Republican controller candidate Harry Wilson lost on Wall Street, now wants to handle tax dollars Republican controller candidate Harry Wilson lost his touch - and nearly his shirt - on Wall Street last year. Wilson, a former hedge-fund honcho who likes to tout his financial prowess as a campaign talking point, lost $512,903 on his investments during 2009, tax returns he released yesterday show.... [more]
Republican controller candidate Harry Wilson lost on Wall Street, now wants to handle tax dollars
Republican controller candidate Harry Wilson lost his touch - and nearly his shirt - on Wall Street last year.
Wilson, a former hedge-fund honcho who likes to tout his financial prowess as a campaign talking point, lost $512,903 on his investments during 2009, tax returns he released yesterday show.
He also lost $87,786 in real estate and other business partnerships.
"These are investment holdings, they go up and down with the markets," said Wilson spokesman William O'Reilly, downplaying the losses.
Wilson's opponent, Controller Thomas DiNapoli, quickly pounced on the return, proclaiming Wilson's financial acumen a sham.
"Wall Street insider Harry Wilson has been bragging about his investment 'wizardry' and hoping taxpayers pay no attention to the man behind the curtain," crowed DiNapoli spokesman Eric Sumberg.
Wilson has repeatedly branded DiNapoli a financial novice whose mishandling of the state's pension fund has cost state taxpayers billions of dollars.
"Now we know that it's all smoke and mirrors," Sumberg added.
Wilson campaign officials attributed the bulk of the losses to assets Wilson held from his former hedge fund, Silver Point Capital, which was hit hard by the Wall Street crisis of 2008.
"Those are investments not under his management," O'Reilly said. "They are in a firm he used to belong to."
Wilson told the Daily News last night that his partnership agreement with Silver Point forbade him from removing the money until 2011.
"I can't sell it and I can't tell them what to do with it," Wilson insisted.
Read more: http://www.nydailynews.com/ny_local/2010/10/23/2010-10-23_republican_controller_candidate_harry_wilson_lost_on_wall_street_now_wants_to_ha.html#ixzz149OifFQF[less]
