Report: NYC Comptroller Liu Hires Ex-Chief Broker Of MF Global

NEW YORK (AP) — New York City Comptroller John Liu has hired the former chief executive of MF Global Holdings Ltd. to help manage the city’s pension investments.

The Wall Street Journal reports that Kevin Davis was quietly hired in September as head of commodities in the comptroller’s Bureau of Asset Management.

Davis left MF Global in 2008 after the firm lost more than 90 percent of its market value.

His hiring has drawn criticism from stakeholders in the city’s pension system. MF Global was sued by four public pension systems outside New York that claimed the firm misrepresented its risk-management practices to investors.

A Manhattan federal judge approved a $90 million settlement in that case last month.

The comptroller’s office says Davis was the best applicant for the job.

Sound off in our comments section below…

(Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. jack robinson says:

    So Mr. Liu wants to be mayor? Let me guess who will be funding his campaign.
    Looks like zero due-dilligence is done for top city jobs.

  2. naked shorts says:

    You fall way short of telling his real story. This cracks me up…. what a joke! Kevin Davis is a train wreck. Just look at his record running Man Financial , Mf Global / Man Group PLC… Losses of millions on Litigation, Regulators Fines, Multiple Lawsuit’s… customer/investors losses, failed risk management, failed on oversight/ supervision…. and he’s the best for the job?? Who were the other applicants?? Just check out the internet on this guy !!

  3. pete says:

    It is much easier to cheat from the inside. Now, we have a super crook on the inside, hired by a guy who is not clean himself. What can we expect, and where is Bloomberg?

    1. midi-man says:

      He has his head up Koch’s A$$ as always. He looking for the Koch gateway bridge.

    2. naked shorts says:

      Where is Bloomberg? He’s part of this scam with Kevin Davis. Payback for all the contracts MF Global had with Bloomberg’s company. Millions $$$ ! Old boys network. Greg Floyd should demand a investigation.

  4. None Of Your Business says:

    Well, here go the assets — disappearing into a sinkhole, never to be seen — or found — again!!

  5. JD says:

    MF Global failed in 2011 (a month ago) under Jon Corzine.

    This person cited in the article headed the co. in 08 when there was no wrongdoing.

    So, whats the problem?? Why is this article hinting at scandal?

    What a TERRIBLE ploy. The sensationalism hints that an innocent person did wrong doing for having a job?? I am shocked at the poor reporting and taste here.

  6. CT Native says:

    Davis left MF Global in 2008 after the firm lost more than 90 percent of its market value.

    Look out NYC employees!

    1. midi-man says:

      No Worries they have a plain just raise property taxes another 6 %

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