Torsella also was at the center of a burgeoning bloc of hedge fund and private equity skeptics on state pension boards. He has publicly criticized Wall Street firms for charging too many fees for too little gain.
Torsella also co-authored a bipartisan legislative report that estimated Wall Street firms had taken $5.5 billion from the state over the past 30 years.
Pension officials have countered that private equity investments pay off, and provide a way for the fund to grow its assets hurt by bad policy, underinvestment, and losses from the 2008 crash.
Author(s): Stephen Caruso
Publication Date: 3 February 2021
Publication Site: Pennsylvania Capital-Star