neighbors. [15:13] False, lies, Moore, Goyle, lies. [15:15] I have never endorsed ICE. [15:18] I have never endorsed the Trump agenda. [15:21] We just did a report [15:22] on the disastrous impact of tariffs on our policy. [15:25] Our pension fund does not underperform. [15:27] Don't believe these two jokers. [15:29] Look at the independent evaluations, [15:30] the Department of Financial Services review [15:32] of the pension fund, [15:33] the Weaver fiduciary review, [15:35] and it indicates that we've met our benchmark [15:38] with very good results. [15:40] I have grown the pension fund. [15:42] It's doubled during my tenure. [15:43] Almost $300 billion. [15:45] That's not underperform. [15:46] Actually, he mentioned me by name. [15:47] If I could just quickly respond to that. [15:49] The state budget is seven weeks late. [15:52] It's the latest in 16 years. [15:54] It will also be the most expensive [15:56] state budget in state history, [15:59] New York state budget, [16:01] costing somewhere around $268 billion [16:03] because we don't really know [16:04] because we don't have a finalized budget yet. [16:07] Mr. DiNapoli, [16:08] you have warned that the trajectory [16:10] of projected state spending [16:12] is estimated to increase [16:14] at a faster rate than expected revenues, [16:17] creating a future $27.5 billion budget gap [16:20] through 2030. [16:21] Do you believe that the state budget [16:23] that is currently on track to pass is fiscally sound? [16:27] And how can you use your fiscal oversight role [16:29] to improve the state's long-term fiscal stability? [16:33] Well, what the controller has is the bully pulpit. [16:36] And Susan, I'm glad you mentioned that [16:37] because we have consistently warned [16:39] that the issue of doing the New York state budget [16:41] is not just short-term budget balance. [16:43] It's long-term. [16:44] How do we have recurring revenues [16:46] be balanced with recurring spending? [16:48] And that is the responsibility [16:49] of the governor and legislature. [16:50] They've not completed the budget process, as you know. [16:53] What we're going to look at [16:54] is not just budget balance for the coming year, [16:57] but when they complete the process, [16:58] what will be the implications [16:59] of the spending choices made this year [17:01] for the out years, [17:03] for one year, two years, three years down the road? [17:05] That's where New York has had a continuing issue, [17:08] that we always seem to start every budget year [17:10] with a gap that we have to fill, [17:12] and then you get into the struggle of revenue spending. [17:15] That's part of why we have a budget delay again. [17:18] The concern I have [17:19] is not just the uncertainty of the economy. [17:20] It's the continued impact [17:22] of these terrible policies coming out of Washington [17:24] that represent a fundamental restructuring [17:27] of the relationship between Washington and the states, [17:30] particularly a state like New York [17:31] that's going to be penalized [17:32] by these federal budget cuts. [17:34] We have to be prepared to deal with that. [17:35] All right, Raj Goyal, same question. [17:37] I think it's quite ironic [17:38] that he uses the term the bully pulpit. [17:40] No one would ever... [17:41] Where has this bully pulpit been for 20 years? [17:43] No, but 65% of Democrats [17:45] can't even name Tom as the state comptroller. [17:48] So the fact of the matter is we need a state comptroller [17:50] who is foot forward. [17:52] Of course, we have a deep financial crisis [17:54] that we must address because of the Trump budget. [17:59] And on Medicaid, [18:00] we have 7 million New Yorkers who are on Medicaid. [18:03] There should be an absolute task force [18:05] that goes around this state [18:06] that is highlighting the devastating cuts. [18:08] We have 40% of all births in New York [18:10] that are happening on Medicaid. [18:12] The state budget is something [18:13] that is obviously a values document. [18:15] And right now, the state comptroller is AWOL on that. [18:19] Where is the bully pulpit on passing New York for all [18:21] to getting ICE out of New York [18:23] to making sure that we fundamentally pay our bills [18:26] to invest in childcare and build housing? [18:28] All of that is absent [18:29] because Tom DiNapoli has been in Albany for 40 years [18:33] and he has a very fundamentally different view [18:35] of how power should be used. [18:36] We need to use it for you. [18:38] All right, 30 seconds to Tom DiNapoli [18:39] and then we're going to take one minute for Drew Warshaw. [18:42] Well, I realize I'm not a household name [18:45] like Raj Goyal and Drew Warshaw. [18:46] I don't think that's a disadvantage. [18:49] Look, I've been doing the job. [18:51] I have been calling out the need for greater efficiency. [18:54] You know, just last year alone, [18:55] we identified over $3 billion in cost savings, [18:59] a lot of that in the health care budget particularly. [19:02] Our audits, I can stand behind. [19:04] We are a professional staff, [19:05] very dedicated, very hardworking. [19:07] They identify opportunities at the state level [19:09] and the local government level for us to be more efficient. [19:13] I'm going to continue to back up my team [19:14] with their very important work [19:16] to make New York more affordable for all. [19:18] Drew Warshaw. [19:19] Sure, thank you for the question. [19:21] You just heard Mr. DiNapoli talk about the out years, [19:24] years from now. [19:25] What I'm worried about [19:26] and what New Yorkers are worried about is this year. [19:29] I'm worried about this year. [19:30] I'm worried about Donald Trump raiding New York. [19:33] That's what I'm worried about. [19:34] And I think we could do more. [19:36] The chief financial officer of the state of New York [19:38] is nowhere to be found in this budget battle. [19:41] When it comes to taxing the wealthiest among us, [19:44] we have 139 billionaires. [19:46] We have 100,000 millionaires. [19:49] In New York, just alone, [19:51] we don't have a problem growing millionaires. [19:53] We have a problem affording to live in New York. [19:56] And we don't have a state controller [19:58] who is willing to challenge the governor [20:00] and say, yes, ma'am, [20:01] we do need to raise taxes on the wealthiest. [20:05] I am worried about this year. [20:07] I'm worried about New Yorkers today, [20:08] not the out years. [20:11] All right. [20:11] Different questions. [20:12] Since the financial crisis of the 1970s, [20:15] the state controller has had a special deputy controller [20:18] for New York City, [20:19] responsible for the fiscal monitoring of the city. [20:23] Recently, New York City Mayor Momdani has proposed, [20:25] and the governor has okayed a decision [20:28] to lower the city's annual pension payments [20:31] and extend the payment schedule by five years. [20:35] But budget watchdogs are calling this a gimmick [20:37] that passes today's debt onto future taxpayers. [20:41] Starting with Drew Warshaw, [20:42] you are the state's top fiscal watchdog. [20:45] What do you think? [20:46] Sure. [20:47] It is a rare thing that we get to focus on [20:49] this statewide office, [20:51] the office of state controller. [20:53] And I want to talk about [20:54] the second largest city in New York. [20:56] I want to talk about Buffalo. [20:57] We have a new mayor in Buffalo. [20:59] He just declared the city of Buffalo broke. [21:02] Broke were his words. [21:03] He has a one-year, 26% property tax increase. [21:07] And Mr. DiNapoli has a whole office, [21:09] a division of local finance accountability. [21:12] And for the last 20 years, they were nowhere. [21:15] And I trust that Mr. DiNapoli was not pulling the gears, [21:18] but he was not sounding the alarm. [21:20] And in fact, his investment strategy, [21:23] his failed investment strategy, [21:24] has actually driven up property taxes [21:27] at a