NOTE: To find the most current posts, please scroll down to the two big red arrows. You can't miss them.

STRS Ohio Watchdogs: a public Facebook group you can join

STRS OHIO WATCHDOGS

by Cindy Murphy

STRS Ohio Watchdogs monitor the management and investment practices of the State Teachers Retirement System of Ohio.

We advocate for prudent and transparent investments, the restoration of the COLA for retired teachers, and the rollback of additional years of service required for active teachers.

This site will provide you with information about the work that is being done by Ohio's active and retired teachers to preserve our retirement benefits. Check back often for updates.

Join our conversation on Facebook. You don't have to be a member of STRS Ohio to join. Everyone who is interested in learning more about the management and investment practices of STRS Ohio is welcome.

Use this link to join our pack on Facebook:.

https://www.facebook.com/groups/ohiostrswatchdogs 

Have you joined the Ohio STRS Member Only Forum on Facebook?

If you are a member of STRS Ohio and have a Facebook account, you are eligible to join thousands of others who make up the Ohio STRS Member Only Forum. This is a closed group of retirees and actives who are advocating for the return of our COLA, which, as you no doubt know, your STRS Board SUSPENDED on April 20, 2017. Two of our members, Bob Buerkle and Dean Dennis, filed a class action lawsuit against STRS on May 23, 2019 suing for the reinstatement of our COLA. The text of the lawsuit can be found on this blog. You can go here to join the Forum and sign the petition, already signed by more than 20,000 people, for the return of our COLA: Ohio STRS Member Only Forum

Click image to enlarge

Angel of Grief

Garrison Keillor

Items of interest in the Archives: The 2013 STRS Board Election

Many people have been very interested in reading about the irregularities of the 2013 STRS board election. There are many posts related to this topic, beginning the first week of April 2013, after the ballots were mailed to retirees from STRS. You can find them by going to the Archives for this blog, over in the right sidebar, and clicking on dates beginning with April 7, 2013. Dennis Leone announced his candidacy for a retired seat in November, 2012. There is a lot of information about him in the Archives, beginning with November 12, 2012 posts. If you want to read only the best stuff about that infamous election of 2013, go over to the sidebar on the right of where you are now, which is the archives of previous articles on this blog. Scroll down to April 2013. That's where the "interesting" articles begin. You will see many, clear up to the middle of May 2013.5/28/13

.....so what REALLY happened in 2003 that touched off a firestorm at STRS that is still smoldering today? Read it here, from the Cleveland Plain Dealer. (Hint: It ain't over yet!)

More here (Akron Beacon Journal, 2003)

A MUST READ: Dennis Leone Reform Initiatives as an STRS Board Member  Between 2005 and 2009

To find current, day-to-day posts -- pull your scroll bar down a ways, just below the big red arrows (you can't miss them). Thanks.

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Find your state representative and senator here.

http://www.legislature.state.oh.us/

I know, it's weird.........

Many posts that appear "at the top" for a while are eventually moved down, where they can be found under their original posting dates. Also, if you are confused by the postdating, this is done to keep these posts up there; otherwise, they drift down when new posts are added. It's a "blog thing" which I have no other way to control. KB

Handy links: Contacts, information and more (short version)
This is an abbreviated version of the original 'Handy links' post. Click here to view a more complete list. (Some of it is old.)

STRS Board.....STRS website

Board calendar

E-mail contacts at STRS (old, but some may still work)

Map/directions to STRS, 275 E. Broad St. Columbus, OH 43215

STRS "Membership Survey" (spoof)
State legislators.......State of Ohio website

Latest OEA salaries (2011) over 100K; USDL report

Rich DeColibus' PowerPoint presentation STRS' PBI Program; Does it work?: click December 21, 2008 (blog Archive) and scroll down to December 23 posts.

