Has Texas Teacher Retirement system been taking advice from the Obama Administration?

This article from the Dallas Morning News would indicate that it has:

Texas teachers’ pension fund invests in casinos, loses $99 million

by Steve McGonigle

First of two parts

As public investments go, this one looked like a roll of the dice.

But the Teacher Retirement System of Texas wanted a big win, so it put $100 million into the buyout of a Las Vegas gaming company called Station Casinos.

The company went bankrupt, and like many an unlucky jackpot-chaser, the state’s largest pension fund walked away a loser. More than $99 million of Texas teachers’ retirement money had vanished.

This means that you still need a stimulus and consuming this pill will not increase one’s sexual online levitra desires. Based on the individual tolerance and effectiveness the shop here levitra without prescription dose might increase and maximum it will be 100mg and minimum it will be 25mg. The device comes in a buy levitra in canada package with absolutely no indication of what’s inside. This is viagra sans prescription http://www.donssite.com/OPTICALIILLUSIONS/next5.htm suggested to people as having more than one medicine might be harmful and dangerous. “There is no getting around it,” said Britt Harris, the fund’s chief investment officer. “This was a bad investment.”

It wasn’t the only one. Between April 2006 and last September, the teacher fund saw the value of its “opportunistic,” or high-risk, real estate deals drop by $599 million, a data analysis by The Dallas Morning News found.

In all categories of real asset investments, including real estate, the worth of the TRS portfolio fell by more than $1 billion over that same period, according to the evaluation by The News.

A spokesman for the teacher fund disputed the newspaper’s calculations The News on Friday, contending the decreases in high-risk real estate values were much less.

TRS is the nation’s fifth-largest public pension provider, with current assets of $110 billion. It serves 1.3 million public education employees, about one-fourth of whom are retired.

Like many pension plans, TRS faces a widening gap between assets and long-term obligations, a result of market volatility, tight state budgets and a rising tide of retirees. Last year, this unfunded liability reached $24 billion and forced the teacher fund to continue a decadelong freeze on increases in benefit payments.

For the whole sad story, and details of further loses, read the whole thing.  I should say read it and weep,  for it is a terrible tale of mismanagement of the TRS and the businesses they invest in.  And remember this is only part 1 of 2, it gets worse, watch for it.

This entry was posted in Lies, parasites and tagged , , , . Bookmark the permalink.