moment when we need to lower that. [21:29] Can you just answer the question about [21:31] what do you think about New York City Mayor Momdani's proposal [21:35] to smooth the pension? [21:38] I think I need to give that a harder look [21:41] is what I need to do. [21:42] All right. [21:42] 30 seconds to Tom DiNapoli. [21:45] On the question or rebutting his crazy... [21:47] You can rebut and then we'll do the questions. [21:49] Well, you know, again, [21:50] I'm very proud of the work of the team. [21:53] You know, I have close to 3,000 employees [21:55] that do a great job. [21:56] I don't mind taking the political hits. [21:57] That's why I'm running for office. [21:59] But this disparaging of the work of the office, [22:01] I want to say to the men and women [22:02] who work in the controls of the office, [22:03] you do a great job, [22:04] including our local government folks. [22:06] That's why the mayor of Buffalo reached out to us to say, [22:08] give us a hand as I try to navigate this tough time. [22:11] On your specific question on New York City, [22:14] you know, look, [22:15] anytime you're stretching out payments, [22:17] it's not the preferred strategy. [22:19] But in fairness, [22:20] we have a new mayor here in New York City. [22:22] He got the support of the labor unions [22:24] to say that this was a reasonable strategy [22:26] to deal with the larger financial challenges [22:28] that he's facing. [22:30] We on the state level [22:31] do have an opportunity for folks to amortize [22:33] if they need to. [22:35] Again, based on market conditions, [22:37] we put that in place [22:38] after the global financial crisis. [22:39] It's not always the best way, [22:41] but sometimes it's the more practical solution [22:43] to the challenges that you face. [22:44] Thank you. [22:45] Raj Goyal, same question. [22:46] Yes, Susan. [22:46] Well, it's very interesting [22:47] that you started the question. [22:48] You talked about the deputy comptroller [22:50] from New York City. [22:51] Again, that was put in place. [22:52] Even when Eric Adams had his trouble, [22:54] Governor Hochul said, [22:55] I'm going to strengthen that office. [22:57] Nobody knows what it does. [22:58] Tom DiNapoli has been asleep at the switch [23:00] on marking New York City's finances. [23:03] He's not a player in that at all. [23:04] And there are deep concerns [23:06] about this pension smoothing. [23:08] What we need to do is make sure [23:09] that we have a more transparent process [23:11] of the budgeting. [23:12] And the state comptroller right now [23:14] with these Wall Street fees [23:15] is giving away money [23:16] that should be in the pockets of the pensioners. [23:19] And that is the deep problem that we have. [23:21] And that's why we need a new state comptroller. [23:23] Again, I just have to say, [23:24] I just have to say, [23:26] Rahul Jain is our deputy controller [23:27] for New York City. [23:28] He does an outstanding job. [23:30] We are part of the Financial Control Board. [23:32] If you would bother, [23:33] instead of just pontificating, [23:35] to actually look at the reports [23:37] and the analysis we have put out [23:38] day in and day out, [23:40] year after year, [23:41] you'd be more educated [23:42] instead of making up [23:43] all of these wild assertions [23:45] that disparage our work. [23:46] And I say our work. [23:47] I work with a great team of professionals. [23:49] I don't mind if you take shots at me, guys. [23:51] But you're disparaging the work [23:53] of 3,000 very dedicated students. [23:54] And why did the mayor of Buffalo [23:55] have to beg you to come to the city? [23:57] It took you five months. [23:59] It took you five months to show up. [24:00] He didn't have to beg. [24:01] First of all... [24:02] It took you five months. [24:03] You don't even understand. [24:04] There is a control board for Buffalo [24:06] on which I have an appointee. [24:08] You have a whole local office? [24:08] We have been involved [24:09] with monitoring the finances. [24:11] Where were you? [24:11] You were absolutely able, Tom, [24:13] on that issue. [24:14] Look, if we didn't have credibility, [24:15] Mayor Sean Ryan would not have reached out [24:17] and said, Tom, he helped us with that. [24:18] He has no choice? [24:19] To you because that's your constitutional... [24:21] That's your constitutional obligation. [24:22] It's not a constitutional role. [24:23] We are a local control state. [24:24] The people of Buffalo [24:26] are entitled to make their own decisions. [24:27] When the mayor asked for help from us, [24:29] they came to us [24:31] because we have credibility [24:32] and authority to be of help. [24:34] And we do that [24:35] for any municipality [24:36] that's in fiscal stress. [24:37] Okay. [24:38] I think all positions [24:39] on that point have been aired. [24:41] I'm going to move on now [24:42] and we're going to talk [24:43] about the pension fund. [24:44] As the sole trustee [24:45] of the New York State [24:47] Common Retirement Fund, [24:48] the controller is responsible [24:49] for ensuring safe and stable returns [24:51] for more than a million [24:52] current and former state employees [24:53] with the duty [24:54] to balance profitable returns [24:56] with safety and soundness. [24:57] I'm going to put out [24:59] some of the numbers [25:00] that are on the controller's website. [25:02] If anyone up there [25:03] disagrees with any of those numbers, [25:06] this would be the time [25:06] to make that known. [25:07] The current rate of return, [25:09] 11.94% over the last fiscal year, [25:12] a three-year annualized return [25:14] of 9.74%, [25:16] a five-year annualized return [25:18] of 6.77%, [25:20] and a 10-year annualized return [25:22] of 8.94%. [25:24] My question to each of you is, [25:26] if elected, what changes, if any, [25:28] would you make [25:29] to the state's investment strategy? [25:31] We'll start with you, Mr. Gore. [25:32] Absolutely. [25:33] So obviously numbers go up and down, [25:35] but if you look at against the S&P, [25:37] the state pension fund [25:38] has underperformed. [25:39] And if you look at that five-year mark, [25:41] it has, of course, [25:41] underperformed the city pension fund. [25:43] And the city pension fund did it [25:44] by managing to divest [25:46] from fossil fuels. [25:47] If I was the state comptroller, [25:49] when I am the state comptroller, [25:50] what we will do is, of course, [25:51] get rid of these Wall Street middlemen [25:53] who are taking at least [25:54] a billion dollars in fees [25:55] and that giveaway to Wall Street, [25:59] he's giving them our paychecks [26:01] when they don't deserve it. [26:02] What we need is to have [26:04] a new approach to the pension fund, [26:07] which is far more transparent, [26:09] which is actually focused [26:10] on rate of return. [26:11] And what we can do [26:12] is build affordable housing [26:13] all across this state. [26:14] And it gives us [26:15] a good rate of return. [26:16] We can, yes, invest in child care [26:18] and use that audit authority [26:19] to make sure that we are [26:20] lowering utility rates. [26:21] All of these things can happen [26:23] with a new state comptroller. [26:25] I have a follow-up question [26:27] for you, Mr. Goyal. [26:28] As you know, [26:29] I want to make sure [26:30] our viewers understand this, [26:31] that the fund is not simply [26:33] invested in publicly traded stocks. [26:35] Of course. [26:35] There are mortgages, [26:36] there's private equity, [26:37] there's bonds, [26:39] there's real assets. [26:40] There's a lot of stuff [26:41] that's going on. [26:43] Are you saying that [26:44] you would handle [26:44] all of that in-house [26:45] without the use [26:46] of outside assistance? [26:49] Well, of course, [26:50] the state comptroller right now [26:50] does a lot in-house [26:52] and that's why he has, [26:53] and we're going to talk about this, [26:54] the active position [26:55] that he has in Palantir. [26:57] And so what I would suggest [26:59] is that we could use index funds [27:01] and reduce these fees substantially [27:03] to no or low cost. [27:05] And right now, [27:06] the state comptroller, Tom, [27:07] is wasting billions of dollars [27:09] on these Wall Street middlemen [27:10] and it is a waste of money. [27:12] If the pension fund actually, [27:13] if we were managing it properly, [27:15] our pensioners would have vastly [27:16] more money in their pockets [27:18] in addition to that rate of return. [27:20] Okay. Mr. DiNapoli. [27:22] You know, when I listen [27:23] to my opponents, [27:24] I always marvel. [27:26] They don't realize [27:27] it's not their money. [27:28] It's not for them to play with. [27:30] It's not for their pet projects. [27:31] It's not for their political agenda. [27:33] It is to secure the retirements [27:35] of 1.3 million New Yorkers [27:37] and the families [27:38] who depend on our decisions. [27:40] New York has the best funded [27:41] of all the big state pension plans [27:43] because we have a smart investment strategy [27:45] that's worked over time. [27:46] We're not there to outdo the market. [27:49] We're there to have a sustainable, [27:51] reliable return over the long term, [27:53] which is why we have [27:54] a diversified portfolio, [27:56] which is why we do a careful analysis [27:58] of our asset allocation [27:59] every five years [28:00] to make sure we have [28:01] a reasonable distribution [28:02] so that whether the markets [28:03] are up or down, [28:05] we're going to meet [28:05] our investment goal. [28:07] We have a 5.9% long-term goal, [28:09] one of the most conservative [28:10] in the country. [28:11] Why? [28:12] So that we don't have to take risks. [28:13] And when you look at the fees [28:15] that we pay, [28:16] we are not paying excessive fees. [28:18] Outside, independent evaluations [28:20] have said that. [28:21] We manage most of our assets in-house. [28:23] We pay fees [28:24] for some of the other [28:25] private market diversification [28:27] that is part of the strength [28:28] of our fund. [28:29] We're going to stay on this path. [28:30] We're going to protect [28:31] your retirement security [28:32] for all the years to come. [28:33] Okay, Mr. Warshaw. [28:34] I agree with Mr. DiNapoli. [28:37] He said that we have [28:39] one of the best funded pension funds [28:40] in the nation. [28:41] He is right. [28:42] What he leaves out [28:43] is it's the law. [28:45] It has to be fully funded. [28:46] Every single year. [28:47] That's the part he leaves out. [28:49] And it turns out [28:50] over the last 20 years, [28:51] it's been fully funded [28:53] because taxpayers in New York [28:55] have paid $60 billion [28:57] in higher taxes [28:59] to subsidize [29:01] Tom DiNapoli's underperformance [29:03] and the 664 Wall Street bankers [29:06] that he has made millionaires. [29:08] So I would invest very differently. [29:11] And I appreciate [29:12] that Mr. Goyle agrees [29:13] with my strategy. [29:14] I would fire the 664 [29:16] Wall Street bankers [29:17] who he has made millionaires. [29:19] If you and I didn't do our job [29:20] for 20 years, [29:21] we'd be fired. [29:23] We wouldn't get more money. [29:24] And I would invest [29:25] in low-cost, [29:26] practically free, [29:28] diversified index funds. [29:30] And then we would create [29:31] the largest affordable housing fund [29:32] in the United States of America. [29:35] We have a housing crisis. [29:37] We have $300 billion [29:38] and we could invest that [29:40] in homes that New Yorkers [29:41] can actually afford [29:43] while earning a higher rate of return [29:45] than the pension fund's [29:46] current 5.9% target rate of return. [29:50] Okay. [29:51] You know, I just have to say, [29:52] there are not 664 bankers. [29:54] Just look at our financial statement. [29:56] You're making up numbers. [29:58] You're adding up over 20 years [29:59] and you're aggregating. [30:00] Why don't you look at the $200 billion [30:02] that we paid out [30:03] in retirement benefits. [30:04] And there are many states [30:05] that have laws [30:07] that require pensions to be paid. [30:10] They're constitutionally guaranteed. [30:11] Many states have the same laws, [30:12] but they don't have the money to pay it. [30:14] We have the money to pay it [30:15] because we have [30:16] a smart investment strategy. [30:17] Because it's the law. [30:18] It could be greater [30:18] and it could be stronger. [30:19] Because it's the law. [30:20] Understood. [30:21] Gentlemen, [30:22] I got one other pension fund question, [30:25] which is, [30:26] both you, Mr. Goyle, [30:28] and Mr. Warshaw have criticized [30:30] the current controller [30:33] for investing in Palantir [30:36] is a name that comes up a lot, [30:38] NVIDIA, [30:39] some of these companies [30:39] that have been involved with ICE [30:42] because they have contracts [30:43] with the federal government. [30:45] But you've also called [30:46] for the fund to be invested [30:48] in low-cost index funds, [30:50] which inevitably include [30:52] companies like Palantir. [30:53] So how would you do that? [30:55] If the S&P 500 includes [30:57] Palantir and NVIDIA, [30:58] do you want to use [30:59] those kind of index funds or not? [31:01] Very easily. [31:02] This is how it can be done. [31:04] You can have the financial leverage [31:05] of the $300 billion pension fund [31:07] is enormous. [31:08] You can have custom index funds. [31:10] This is similar [31:10] to how the New York City pension fund [31:12] divested from fossil fuels. [31:14] It is very easy [31:15] if you talk to any financial advisor [31:16] that the pension fund [31:18] can create a custom index. [31:20] They would love to have our money, [31:21] to have our state's pension fund money [31:23] in those index funds. [31:24] So you can, in fact, [31:26] create a custom index fund [31:27] which makes sure [31:28] that the pension fund [31:29] reflects our values [31:30] and still has a great rate of return. [31:32] It can be done. [31:33] It's not because Tom DiNapoli [31:34] doesn't have the vision [31:35] or the desire to do that. [31:36] But just as a follow-up, [31:38] I mean, you're talking about oil and gas. [31:40] You're talking about [31:41] a number of different companies. [31:42] It gets pretty extensive [31:44] pretty quickly, doesn't it? [31:45] Of course. [31:46] And that is the point [31:46] of what an active, [31:48] thoughtful comptroller should do. [31:49] And so that you can, in fact, [31:51] have an index fund [31:52] because you should be picking [31:53] and choosing stocks [31:54] that, of course, [31:56] have a great rate of return [31:57] but that also reflect our values. [31:58] And it is easily done [32:00] if we had somebody [32:01] who wasn't so beholden [32:02] to the status quo. [32:03] It's been in Albany for 40 years. [32:05] He doesn't think differently. [32:06] And that is why [32:07] if we have modern investment techniques, [32:09] you can, in fact, [32:11] have a pension fund [32:12] that returns a great rate of return [32:13] higher than we've had before [32:15] and reflects our values. [32:16] I want to get a response [32:17] from Mr. Warshaw. [32:17] Yeah, no, I'd be happy [32:19] to answer the question. [32:20] First, absolutely, [32:21] you can customize an index fund. [32:23] But I want to be clear [32:24] about something. [32:25] These fossil fuel companies [32:26] that we would divest in, [32:27] that Mr. DiNapoli refuses [32:29] despite New York City [32:30] being able to do the same thing, [32:32] they are not just killing the planet. [32:34] They're killing the pension fund. [32:35] We put out a 20-plus page report [32:37] on our website [32:38] that showed that Mr. DiNapoli's [32:40] refusal to divest [32:41] from fossil fuel companies [32:43] has cost the pension fund [32:44] $15 billion. [32:45] And the other thing I have to say, [32:47] in