Charts: PBI (bonus) payments

Popular links; click, then scroll down: charts, graphs, investment staff, lists, spreadsheets

$TR$ Inve$tment $taff $$$ (old)

SPECIAL (must read):

Dennis Leone's INVESTIGATIVE REPORT on STRS: May 16, 2003...Who is Dennis Leone?........(PDF version)...More on Dennis Leone .......(PDF version)

Dennis Leone: "Catcher of Thieves"

Dennis Leone's STRS Report to ORTA, March 2007

Dennis Leone's Testimony at the Statehouse 9/5/12
The Plain Dealer article that started it all

Dennis Leone: Factors Driving STRS 30-Year Planning and Revenue Assumptions (with charts)

Historic PBI vote, January 16, 2009

Charts: PBI (bonus) payments

CURRENT POSTS BELOW

Chris Tobe exposes STRS' unspeakably shameless and grossly outrageous mismanagement of Ohio teachers' money - they should be in prison!

Columbus: The Highest Public Salaries in America -- and Ohio Teachers are Paying for It

By Chris Tobe

October 31, 2025

Here is a live link that is mentioned at the top of Page 4 (but isn't live there): https://commonsense401kproject.com/2025/08/22/ohio-medias-complicity-how-a-fake-scandal-hid-the-real-teacher-retirement-system-corruption/ I also posted it on this blog on September 28, though it was first published in late August: Ohio Media’s Complicity: How a Fake Scandal Hid the Real Teacher Retirement System Corruption

On Page 3 of the article below is a reference to the salaries of STRS employees; you get an idea of some of them at the bottom of Page 1. If I can get the full list, and it's in a format I can blog, I will post it later. 

From Social.....

 

Seen on Social.....

"The real misconduct is by the insiders at STRS and Mike DeWine, not our teacher representatives."

State wraps witness list in STRS misconduct allegations civil trial

State wraps witness list in STRS misconduct allegations civil trial

by: Katie Millard
NBC 4 Columbus
October 29, 2025 

COLUMBUS, Ohio (WCMH) — A civil trial investigating allegations of misconduct on the state’s teacher pension board continued Wednesday, diving into the anonymous letter that sparked the case.

Top state officials received a seemingly anonymous letter in May 2024 that alleged two State Teachers Retirement System (STRS) board members improperly conspired to take over the state’s $90 million pension funds. The letter formed the basis for a civil trial, underway this week, alleging former STRS board member Wade Steen and current STRS Chairman Rudy Fichtenbaum made backroom deals with private investment firm QED.

On Wednesday, the state wrapped up its witness list, after which the defense attempted to get the case dismissed. The request was denied, and defense attorneys called their first witnesses Wednesday afternoon.

The state’s central argument is that Steen and Fichtenbaum breached their fiduciary duty, or their legal and ethical duties, to protect STRS’ best interests. The pair had proposed transferring control of the state pension board to outside investment firm QED. The pension board serves around 500,000 current and former Ohio teachers. See previous coverage of the STRS trial in the video player above. [Find it here.)

Fichtenbaum and Steen said they felt it would better the fund’s performance and help teachers, particularly after annual cost of living increases were discontinued. The state alleges it was done improperly, and wants to remove Fichtenbaum from his current role and bar both men from serving on state pension boards again.

STRS chief legal counsel Stacey Wideman had been identified as part of the group who composed the letter, a fact Wideman confirmed on the stand late Wednesday afternoon. Wideman was the final witness to take the stand Wednesday, called by the defense.

Wideman testified that the first draft of the letter could be traced back to December 2021, the month after Fichtenbaum and Steen presented to the board about a possible QED collaboration. She said there were several drafts between December 2021 and May 2024, when she and others finally decided to send their whistleblower memo.

“All of these things were just completely unprecedented and out of the norm,” Wideman said. “We had never had board members pitching an investment strategy before for an outside firm.”

Wideman said she was one of several STRS associates concerned by the persistence of QED, a firm with minimal prior experience. Wideman said she finally sent the letter to the state after concerns about QED’s involvement continued, and she began to worry about possible election interference related to QED. She testified she had not seen evidence that either man was paid by QED.In part, Wideman pointed to the sudden resignation of former board member Richard Stein. Stein took the stand before Wideman, and testified that he resigned because he felt other board members — those who did not propose collaboration with QED — were not acting appropriately, and he felt he could no longer do his duty.

