4 ms·
I thought they were saying that a hypothetical state run "Bank of New York", set up similar to BND, would have a lot more assets. They weren't referring to any
by sparky_z 2y ago
I thought they were saying that a hypothetical state run "Bank of New York", set up similar to BND, would have a lot more assets. They weren't referring to any real organizations called BNY.
- tptacek 2y agoYep, that's what I meant. Sorry!
- kasey_junk 2y agoHard to know honestly. My personal (non-expert) opinion is that the assets are the less important attribute. The more important attribute is the small size and high uniformity of the state population and the industry mix of the state. That makes the policy decisions for bnd less contentious and non-competitive which allows it to do things other bigger states might not be able to do with a state bank. The asset size seems incidental to the population size. But perhaps not.
- tptacek 2y agoThat makes sense. I'm sort of operating under the assumption that it's straightforward to get X returns at Y AUM but much harder to do that as Y grows.