addition to divesting [32:48] in Palantir, [32:49] I don't know how we explain [32:51] to the family, [32:53] the Palestinian family [32:54] in Bay Ridge [32:55] that their working tax dollars [32:57] are going to fund [32:59] Netanyahu's war machine. [33:01] I don't understand [33:01] how we can explain to them [33:03] that New York's taxpayers [33:04] are subsidizing [33:06] 6,000 miles away [33:08] a war on all sides. [33:10] We don't have to do that. [33:12] We will get out [33:13] and we will invest that money [33:14] in homes that we can afford [33:17] right here in New York. [33:18] Mr. DiNapoli. [33:20] These guys don't know [33:21] what they're talking about. [33:22] It's just plain and simple. [33:24] You know, [33:25] the vast majority [33:26] of our public equity holdings [33:27] are in index funds. [33:29] The plain vanilla index... [33:31] Let me finish, guys. [33:32] The plain vanilla index funds [33:34] that over time prove [33:35] at low fee [33:36] because we manage it in-house, [33:37] you get a great return. [33:40] We do have customized index funds, [33:42] particularly on climate. [33:43] We have a number of... [33:44] Our low emission index fund [33:46] was one of the first [33:46] climate-sensitive, [33:48] unique index funds [33:49] that was created. [33:50] We're in customized index funds, [33:52] but the broad amount [33:53] of our public equity portfolios [33:54] are in index funds [33:56] that serve us very, very well. [33:57] We're going to move on [33:58] to tier 6. [33:59] State employee unions [34:00] have argued [34:01] that recruitment is down [34:03] because the newest pension tier, [34:05] which is known as tier 6, [34:07] has less attractive [34:08] retirement benefits [34:09] and is more costly to workers [34:11] than lower pension tiers. [34:13] It's one of the reasons [34:14] that a fix could be added [34:16] to the state budget, [34:17] costing taxpayers [34:18] around $500 million a year. [34:21] Controller DiNapoli, [34:22] you have said that the state [34:23] can do more to fix tier 6 [34:25] because public pensions [34:26] are doing well. [34:28] But many New Yorkers... [34:29] I'm sorry, [34:30] but New York also has [34:31] huge future budget gaps [34:32] and many local governments, [34:34] which would have to absorb [34:35] these pension adjustments [34:37] have their own serious budget issues, [34:40] including Buffalo. [34:41] Can taxpayers afford this change? [34:45] Well, Susan, [34:46] we have to see [34:46] what the final results are, [34:48] but I've said [34:49] we can fix tier 6 [34:50] because our pensions [34:51] are well-funded. [34:53] And I think the kinds [34:54] of negotiations [34:55] that are going on, [34:56] obviously we're providing [34:57] fiscal analysis, [34:58] will be reasonable. [34:59] Yes, I think it can be afforded. [35:01] Look, when tier 6 first came in, [35:03] I was one of the voices [35:04] that said it goes too far. [35:06] And I think we've seen [35:06] that result with a real challenge [35:08] as far as recruitment [35:09] and retention. [35:10] I hear that not only [35:11] from the employee side, [35:12] but from the employer side as well. [35:14] There's obviously been negotiation. [35:15] Not everything the unions [35:16] were asking for [35:17] is going to happen. [35:18] But I think on the long scheme [35:21] of things, [35:21] we're going to be able [35:22] to pay for this. [35:23] It's a reasonable change. [35:25] It's going to be better [35:25] for our public workforce [35:26] who we depend on [35:28] to provide services [35:29] for all the people of our state. [35:30] The only way we are going [35:31] to be able to fix tier 6, [35:33] and I think we should, [35:34] and I think our public school teachers [35:36] deserve the same retirement benefits [35:38] as their colleagues. [35:39] But the only reason [35:40] we're going to be able [35:41] to afford it [35:41] and not crush property taxpayers [35:43] in the process [35:44] is if we switch controllers [35:46] and fire the 664 [35:48] Wall Street bankers [35:49] that he pays a billion dollars [35:51] of fees to [35:52] and actually underperforms [35:53] the market. [35:54] But can taxpayers afford it, [35:55] true, Warshaw? [35:56] If we fire the bankers, [35:57] they can. [35:58] We would save a billion dollars [35:59] in taxpayer-funded fees [36:01] every single year [36:02] and earn a higher rate of return. [36:04] But not if we re-elect Tom DiNapoli. [36:07] We will not be able [36:08] to afford tier 6, [36:09] and property taxpayers [36:10] would get crushed, [36:11] not unless we change [36:12] our investment strategy. [36:13] Raj Quayle. [36:14] Well, I think it's very interesting [36:16] if you heard Tom talk [36:17] about the fact that he said, [36:18] well, I didn't like it at the time. [36:20] Well, there we go again. [36:21] Where Tom DiNapoli [36:22] was not a factor [36:23] in a huge problem [36:24] when tier 6 was adopted. [36:26] The state comptroller [36:26] should have been [36:27] the leading opponent [36:28] of tier 6 being adopted [36:30] in the first place. [36:32] I was. [36:32] I was. [36:32] Tom, wait. [36:33] And so that's the problem [36:35] that we have now. [36:36] We're cleaning up a mess [36:37] that Albany created [36:38] that he was a part of. [36:39] There's an illogic [36:40] to this argument, [36:41] which is somebody [36:41] who's been in Albany [36:42] for 40 years [36:42] and says he wants [36:43] to clean up these problems. [36:44] You were part of the reason [36:45] that they were created [36:46] in the first place. [36:47] And yes, [36:48] we can afford this [36:49] if we do clean up [36:50] the pension fund. [36:51] And I'm the, [36:52] in fact, [36:53] my wife is the daughter [36:54] of public school teachers, [36:55] lifelong union members. [36:57] And we, [36:57] I have seen in my family, [36:59] they came from India [37:00] with nothing. [37:01] They were able [37:01] to come to Orange County, [37:03] build an entire life [37:04] because of the generous [37:05] pension fund [37:05] of being a public school teacher. [37:07] We need to value that work. [37:09] And Tom DiNapoli, [37:10] on his watch, [37:11] tier 6 happened, [37:12] and now he's not doing enough [37:14] to make sure [37:14] that we fix tier 6. [37:15] 30 seconds to Tom DiNapoli. [37:16] It's just bizarre [37:17] to be blamed for tier 6. [37:20] It's the governor [37:20] and the legislature [37:21] that adopted tier 6. [37:23] They ascribe powers [37:24] to the state controller [37:25] like you're the president, [37:26] the head of the UN, [37:27] and the pope. [37:28] That's not the job [37:29] of the state controller, guys. [37:31] You keep talking about [37:32] 600-some-odd [37:33] Wall Street bank. [37:34] I don't know [37:34] where you got that number from. [37:35] It's a made-up number. [37:36] It's from your website. [37:37] You keep talking about [37:38] we're going to fire everybody [37:39] and we're going to, [37:40] no, we're not going to pay [37:41] anybody to manage [37:42] $300 billion. [37:43] We're all going to do it [37:44] in-house. [37:45] You guys are living [37:46] in a fantasy land [37:47] and you're going to destroy [37:48] the pension fund [37:49] and you're going to destroy [37:51] the retirement security [37:52] that I've worked 20 years [37:53] to build up [37:54] for everyday people in New York. [37:56] That has been diminished [37:56] and has been weakened [37:57] because of his management. [37:59] Raj Goyal, [38:00] in fact, [38:00] this is for all of you, okay? [38:02] You've all sought [38:03] the support of unions [38:04] or union-backed political parties. [38:07] How do you respond [38:08] to critics who argue [38:09] that you might not be [38:10] sufficiently independent [38:11] of unions to say, [38:13] no, the state cannot afford [38:14] to sweeten pension tiers? [38:17] Drew Warshaw. [38:18] Yeah, look, [38:19] I think we can't [38:20] if we continue [38:22] the failed Wall Street [38:23] first investment strategy [38:25] that Mr. DiNapoli [38:25] has overseen [38:26] over the last 20 years. [38:28] We can if we fire [38:30] the 664 investment managers [38:32] that we pulled directly [38:34] from his website. [38:35] You can go. [38:35] We have the receipts. [38:37] And if we fire them [38:38] and save the billion dollars [38:39] in taxpayer-funded fees, [38:40] he has cost New Yorkers [38:42] $5,500 a New York family [38:45] in the middle [38:46] of an affordability crisis. [38:48] We do not need [38:48] to be making [38:49] Wall Street bankers [38:50] millionaires. [38:51] Same question. [38:52] So the fact of the matter [38:54] is that if we actually, [38:55] he's paying now [38:56] almost a billion dollars [38:58] in Wall Street fees, [38:59] underperforming their marks, [39:00] and he has bought [39:01] and paid for [39:02] by those very interests. [39:04] And, you know, [39:05] there is a brand new study [39:06] that came out [39:07] just in this last month [39:08] of carried interest. [39:09] This is the gimmick [39:10] that private equity firms [39:11] have to not pay [39:12] income taxes [39:12] on the billions [39:13] of dollars they make. [39:14] It would give $1 billion, [39:16] $1.1 billion back [39:18] to New York. [39:19] Tom DiNapoli has the stature [39:20] as running the pension fund [39:21] to fight the carried [39:22] interest loophole, [39:23] and he does nothing about it. [39:25] We need to, [39:26] if we had a change [39:26] in comptroller, [39:27] we could actually [39:28] do these things. [39:29] It's just remarkable [39:31] to be surrounded [39:32] by these multi-billionaires [39:33] who, unlike everyday [39:35] New Yorkers, [39:36] don't even file [39:36] their taxes on time. [39:38] They have to get extensions. [39:39] When you look [39:39] at their holdings [39:40] that are vast, [39:41] I wonder how much [39:42] they're paying [39:43] in their fees [39:43] for all their big investments. [39:45] That $1 billion [39:46] on a $300 billion [39:47] pension fund [39:48] is reasonable. [39:49] You're not going to fire [39:50] all the money managers [39:51] because who's going [39:52] to be managing the money? [39:53] The nurses, [39:54] the firefighters, [39:55] the teachers, [39:56] the police officers. [39:57] You're the ones [39:58] who I have been fighting for. [40:00] You're the ones [40:01] whose retirement security [40:02] I protected. [40:03] At least vote for me. [40:04] Leave these one percenters [40:06] out of the equation. [40:07] He mentioned personal investments. [40:08] They are not the solution [40:10] to our challenges. [40:11] He mentioned personal investments. [40:13] All right. [40:13] He's a comptroller [40:14] who trades individual stocks [40:16] while managing a pension fund. [40:18] This is the point [40:20] in the debate [40:21] where we will have [40:21] the cross-examination [40:22] where each of you [40:23] will have the chance [40:24] to ask one of your adversaries [40:26] one question [40:27] and you'll listen [40:27] for that response. [40:29] It's not a back and forth. [40:30] It's just a question [40:30] and an answer. [40:31] We'll start with you, [40:32] Mr. Warshaw. [40:33] Mr. DiNapoli, [40:36] you've had all the power [40:39] to address one of the things [40:41] that is terrorizing New Yorkers [40:43] and that is Donald Trump's [40:44] private militia. [40:45] That is ICE. [40:46] You have the power today [40:48] without any new legislation [40:50] to take any of your 3,000 auditors [40:52] and to audit the 14 municipalities [40:55] and school districts [40:56] and law enforcement agencies [40:58] that are colluding [41:01] and collaborating with ICE. [41:02] Literally, today, [41:03] terrorizing our neighbors. [41:05] And I think we need to send [41:07] a very clear signal [41:08] to Donald Trump [41:09] and that is [41:10] we have to stop ICE. [41:14] And, Mr. DiNapoli, [41:15] you have the power to do that [41:17] and you won't use it. [41:19] Why? [41:21] The controller [41:22] does not have the power [41:23] to stop ICE. [41:25] As you well know [41:26] or as you should know [41:27] and fortunately [41:28] with the leadership [41:29] of Governor Hochul [41:30] and our members [41:31] of the legislature, [41:32] today, [41:33] they are voting [41:34] on legislation [41:34] to get ICE [41:36] out of our communities. [41:37] That's the appropriate response. [41:39] And as controller, [41:40] I will make sure [41:41] that the law [41:42] that is being adopted [41:43] as part of the state budget [41:44] will be adhered to [41:45] by our localities, [41:47] by our school districts. [41:48] That is the role [41:49] for the controller. [41:50] But why haven't you audited them? [41:51] Because there's nothing... [41:52] There are 14 of them. [41:52] What do you mean [41:53] there's something audited? [41:54] He didn't answer the question. [41:55] They're going to be outlawed. [41:56] That is exactly [41:57] what I have been arguing for. [41:59] He's waiting for the legislature [42:02] to do something [42:03] he has the power today. [42:05] Wait, wait, wait. [42:05] An audit... [42:06] You know what? [42:07] Everybody stop. [42:08] Everybody stop. [42:09] It's going to be a question [42:10] and it's going to be an answer. [42:11] You guys agreed [42:11] to follow the rules. [42:12] That's what we're going to do. [42:13] You can continue [42:14] your response, Mr. DiNapoli. [42:15] No, an audit doesn't stop ICE. [42:18] I'll leave it at that. [42:19] Okay. [42:20] Your turn to ask a question. [42:22] I would ask Mr. Goyle. [42:24] He was a state legislator [42:26] in Kansas. [42:27] I was a state legislator [42:28] here in New York. [42:29] I was very curious [42:30] as to how you earned [42:32] an A rating and endorsement [42:33] for the National Rifle Association. [42:35] That's something [42:35] that I was never able to do [42:37] in my years [42:37] in the state legislature. [42:38] Well, I was one of the most [42:39] progressive legislators [42:40] in America. [42:42] I had the endorsement [42:42] of Barack Obama, [42:43] Nancy Pelosi, [42:44] Planned Parenthood, [42:45] the AFL-CIO, [42:46] and in fact, [42:47] Drew Warshaw, [42:47] who was a strong supporter [42:48] of all three of my campaigns. [42:50] I fought the NRA hard. [42:52] They bitterly opposed me [42:53] when I ran against Mike Pompeo, [42:55] who called me a turban topper, [42:56] a communist, a terrorist. [42:57] I fought so hard [42:59] for progressive values. [43:00] I had a more progressive [43:01] voting record in Kansas [43:02] than you did in New York, [43:03] which is exactly why we need [43:05] to have change in Albany. [43:07] You've been in Albany [43:08] for 40 long years, [43:09] and what we need [43:10] is somebody who's actually [43:11] stood up to the Trumps, [43:13] to the Kochs, [43:14] and has proven [43:15] the administration [43:22] when I fought at the ACLU. [43:23] I've taken on corporate waste [43:25] and the private sector [43:25] having run a company, [43:27] and you've done none [43:27] of those things, Tom, [43:28] because you are part [43:29] of a culture that needs to go, [43:31] and it's why the Democratic Party [43:32] needs reform [43:33] and needs better Democrats. [43:35] The reason we have [43:35] Donald Trump back in office [43:36] is because we didn't have [43:38] Democrats who knew how to fight, [43:39] and that's what we need [43:40] in this office. [43:41] Okay, your turn [43:41] to ask a question, Mr. Goyle. [43:43] Sure, I'd like to ask Tom. [43:45] Earlier last year, [43:46] the pension fund bought [43:47] about $180 million [43:48] worth of Palantir stock. [43:51] Within a few months, [43:52] when ICE was at the height [43:53] of its reign of terror, [43:55] you tripled that position [43:56] to $480 million. [43:58] Therefore, it was absolutely [43:59] an active position. [44:00] No way it was passive. [44:01] But yet you continue [44:02] to tell people [44:03] that it was a passive