Before the defense called either witness, Steen’s attorney, Norman Abood, moved for the case to be dismissed. He argued the state did not prove any breach of fiduciary duty or a backroom deal. Abood also argued the state’s attempt to bar Steen from serving on the STRS board was moot, as Steen is no longer on the board.

Fichtenbaum’s attorney, Richard Kerger, seconded Abood’s motion, and said the pair’s duty was to serve teachers, not STRS board members or staff, and he felt they had fulfilled that duty.

On behalf of the state, assistant attorney general Chad Kholer said tossing the case because Steen has left the board would set a dangerous precedent allowing board members to resign to avoid legal action. Kholer said there was proof of harm, from morale issues to relationships with other external organizations.

Judge Karen Phipps sided with the state, and the trial continued.

Read the original article here. 

Weeklong trial finally over!

Testimony wraps in civil trial investigating alleged misconduct on STRS board

by: Katie Millard

NBCi Columbus

Oct 31, 2025

COLUMBUS, Ohio (WCMH) — A trial investigating alleged misconduct on the state teachers’ pension fund wrapped up testimony Friday, but a decision is not expected until mid-November.

The state alleges State Teachers Retirement System (STRS) Chairman Rudy Fichtenbaum and former board member Wade Steen improperly tried to maneuver control of the $90 million teachers’ pension fund to an outside investor, QED. Fichtenbaum and Steen agree they met with QED and proposed a collaboration, but claim there was no wrongdoing. See previous coverage of the trial in the video player above. [Go HERE.]

The pension fund generates money for STRS, which is used to pay staff and to fund benefits for 500,000 current and retired teachers. When STRS discontinued annual cost of living adjustments, teachers told NBC4’s Colleen Marshall that they blamed poor pension fund performance. Fichtenbaum and Steen jointly proposed having QED manage the fund’s investments, and said they thought the investment firm’s investing plan would improve performance.

The case asks whether or not Steen and Fichtenbaum breached their fiduciary duty, meaning their legal and ethical responsibilities to the board. The state said part of that duty was to foster public confidence in the board, and pointed to board member codes of conduct. The defense said the duty was to the teachers, and that the pair were fulfilling that duty by coming up with new ideas to support the fund.

“When I think of STRS, I think of the beneficiaries, the teachers,” Steen testified Friday. “The rest of us are all support staff, whether we’re board, whether we’re investment staff, whether we’re helping process claims — whatever we do, we’re support staff to the teachers.”

Friday marked the fifth day of the trial, and the court heard from Fichtenbaum and Steen for a second time. The two men were called by the state on the first and second days of trial, and 

Earlier this week, Franklin County Judge Karen Phillips[sic] also heard from current and former STRS employees, consultants involved in the case and lobbyists for retired teachers organizations. Witnesses with retired teachers’ groups testified they felt Fichtenbaum and Steen were looking out for STRS. Some other witnesses, like a former external consultant who stopped working with STRS due to the QED complications, thought the pair had harmed STRS’ reputation.

The state alleges Fichtenbaum and Steen made a backroom deal with QED. Both men testified that they did not receive compensation from the firm. The state said some of their communications, including private Signal chats, indicated secrecy and possible misconduct.

Fichtenbaum testified Friday that he was denied the ability to appropriately present the idea of partnership with QED, saying there were interruptions that made it difficult to get the point through. He said it was his duty to explore options, especially as he had campaigned to improve the pension plan and restore benefits.I think they felt threatened by any change in investment strategy,” Fichtenbaum said.

Steen also testified that he had transparency concerns with the board. Fichtenbaum spoke about posts he had made about his concerns with STRS not fully considering QED. The state indicated the posts could have reduced public trust in the board, which they said violated his duty. Fichtenbaum said he felt it was part of his duty to keep the public informed.

