Quote:
Originally Posted by jojo
Actually STRS manages 93 billion. The teachers have been protesting for several years and just this year have managed to get a majority on the board. Last year one day before the election results were announced Governor DeWine replaced an appointed board member so that the reformers would not have a majority. That board member was reinstated by the courts in April. This month, days before another reform candidate was elected (85,000 to 3,000 votes), the Governor and State Attorney General filed charges against two board members who four years ago had put forth a proposal for another investment company to manage some of the funds. This was based on an anonymous letter from someone at STRS. Nothing happened. i.e. there were no funds invested. There is a history of risky investments in private equity, hedge funds, downtown buildings that are now empty, international holdings with lavish bonuses for Wall Street. Teachers are suspicious that the politicos have something to hide. I just watched the entire board meeting. I am a confirmed Boglehead and the teachers have been asking for indexed funds. Someone posted that Nevada has 2 employees. Ohio has 500. State media have not covered the story well. Stay tuned.
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Thanks, jojo,
You’re right. They do manage 93 billion. I should have worded my original post more clearly on that number. They wanted to turn over 65 billion of that to some unknown company.
I hope this bright light continues to shine on them. It’s looking like one of those scenes where somebody switches on a ceiling light and all the roaches run for cover.
And, yes, the bonuses! Reading about this whole mess makes my skin crawl.
Boomer