position. [44:04] Are you lying to New Yorkers, [44:06] or do you not know [44:06] what's happening [44:07] inside your own pension fund? [44:08] Well, happy to answer [44:09] the Kansas conservative, [44:11] who's now a New York liberal. [44:13] It is part of our index fund, [44:15] and the index is re-weighted [44:17] depending on market conditions. [44:20] And if you look at [44:21] the most recent numbers [44:22] as far as the index, [44:23] we've actually gone down [44:24] in our Palantir holdings, [44:25] but we are replicating [44:26] the S&P triple Palantir last year. [44:29] We are replicating the market. [44:32] It's going to go up. [44:33] It's going to go down. [44:34] That's how we do [44:35] our passive investing [44:36] in-house with low to no fees. [44:38] Since it was my question, [44:39] I've got to clarify. [44:39] Are you saying now, Tom, [44:41] that it was not an active position? [44:42] I gave you my answer. [44:44] We're not doing anything. [44:44] Okay, so you got an answer. [44:46] You said it was a passive position. [44:46] You don't have to like the answer, [44:47] but that's the answer. [44:49] Let's do our lightning round [44:51] where each candidate [44:52] will answer our questions [44:53] with a brief response, [44:54] usually yes or no. [44:55] We're running a little behind, [44:56] so we'll be quick about this. [44:58] Mr. Goyle, [44:58] should New York have [44:59] a constitutional state debt limit? [45:02] Yes. [45:03] Mr. DiNapoli? [45:05] They should have one [45:06] that is real, yes. [45:07] Mr. Warshaw? [45:08] No. [45:09] Mr. Warshaw, [45:10] what is your most [45:11] regrettable impulse purchase? [45:14] My impulse purchase? [45:15] I don't buy much, [45:18] so I don't know. [45:19] Tom DiNapoli? [45:24] Lipton onion dip. [45:27] Rush Goyle? [45:28] I eat a little too much pizza, [45:30] and I order that on seamless [45:32] just a little bit too habitually. [45:34] Thank you. [45:35] Mr. Goyle, [45:35] how many times have you taken [45:36] the subway in the last month? [45:38] Oh, my God, countless. [45:39] It was just twice today, [45:41] so who knows? [45:42] Mr. DiNapoli? [45:43] Last month, [45:44] probably about twice. [45:45] Okay. [45:45] Mr. Warshaw? [45:46] Dozens of times [45:47] I took the subway [45:48] to the debate today. [45:49] Mr. DiNapoli, [45:51] what has been [45:51] your most profitable investment [45:53] personally [45:54] that you've had [45:55] in the last year? [45:56] Personally? [45:57] Yep. [45:59] Well, you know, [45:59] I mostly have telephone stock [46:01] from my days [46:02] that I was at AT&T, [46:04] so I think of late [46:06] some of those stocks [46:07] are doing pretty well. [46:07] Raj Goyle? [46:08] Just the index funds [46:10] that we're invested in. [46:11] And Drew Warshaw? [46:13] The trust of my wife [46:14] to allow me [46:15] to run a statewide campaign. [46:17] Mr. Warshaw, [46:18] have you ever [46:19] personally bought [46:20] cryptocurrency? [46:21] No. [46:22] Mr. DiNapoli? [46:23] No. [46:23] Mr. Goyle? [46:24] No. [46:25] Mr. Goyle, [46:25] name a Republican politician [46:27] you respect. [46:29] Oh, boy, [46:30] it's been a very, [46:31] very long time on that. [46:33] Abraham Lincoln. [46:34] Tom DiNapoli? [46:37] Teddy Roosevelt. [46:38] Drew Warshaw? [46:39] I think Lincoln [46:40] is as good as it gets. [46:41] We're going to move on [46:42] to the upstate economy. [46:44] The AI boom [46:45] is fueling [46:46] the spread [46:46] of data centers, [46:47] which house [46:48] large computer systems, [46:50] but critics say [46:50] also consume [46:51] massive amounts [46:52] of water and electricity. [46:54] Recently, [46:55] controller DiNapoli [46:56] sent a letter [46:57] to tech companies [46:58] asking them [46:59] to pay [47:00] for their own [47:00] local power [47:01] and infrastructure [47:02] upgrades [47:03] rather than [47:04] passing those costs [47:05] on to New Yorkers. [47:06] Do you agree [47:07] with this strategy? [47:08] And are there [47:09] any positives [47:10] that data centers [47:11] bring to the state's economy? [47:13] Or would you even support, [47:15] Drew Warshaw, [47:15] a three-year moratorium [47:17] on permitting new data centers [47:19] as some lawmakers [47:20] would or are proposing? [47:22] Yeah, sure. [47:24] You know, [47:24] I agree with the letter, [47:26] but I think we need [47:27] to do more [47:27] than write letters. [47:29] And right now, [47:30] our state pension fund, [47:32] our property taxes, [47:33] our funding [47:34] outside of Rochester, [47:35] one of the largest [47:36] data centers [47:37] in the world. [47:39] And it is going [47:40] to suck up electricity [47:41] and jack up [47:42] the electricity rates [47:43] for Rochester gas [47:45] and electric customers [47:46] and for National Grid [47:47] to the west of them. [47:48] And I think [47:49] we should have [47:49] a moratorium [47:50] on investments [47:51] in the private equity firms, [47:53] the 371 [47:54] different private equity firms [47:56] that Mr. DiNapoli [47:57] employs today [47:59] who right now [48:00] are financing [48:01] that data center [48:03] outside of Rochester. [48:05] Thank you. [48:07] Do you want to respond, [48:08] Mr. DiNapoli? [48:09] No, just, look, [48:10] I think the letter [48:11] and our call, [48:12] and we'll continue [48:12] to keep this as a focus [48:13] as part of our [48:14] corporate engagement, [48:15] we believe in a [48:16] community-first strategy [48:17] as far as data centers. [48:19] Look, it's the reality [48:20] of the future [48:21] that we are living through. [48:23] So what we need [48:24] to be sure is that [48:25] as we're having [48:26] this transition, [48:27] that the kinds [48:29] of investments [48:29] that are being made [48:30] and decisions [48:31] that are being made [48:31] are cognizant [48:33] of impact [48:33] on local communities, [48:35] what's the impact [48:36] on water supply, [48:36] what's the impact [48:37] on utility rates. [48:38] We need to have [48:39] a sense of responsibility [48:40] from these companies [48:41] that are going to make [48:41] a lot of money [48:42] out of these data centers. [48:43] I don't think [48:43] there could be [48:44] a better example [48:45] of why we need [48:45] to switch in the state [48:47] comptroller [48:47] than this issue itself. [48:49] A letter? [48:51] Is this a joke? [48:52] A strongly worded letter [48:53] when we have [48:54] a national crisis [48:55] on data centers? [48:56] Of course we should [48:57] be embracing [48:57] a moratorium. [48:59] That's a no-brainer. [49:00] We should be actually [49:00] having somebody [49:01] who's out there [49:02] on the front lines [49:02] talking about [49:03] how these data centers, [49:04] this is uniting Republicans [49:05] and Democrats, [49:06] farmers and urban folks [49:08] to say there's [49:09] noise pollution. [49:10] We should not be [49:11] subsidizing Jeff Bezos [49:12] and the billionaires [49:13] in Silicon Valley [49:14] with our ratepayer dollars. [49:16] If he audited [49:16] the Public Service Commission, [49:17] which he has never [49:18] properly done, [49:19] we would actually know [49:20] that a lot of these [49:21] utility companies [49:22] are trying to get [49:23] the data centers [49:24] subsidized by us. [49:25] You have to get [49:26] into those books [49:26] and I'm glad [49:27] that Drew has followed [49:28] my plan on this, [49:29] which was a comprehensive [49:30] audit of that [49:31] Public Service Commission. [49:32] And while we're at it, [49:33] another very important issue [49:35] is, Tom, [49:35] recent reporting came out [49:37] that you've accepted [49:37] half a million dollars [49:38] of campaign contributions [49:40] from law firms [49:40] that you've selected [49:41] to have contracts [49:42] worth millions of dollars [49:43] for securities cases. [49:45] Will you refund that money? [49:47] Tom DiNapoli, [49:47] 30 seconds to respond. [49:49] Look, we