The state had several witnesses testify that they felt Fichtenbaum and Steen’s actions harmed the board’s reputation and working relationships. All state witnesses testified in the first half of the trial.

At the trial’s close, Steen’s attorney, Norman Abood, tried for a second time to get the court to dismiss the case. The state is seeking to remove Fichtenbaum from his current position and bar both men from serving again. Among other arguments, Abood said the attempt was moot as Steen was no longer on the board and not eligible to be elected to it. The judge dismissed the attempt once again.

The court decided to have written closing arguments, which will be due in roughly two weeks. A decision will come after the arguments are submitted, likely in mid-November.

Read the original article here. 

Former deputy treasurer takes stand in STRS civil trial

Former deputy treasurer takes stand in STRS civil trial

by: Katie Millard

NBC 4 Columbus
October 31, 2025 

COLUMBUS, Ohio  (WCMH) — Three witnesses took the stand Thursday in the civil trial investigating  alleged misconduct on the state teachers’ pension board.

Day four of the trial investigating alleged misconduct on the State Teachers Retirement System (STRS) was dominated by the testimony of former Deputy Treasurer Seth Metcalf. Metcalf was a foundational part of private investment firm QED. The state alleges QED was part of a “hostile takeover” of the $90 million teachers’ pension fund.

STRS chairman Rudy Fichtenbaum and former board member Wade Steen  are accused of improperly scheming with outside investment firm QED to transfer control of the pension fund. The fund serves around 500,000 active and retired Ohio teachers. See previous coverage of the STRS trial in the video player above. (Find it here.)

The state believes the pair breached their duty to the board and did not act in the best interest of STRS. The state wants to remove Fichtenbaum from his role and bar both men from serving on future pension boards. Fichtenbaum and Steen maintain they did nothing wrong when meeting with QED. They argue all meetings were above board, and were done to help bring back benefits for STRS members.

Robin Rayfield, a former teacher and lobbyist with the Ohio Retirement for Teachers Association (ORTA), was the first to take the stand Thursday. He spoke about the discontinuation of cost of living increases for STRS members, which he and other retirees attribute to poor pension fund performance. He said Fichtenbaum and Steen advocated for retired teachers, and he was grateful.

Dean Dennis, head of the Ohio Retired Teachers Association and founder of a watchdog group of STRS members, also spoke about cost of living increases no longer being offered to STRS members. He said he thought working with QED would help generate funds to bring back cost of living payments, along with other benefits for the STRS fund.

After quick testimony in the morning, the courtroom diverged into frequent objections and clashes between Steen’s attorney Norman Abood and assistant attorney general Chad Kholer, working on behalf of the state. Professional, if a bit tense, argument between the two surrounded Metcalf’s testimony.

Abood established Metcalf’s long history with finances and Ohio ethical codes, although he was not familiar with STRS’ code specifically. Metcalf said he noticed the STRS board spent more on bonuses than on teacher benefits, and he felt there were discrepancies within pension fund payments. He felt QED offered a strong platform to better STRS’ investments.

Metcalf said he was “devastated” when he heard unfavorable recommendations about the possibility of a QED investment, and was concerned about possible corruption on the board.

Metcalf also discussed a series of Signal chats between QED leadership, Steen and Fichtenbaum. Metcalf testified that he made a general switch from text messaging to Signal to protect against hacking, accounting for the private messages between himself and the board members.

“The FBI had recommended it publicly to American citizens to avoid being hacked,” Metcalf said.

However, the state showed text messages from Metcalf on texting apps that come pre-downloaded on cellphones years after the questioned Signal chats. Metcalf did not recall what led to him using both.

Metcalf’s testimony largely got into the weeds of attempting to partner with STRS on behalf of QED. He felt strongly the partnership would help address his concerns with how the pension fund was being spent and operated.

Metcalf said QED is largely inactive today and would not seek to do business with STRS again.

David Pepper: Retired Teachers Standing Up To the Politicians

Retired Teachers Standing Up To the Politicians

Speaking Truth To Power

From David Pepper 

October 30, 2025

Lots of terrible things going on out there.

