Tuesday, March 16, 2010

Bad Teacher

LATimes: CalSTRS' $130-billion investment portfolio lost more than a quarter of its value in the recent recession. The projected shortfall at the state's second-largest public pension fund ballooned to $43 billion by last June.

"There's no doubt about it -- we need to come up with a new financial plan," Ehnes said.

The 97-year-old pension plan must ask the state Legislature, the governor and taxpayers for billions of dollars. Getting that money -- even with an expected massive lobbying campaign and a bruising political battle -- is no sure thing.

Must be nice to gamble with OPM.


Sweet Cashback said...

Willing to negotiate a Murst for a week in jail for Snowflake?

edgar said...

Just put it all in hy junk bonds. Problem solved.

sm_landlord said...

"There was a 40% chance we could invest our way out of it"

There was slightly less than a 50% chance they could have gambled their way out of it. Support your local casino as they support you, teachers.

Jean ValJean said...

But how's this for indoctrination?

Lex said...

From CalSTRS website:

"The most recent legislation allows the Teachers' Retirement Board to offer a Home Loan Program for Loan-To-Value ratios of up to 100%.

Over the past 18 years, CalSTRS has purchased 32,300 loans in the amount of $4 billion."