have a very clear [49:51] position on data centers. [49:52] It's a thought-leading position. [49:54] We're going to continue [49:55] to press on it. [49:56] You know, these guys [49:57] just like to minimize [49:58] everything they were doing. [49:59] And again, [49:59] they ascribe powers [50:00] to the control. [50:01] Your control is not [50:02] going to create [50:03] a moratorium on data centers. [50:04] That's not in the powers [50:05] of the office. [50:06] You're creating a power [50:08] and expectation [50:09] that is not realistic [50:10] to the job. [50:11] You want to run for governor? [50:12] You want to run [50:13] for the legislature? [50:14] You want to enact moratoriums? [50:15] Those are the positions [50:16] you should be running for. [50:17] Will you refund the law? [50:18] Not state controller. [50:19] Will you refund [50:20] the law firm contributions? [50:20] The question was on data. [50:21] I don't have the money [50:22] that you have to run campaigns. [50:23] I'm sorry. [50:24] Oh, I see. [50:25] So you accept [50:25] that you've gotten [50:26] a quid pro quo, [50:27] half a million dollars [50:28] of campaign contributions? [50:29] So law firms have given me money. [50:30] What does that mean? [50:31] And then you've selected them [50:32] and you've given them contracts. [50:32] I don't select them. [50:33] We have an independent review. [50:35] No, I don't select them. [50:36] All right. [50:37] That's right. [50:37] So they just give you money [50:38] out of the generosity [50:39] of their own heart. [50:40] Some of them know [50:40] some of them know [50:41] we're doing good work [50:43] and they're happy to support it. [50:45] Controller DiNapoli, [50:45] four years ago, [50:46] the state Erie County [50:48] and the Buffalo Bills [50:49] agreed to construct [50:49] a new $1.4 billion stadium [50:52] with the state paying [50:53] $600 million [50:54] and the county [50:55] another $250 million. [50:57] This is in spite of studies [50:58] showing that stadium subsidies [51:00] do not work [51:01] for economic benefits. [51:03] Fast forward to now, [51:04] the final estimated cost [51:06] of the Buffalo Bills stadium project [51:07] will likely be $2.2 billion [51:09] with 10,000 fewer seats [51:13] than the old stadium. [51:14] The public cost remains [51:15] $850 million. [51:17] Was this a good investment? [51:20] I think in the long run, [51:21] keeping the Buffalo Bills [51:22] in New York [51:23] is a sound investment [51:24] and a good strategy. [51:25] We can debate about [51:27] the value of stadiums. [51:28] People have different [51:28] points of view. [51:30] Part of the final decision [51:32] in terms of financing [51:33] that stadium [51:33] was also providing [51:35] opportunities for investment [51:36] in other parts [51:37] of the state as well. [51:38] Again, this was a call [51:39] of the legislature [51:39] and the governor. [51:41] I'm hoping the Bills [51:42] are going to be [51:42] in the Super Bowl. [51:43] It'll be great to have [51:44] them playing in Buffalo. [51:45] So Drew Warshaw, [51:46] how do you respond? [51:48] You know, if you're [51:48] the next controller, [51:49] how will you respond [51:50] when the next subsidized [51:51] stadium proposal comes up? [51:53] And it will. [51:53] We will not subsidize [51:55] billionaire owners. [51:57] And that's the clear choice [51:58] that you have in this race. [52:00] We have a state controller [52:01] who right now [52:02] makes millionaires [52:03] out of Wall Street bankers [52:05] off of the backs [52:06] of taxpayers, [52:08] property taxpayers, [52:09] and public school teachers [52:10] and firefighters. [52:11] And this is what [52:12] we have to change. [52:13] We have witnessed [52:14] the largest wealth transfer [52:15] that no one knows [52:16] anything about [52:17] from ordinary taxpayers [52:19] through Mr. DiNapoli's office [52:21] to a bunch of [52:22] Wall Street bankers [52:23] that didn't even [52:24] do their job. [52:25] They didn't even [52:26] outperform [52:27] their own benchmark. [52:28] And yet they continue [52:29] to get more and more [52:31] peace. [52:31] I think this could not be [52:32] a more clear issue [52:34] in which we are subsidizing [52:35] billionaire owners. [52:36] Of course we shouldn't have done [52:37] that stadium deal. [52:38] And Tom, [52:39] it's not unsettled science. [52:39] We know that stadium overruns [52:41] are not good [52:42] economic development. [52:43] And of course we want [52:44] the Bills to stay [52:45] in New York. [52:45] And the reality is [52:47] that if you actually [52:48] had economic leverage, [52:49] you keep saying [52:49] that it's some sort of voodoo [52:50] for you to actually [52:51] do your job [52:52] and use the powers [52:53] of the office. [52:54] If you did that, [52:55] you could actually [52:56] have economic leverage [52:57] with the billionaire owners. [52:59] They're not going to leave [53:00] if you actually show [53:01] that we will invest [53:03] right here in our communities. [53:04] And I actually think [53:05] there should be a law [53:06] that sports teams [53:06] can't actually leave [53:08] their geographic area [53:09] and that would even [53:10] give more leverage [53:11] for the average folks [53:12] to go to games. [53:13] Mr. DiNapoli, [53:13] again, the controller [53:15] does not decide [53:16] about stadiums. [53:18] It's not our job. [53:19] And the controller [53:20] doesn't call up [53:21] the billionaires [53:21] and say, [53:22] no, you can't have [53:23] money for a stadium. [53:24] You want to run for governor? [53:25] You want to challenge [53:27] Kathy Hochul [53:27] on the Buffalo Bill Stadium? [53:28] Run for governor. [53:29] You're running [53:29] for the wrong office. [53:31] Again, these gross exaggerations [53:33] about what this office... [53:35] Why can't you do that [53:37] if you're the state [53:37] financial officer? [53:38] Why can't you assert [53:39] that you can't... [53:39] I don't need to associate [53:40] with the rich folks [53:41] like you do. [53:42] That's not what I do. [53:43] I'm looking out [53:45] for the everyday New Yorkers [53:46] and I'm glad... [53:47] I'm glad the Buffalo Bills [53:50] are still going to be [53:51] in Buffalo. [53:51] Let me be on the record [53:53] about that. [53:53] Gentlemen, we love the Bills, [53:54] but that's enough [53:55] about upstate. [53:55] I've got a New York City [53:56] question for you. [53:57] This year, we saw [53:58] Mayor Mamdani [53:59] voice frustration [54:00] around how much [54:01] the city gets back [54:02] from Albany in taxes [54:03] considering payments [54:04] from New York City [54:05] make up 20% [54:06] of state revenues. [54:07] Should New York City [54:08] receive more annual funding [54:09] under the state's program [54:11] to support local cities? [54:12] If yes, how much more? [54:14] And how would you explain [54:15] that to the other regions [54:16] of the state? [54:17] We'll start with you, [54:18] Mr. Warshaw. [54:19] First of all, [54:20] I think New York City [54:20] absolutely deserves [54:21] their fair share, [54:23] but I think this is one [54:24] of the clear contrasts [54:25] in the geographic inequities [54:28] that have gone on [54:29] under Mr. DiNapoli. [54:30] We took a look [54:31] at the public pension fund [54:33] and the real estate investments, [54:34] and 95%, [54:36] and you can go to our website, [54:38] it's all from his website, [54:39] all of the data, [54:40] 95% of every dollar [54:43] in our public pension fund [54:44] that's been invested [54:45] in real estate, [54:46] it's left New York State. [54:47] Our local property taxes [54:49] have put money [54:50] into this pension fund, [54:52] and 95% of it [54:54] has left New York State. [54:55] So yeah, [54:56] I think there needs [54:56] to be more equity [54:57] between Albany [54:58] and New York City. [54:59] I think there needs [55:00] to be more equity [55:01] within the