Let me shine a light on a good thing.

Yesterday, I was honored to greet and thank retired public school teachers as they boarded a bus to go to Columbus to speak truth to power.

These are the faces and the voices that the state’s most corrupt statehouse is so fearful of that they passed a law at 1: 30 am. in the morning without giving any notice to oppose it. That law stripped these retirees of their voice and vote over their own pension, which they built through decades of hard work and noble service to our state.

You see, in elections for pension board seats, these retirees and teachers had consistently voted for candidates demanding more transparency and accountability in the way their pension is managed and decisions are made. And once they gained a majority of that board (to finally get answers to their questions), the politicians simply eliminated most of the elected positions on the pension board. (Replacing them with their own political appointees). Someone clearly demanded that these politicians do so.

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through.

And out of their fear of these hard-working teachers and retirees, the politicians managed to violate the Ohio Constitution in the process. (That’s not me saying this, but a court).

Well, yesterday some of these retirees made the trek to Columbus to start speaking out against the paltry way they are being treated. They went to hearings and got briefed by their representatives. They talked to legislators.

For most, it was the first time they’d ever been to the statehouse (which is one reason the statehouse politicians get away with what they do).

And they got a lot out of the day:

One called it “informative, encouraging and life experience into the political world and definitely productive. I think we put them on notice.”

Another: “We were peaceful today…but next time we will take signs and bring more people.”

We need people’s movements all over America taking on the corrupt power in statehouses like Ohio’s. Everyday people speaking truth to power. The politicians and their backers count on people being too busy or distracted to care, or to even know what to do when it comes to statehouse shenanigans.

That’s when they win.

Thank you to retirees from around the state who made the trip yesterday.

This is how it starts.

And yes, we definitely want to bring more people.

David Pepper on Teachers Heading to Columbus Yesterday, 10/29/2025

From David Pepper

October 30, 2025

Write-Up on Retirees Going To Columbus Yesterday

“These are the faces and the voices that the state’s most corrupt statehouse is so fearful of that they passed a law at 1: 30 am. in the morning without giving any notice to oppose it. That law stripped these retirees of their voice and vote over their own pension, which they built through decades of hard work and noble service to our state.

You see, in elections for pension board seats, these retirees and teachers had consistently voted for candidates demanding more transparency and accountability in the way their pension is managed and decisions are made. And once they gained a majority of that board (to finally get answers to their questions), the politicians simply eliminated most of the elected positions on the pension board. (Replacing them with their own political appointees). Someone clearly demanded that these politicians do so.

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through. 

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through. 

And out of their fear of these hard-working teachers and retirees, the politicians managed to violate the Ohio Constitution in the process. (That’s not me saying this, but a court).

Well, yesterday some of these retirees made the trek to Columbus to start speaking out against the paltry way they are being treated.….”

For full write-up, go here: https://open.substack.com/pub/davidpepper/p/retired-teachers-standing-up-to-the?r=17y7a&utm_medium=ios

About that fictitious $65 billion; worth posting again!

Rudy Fichtenbaum exposes The Big Lie OEA has been spreading far and wide about that $65 billion

The Myth of Turning Over $65 Billion to Wall Street

Dr. Rudy Fichtenbaum

March 30, 2022

The OEA leadership and Board members running for reelection are desperate because they know that members are upset. Active members are finding out the truth that they have the worst deal in the country, paying $1 to get a pension that is worth $0.77. Retired members can see through the scam that is being run on them when they are given a one-time 3% “COLA” and told that the Board will look at another “COLA” next year i.e., 2024. The truth is the Board just approved an investment allocation that is expected to earn 6% while approving a discount rate – that’s the expected return on investments – of 7%. Why is this important? It is important because to reduce and eventually eliminate the unfunded liability, STRS needs to earn 7%.

