pennies.art

November 29th, 2005

Penny-wise, but pound-foolish?

A recent Scranton City Council decision to “save at least $140,000 in annual fees by selecting Mellon instead of Morgan Stanley” to handle its Pension Funds, ignores that Morgan Stanely has out-performed Mellon by more than 3% over the past three years. Although the fees are higher, the city stood to make $1.4 million more.

Oh, well. At least Doherty didn’t get what he wanted, right?!!?

The Times-Tribune – News – 11/29/2005 – Mellon wins deal with city in a reversal

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