state of New York. [55:02] I think we should keep [55:03] those real estate dollars here, [55:05] and that's why I've proposed [55:06] the largest affordable housing fund [55:08] in the United States, [55:10] a $20 billion fund [55:11] paired with the first-of-its-kind [55:13] tenant-centered housing table [55:15] because tenants make up [55:16] more than 50% [55:18] of all New York households, [55:20] and they deserve a seat [55:21] at the table. [55:22] Okay. [55:23] Mr. DiNapoli. [55:24] Well, first of all, [55:25] Drew didn't answer the question. [55:26] You know, [55:27] we're in with the state pension fund, [55:28] not the city pension fund. [55:29] Keep that in mind. [55:31] Fair is always in the eyes [55:32] of the beholder. [55:33] Right? [55:33] I don't know any region [55:35] of the state [55:35] that thinks it's getting [55:36] its fair share. [55:37] You know, [55:38] when it comes to New York City, [55:39] certainly in this year's budget, [55:40] again, it's being finalized, [55:42] but it's very, very clear [55:43] that you're seeing [55:44] a record investment [55:45] of new money coming to New York, [55:46] other changes in the state budget [55:48] that will help the mayor [55:49] navigate through [55:50] the fiscal challenges [55:51] that he has been very direct [55:53] in wanting to address. [55:54] You're seeing more support [55:55] for New York City, [55:56] and I think that's important [55:58] and that's appropriate. [55:59] When I was in the state legislature, [56:00] I was very pleased to vote [56:02] for support for New York City [56:03] on a consistent basis. [56:05] New York City [56:05] is the economic engine [56:06] for our state. [56:07] So the fiscal strength [56:08] of New York City, [56:09] the budget strength [56:10] of New York City [56:10] benefits not just the people [56:12] in the five boroughs, [56:13] but benefits all of us [56:14] in New York. [56:14] But this question [56:15] of what's fair [56:16] and who's getting what, [56:17] that is exactly [56:18] what the state budget process [56:19] is always about. [56:20] Every delegation [56:21] fights for its region. [56:22] New York City's delegation, [56:23] I think, [56:24] fought very hard [56:24] for the region this year. [56:26] Mr. Gore? [56:27] We, of course, [56:28] must make sure [56:28] that New York City [56:29] does indeed get its fair share. [56:31] And, of course, [56:31] regional equity [56:32] is a hugely important issue [56:33] throughout the state. [56:34] We know that upstate [56:35] is often left behind. [56:37] And when I'm state comptroller, [56:39] we will make sure [56:39] that, again, [56:41] Tom takes such a passive role [56:42] in everything [56:43] that we should actually have [56:44] a role in that budget process [56:46] to make sure [56:46] that we write the reports [56:47] and do the analysis [56:48] to make sure [56:49] that we are funding equitably [56:51] around all our regions [56:52] of the state. [56:52] I must come back [56:53] to this question [56:54] that Tom, like, [56:55] in which he said [56:56] he claimed that he had [56:57] that you didn't select [56:59] the law firms [56:59] that funded you [57:00] to half a million dollars [57:01] of campaign contributions. [57:03] Then you made [57:03] a very strange reference [57:04] that you were pleading [57:05] campaign cash poverty. [57:07] You have been [57:07] an elected official [57:08] for 53 years. [57:10] You are riddled [57:11] with corporate PAC money, [57:12] special interest money. [57:14] And yet you are saying [57:15] that you were not [57:16] selecting law firms [57:17] that you gave contracts [57:18] with millions of dollars worth. [57:19] It is a classic [57:20] pay-to-play scheme. [57:21] It is, in fact, [57:22] what got this office [57:23] in trouble to begin with. [57:24] And even the Times Union, [57:25] which has endorsed you [57:26] in the past, [57:27] called you to close this loophole [57:28] and you have not said [57:29] anything about it. [57:31] Tom DiNapoli. [57:32] No, look, [57:32] it's a gross exaggeration [57:34] from Mr. Kansas Conservative, [57:36] who's now the Bernie Sanders [57:37] of New York State politics. [57:38] Thank you. [57:39] Thank you. [57:39] Yes, I'm glad [57:40] that Bernie Sanders endorsement. [57:41] Thank you, Tom. [57:42] There's a lot of things [57:43] that have been said about me, [57:44] but no one has ever [57:44] questioned my integrity. [57:46] I cleaned up an office [57:47] that was mired in scandal. [57:49] I've had the strictest [57:50] provisions in terms [57:51] of not allowing pay-to-play, [57:53] full disclosure, [57:54] even on the procurement [57:55] of the law firms. [57:57] We do not allow [57:58] campaign contributions [57:59] during the procurement process. [58:00] We do not allow [58:01] campaign contributions [58:02] for 90 days after that. [58:04] Some of those law firms [58:05] choose to get money, [58:05] some of them choose not to. [58:06] Can I just say one thing? [58:07] In the Senate and the police defense, [58:09] can I just say one thing? [58:10] I don't think he is corrupt. [58:12] We're actually running out of time. [58:14] I just don't know why 95% [58:16] through Warshaw. [58:17] It is a clear power [58:17] investment scheme [58:18] with those law firms. [58:19] You guys, we're running out of time. [58:21] Real quickly, [58:22] what's the biggest fiscal mistake [58:24] New York State has ever made, [58:25] Drew Warshaw? [58:26] Paying $664 bankers [58:28] a billion dollars [58:29] in taxpayer-funded fees [58:31] every single year. [58:32] We change that and fire them. [58:33] Oh, Lord. [58:34] Oh, Lord. [58:35] You know, [58:38] I would say [58:39] setting aside [58:41] the limits [58:42] that we've had on debt, [58:44] we have a debt cap [58:46] that, frankly, [58:46] is always set aside [58:47] by statute, [58:48] and I think that's allowed [58:49] for too much borrowing [58:50] in the state. [58:51] The financial crisis [58:51] of the 70s [58:52] that almost crippled [58:53] New York City. [58:54] Real quick, [58:55] Mr. Goyle, [58:56] best financial advice [58:57] you've ever received? [58:58] Trust my wife. [59:00] Mr. Napoli. [59:02] Don't trust multimillionaires. [59:05] Cut out the Wall Street [59:07] middlemen. [59:07] Index funds. [59:08] Don't pay them the fees. [59:09] They never beat [59:11] the market net of fees. [59:12] Day one of business school. [59:14] Mr. Napoli, [59:15] what's your most expensive habit? [59:20] Fancy Italian dinners. [59:22] Raj Goyle? [59:24] You know, [59:24] I don't really have [59:25] much of an expensive habit, [59:26] but maybe sometimes [59:28] when we go on vacation, [59:29] we spend a little more [59:30] than we should. [59:31] Drew Warshaw? [59:32] Benjamin and Jacob, [59:33] my two boys. [59:34] All right. [59:35] Thank you, gentlemen. [59:36] That is going to do it [59:37] for this debate. [59:38] I'd like to thank [59:38] all three candidates [59:39] for participating [59:40] with us tonight, [59:42] and we thank all of you [59:42] at home for watching. [59:43] We'd also like to thank [59:44] the New York State [59:45] Public Campaign Finance Board [59:47] for helping ensure [59:47] this debate happened. [59:49] If you missed any part [59:50] of tonight's broadcast, [59:51] you can watch it [59:52] in its entirety [59:52] on NY1.com [59:54] and on the Spectrum News app [59:55] as well as [59:56] on our YouTube channel. [59:57] Early voting is set [59:59] to begin across New York [1:00:00] on Saturday, June 13th, [1:00:02] with several other [1:00:02] primary races [1:00:03] on the ballot as well, [1:00:05] including congressional [1:00:06] and state legislative seats. [1:00:08] And Election Day [1:00:09] is June 23rd. [1:00:10] On behalf of Spectrum News 1 [1:00:12] and New York 1, [1:00:13] thank you for watching [1:00:14] and have a good night. [1:00:19] You're on camera [1:00:19] if you feel like shaking. [1:00:20] You're on camera. [1:00:20] You're on camera.