The truth is that to fully restore a real COLA, one that gets paid every year rather than just once, the pension needs more money. When I campaigned for a Board seat, I recognized that the pension needed more money, so I said that I would support an increase in the employer contribution. None of the incumbents running or the OEA leadership have ever campaigned on raising employer contributions. When they get backed into a corner, they might say they don’t oppose an increase in employer contributions, but they have done nothing to try to make that a reality. What could they have done? For starters, they could have had the Board vote on a resolution calling for an increase in employer contributions and directed the STRS staff to start lobbying for an increase in employer contributions.

They could have directed the staff to tell the truth: without more money there will never be a restoration of a real COLA. Instead of going around the state telling everyone what a great job they are doing, they could have started meeting with active teachers and retirees and telling them that if they want a real COLA and a pension that is at least worth what they are contributing, they need to start organizing and putting pressure on the legislature and the Governor. Active teachers and retirees vote. Their family members and friends vote, too. If teachers and retirees were showing up by the busload at the statehouse, organized by OEA and STRS working with ORTA, the Watchdogs, OFT, and AAUP, we could start creating the kind of pressure that is needed to get an increase in the employer contribution and make sure it is funded by increasing taxes on the wealthiest Ohioans who have been getting tax cuts for years.

But we should never put all our eggs in one basket. If there are other ways the pension could earn more money, we should explore them openly and honestly. That is why Wade Steen, former board member Bob Stein, and I tried to make a proposal at the November meeting to explore an option that we thought was promising and could earn more money for STRS.

We never got to make our presentation because the staff and STRS consultants, with the complicity of the Board, lied and disrupted our presentation. Then they started telling the big lie that we proposed to give $65 billion to a firm without a track record.

What did we propose? We proposed hiring a specialty law firm to negotiate a contract to create a partnership that would implement a pilot program, a proof of concept that would start with $250 million. Once the partnership agreement was negotiated, we proposed it would come back to the Board for a vote. That is what we proposed.

We never proposed -- as leaders of OEA and incumbent Board members constantly repeat -- that we turn $65 billion over to a firm without a track record. That is lie. But we all know the power of a big lie. If you say it repeatedly, some people begin to believe it.

None of these OEA leaders, incumbent Board members, or staff seemed to have a problem when STRS lost $525 million on Panda Energy, a company that used our money to buy a professional wrestling league. None of these people thought it was a problem when STRS invested $50 million in Infinity Q, whose former CIO and founder was just charged by the SEC with overvaluing its assets by $1 billion, while pocketing tens of millions in fees. None of them were outraged or thought it was a problem when Ted Siedle found widespread failures and mismanagement at STRS. In fact, when an STRS staff member was asked recently about the Panda loss, he said “STRS absorbed it.” What does that mean? It means the members paid for it with our money.

So why the problem with negotiating a contract that the Board would have to vote on before it was implemented for $250 million? That was our proposal! I believe that OEA leaders, incumbent board members, and STRS staff were afraid it would be successful. That would have meant that instead of us continuing to pay an investment staff to send billions of our dollars to Wall Street, Wall Street might have been sending STRS members a check that could help pay to restore a real COLA and help give active members a pension that is worth what they are contributing.

Dr. Rudy Fichtenbaum is Professor Emeritus of Economics at Wright State University and an elected member of the STRS Ohio Board since September, 2021.

State wraps witness list in STRS misconduct allegations civil trial

State wraps witness list in STRS misconduct allegations civil trial

by: Katie Millard

NBC 4 Columbus
October 29, 2025

COLUMBUS, Ohio (WCMH) — A civil trial investigating allegations of misconduct on the state’s teacher pension board continued Wednesday, diving into the anonymous letter that sparked the case.

Top state officials received a seemingly anonymous letter in May 2024 that alleged two State Teachers Retirement System (STRS) board members improperly conspired to take over the state’s $90 million pension funds. The letter formed the basis for a civil trial, underway this week, former STRS board member Wade Steen and current STRS Chairman Rudy Fichtenbaum made backroom deals with private investment firm QED.

On Wednesday, the state wrapped up its witness list, after which the defense attempted to get the case dismissed. The request was denied, and defense attorneys called their first witnesses Wednesday afternoon.

The state’s central argument is that Steen and Fichtenbaum breached their fiduciary duty, or their legal and ethical duties, to protect STRS’ best interests. The pair had proposed transferring control of the state pension board to outside investment firm QED. The pension board serves around 500,000 current and former Ohio teachers. See previous coverage of the STRS trial in the video player above.

Fichtenbaum and Steen said they felt it would better the fund’s performance and help teachers, particularly after annual cost of living increases were discontinued. The state alleges it was done improperly, and wants to remove Fichtenbaum from his current role and bar both men from serving on state pension boards again.

STRS chief legal counsel Stacey Wideman had been identified as part of the group who composed the letter, a fact Wideman confirmed on the stand late Wednesday afternoon. Wideman was the final witness to take the stand Wednesday, called by the defense.

Wideman testified that the first draft of the letter could be traced back to December 2021, the month after Fichtenbaum and Steen presented to the board about a possible QED collaboration. She said there were several drafts between December 2021 and May 2024, when she and others finally decided to send their whistleblower memo.

“All of these things were just completely unprecedented and out of the norm,” Wideman said. “We had never had board members pitching an investment strategy before for an outside firm.”

Wideman said she was one of several STRS associates concerned by the persistence of QED, a firm with minimal prior experience. Wideman said she finally sent the letter to the state after concerns about QED’s involvement continued, and she began to worry about possible election interference related to QED. She testified she had not seen evidence that either man was paid by QED.

In part, Wideman pointed to the sudden resignation of former board member Richard Stein. Stein took the stand before Wideman, and testified that he resigned because he felt other board members — those who did not propose collaboration with QED — were not acting appropriately, and he felt he could no longer do his duty.

Before the defense called either witness, Steen’s attorney, Norman Abood, moved for the case to be dismissed. He argued the state did not prove any breach of fiduciary duty or a backroom deal. Abood also argued the state’s attempt to bar Steen from serving on the STRS board was moot, as Steen is no longer on the board.

Fichtenbaum’s attorney, Richard Kerger, seconded Abood’s motion, and said the pair’s duty was to serve teachers, not STRS board members or staff, and he felt they had fulfilled that duty.

On behalf of the state, assistant attorney general Chad Kholer said tossing the case because Steen has left the board would set a dangerous precedent allowing board members to resign to avoid legal action. Kholer said there was proof of harm, from morale issues to relationships with other external organizations.

Judge Karen Phipps sided with the state, and the trial continued.

The state also appeared to begin positioning itself as the more efficient party, particularly as Phipps voiced support for streamlining testimony where possible.

The first witness of the day was Matt Worley, the state’s final witness in the trial. Worley is the former STRS chief investment officer, and he testified that the QED investment would have been “unheard of.” Worley said the QED investment did not live up to the typical due diligence expectations. When asked if the QED proposal cost STRS any money, Worley said “thankfully” it did not.

Read the original article here.

A Bombshell Explanation of the Situation at STRS by Chris Tobe

Ohio Media’s Complicity: How a Fake Scandal Hid the Real Teacher Retirement System Corruption

August 22, 2025/ ChrisTobe

I. Introduction

Ohio educators and retirees have been betrayed not only by their pension system but also by much of their state’s press corps. While the State Teachers Retirement System (STRS) funnels hundreds of millions annually into secret no-bid private equity contracts, the Ohio media—with rare exceptions—has amplified a manufactured scandal around “QED,” a firm with no assets, no SEC registration, and no role in managing STRS money.

Instead of asking why billions in opaque contracts remain hidden, much of Ohio’s press corps acted as enablers for Attorney General Dave Yost and Governor Mike DeWine, echoing their narrative and distracting from the real corruption.

II. The QED Distraction

QED was a concept firm, never SEC-registered, with $0 in assets and $0 in fees from STRS. Yet Yost’s office pushed QED into headlines as if it represented a major scandal. Media outlets latched on, running story after story about a phantom firm while ignoring the forensic audit’s findings that STRS pays nearly $1 billion per year in opaque fees through secret contracts with private equity managers.

This strategy—spotlighting a harmless decoy while burying the billion-dollar issue—is straight out of the FirstEnergy HB 6 playbook: focus public attention on a side-show while dark money flows in the shadows.

III. The Toledo Blade: A Lone Voice for Transparency

Amid this landscape, the Toledo Blade stood out. Its editorials and reporting consistently called for:

•  Full transparency of STRS private equity contracts.

•  An end to excessive bonuses for staff tied to opaque performance benchmarks.

•  Alignment with teachers’ interests, not Wall Street’s.

The Blade connected STRS to Ohio’s broader pay-to-play culture, warning that without transparency, the system was vulnerable to the same type of scandal that exploded with FirstEnergy. Their editorials declared plainly: teachers want indexing, transparency, and no bonuses—and that is what the board should deliver.

                 _    _    _    _    _

IV. Columbus Dispatch & Cincinnati Enquirer: A Different Agenda

Contrast this with the Columbus Dispatch and Cincinnati Enquirer, both owned by Gannett, which itself is controlled by Apollo Global Management—one of the largest private equity managers in the world and a major STRS contractor.

Instead of scrutinizing the hidden fees or Apollo’s role, the Dispatch and Enquirer often:

•  Echoed Yost’s QED talking points, portraying the phantom firm as the scandal.

•  Downplayed or ignored the forensic audit, which documented real abuses.

•  Dismissed reform trustees and teacher groups as disruptive or politically motivated, rather than whistleblowers.

It is no coincidence: media outlets owned by private equity have a structural incentive to protect private equity’s reputation and suppress stories that could threaten their fee streams.

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V. Have Ohio Media Learned Nothing from FirstEnergy?

The FirstEnergy HB 6 scandal should have been the media’s wake-up call. For years, Ohio outlets treated HB 6 as just another political fight, underestimating the depth of corruption. It took federal prosecutors to expose that dark-money entities had funneled tens of millions to secure favorable legislation.

Now history repeats itself:

•  Dark money + opaque contracts + complicit officials.

•  A press corps (outside Toledo) unwilling to follow the money.

•  Ownership structures that align major newspapers with the very private equity firms extracting fees from STRS.

The question is not whether STRS corruption is real—it is whether Ohio’s media will expose it, or repeat the mistakes of HB 6 by shielding political and financial power until federal indictments force their hand.

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VI. Conclusion

Ohio teachers deserve better than a pension system riddled with conflicts and a press corps that enables misdirection. The Toledo Blade has set the example, insisting on transparency and reform. The rest of Ohio’s media must decide whether they stand with educators and retirees, or with politicians and private equity firms.

Until then, the “QED scandal” will be remembered not as a revelation, but as a cover-up—engineered by officials and amplified by a complicit press—to protect the real scandal hiding in plain sight.

Key Contrasts

1. Toledo Blade – Only paper to frame STRS as a transparency and fiduciary crisis, consistently supporting teachers. Editorials directly linked STRS secrecy to potential corruption and called for reform.
2. Gannett Papers (Dispatch & Enquirer) – Amplified the QED distraction while burying the story of $900m+ in hidden fees. Their ownership by Apollo Global Management (a major STRS contractor) creates an unavoidable structural conflict of interest.
3. Other Ohio Papers – Often echo official statements and lack resources for deep financial investigations, leading to coverage that reinforces the AG/Governor narrative rather than challenging it.

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Lessons from FirstEnergy HB 6

• Just as most Ohio media failed to follow the money during the FirstEnergy scandal—until federal prosecutors forced the issue—so too with STRS.
• The same dark-money channels and conflicted law firms are at play, but the press (outside Toledo) is not connecting the dots.
• Ownership conflicts (Apollo → Gannett) raise questions about editorial independence when covering private equity’s role in STRS.

View article here.