Comments on Steve Buser: Molly Janczyk, Dave Speas

From Molly Janczyk, 8/9/06

Also, my dear friend, caring is not enough. One has to be able to fight for the rt thing no matter who says otherwise and I don't think Steve had that in him. He wanted nice and I believe his major plan acc to what I heard him say was relying on the great returns. That is what we had before and are reduced to now to get back to norm except for the HCA's plan which you are not totally in agreement on as I recall. There are no other plans. Leone, Lazares are looking everywhere to save money.

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From Dave Speas, 8/9/06

Hello, Stephen Buser was a professional person who was retired from our system. He cared about retirees and hated the infighting that went on and left once before and was talked into coming back. I am troubled that this man who truly cared for retirees and questioned some of the monetary policies may be replaced by someone who is politically minded and NOT on the retirees' side. People can disagree about daily policies and decisions but can be very insightful on economic issues that will cause the greatest harm to all of us retirees. Stephen Buser cared deeply about the plight of retirees and worked hard to safeguard the investment and long range planning of STRS. I am saddened by his decision to leave because of the political nature of the appointment and his sincere concern about recovering the money needed for healthcare. My very best wishes go to Stephen and I thank him for his service to all of us. Let us pray that the next person appointed will have the compassion and desire to safeguard the financial futures of all retirees. If they do not care enough to plan an emergency policy and question the decisions of the billion dollar experts for future planning and the actuaries who advise them, we will want to have him back. With Dr. Brown, an actuary who could question the actuaries on their figures and now we have to rely on hired actuaries who Dr. Brown questioned and made explain their figures and found them wanting in many cases gone, and Stephen Buser, who taught many of the investors who work at STRS now gone, we are at the mercy of political people and folks who may be even more entrenched in other backgrounds and interests not lined up with retired teachers. I hope we are lucky and good and honest people are appointed with no political agendas.

Dave Speas

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From Molly, /9/06

I do believe Buser cared. I also believe he just couldn't see things in a way differing form his career experiences. He seemed to go back and forth with whom he was speaking but in the end couldn't escape his background. That is not to diminish him. He responded and tried to explain. It was difficult for him to 'get down' to a novice understanding and for him to change his beliefs.

No one suggest a blanket yes to Lazares and Leone but one has to think they are not wrong most of the time - esp. with hte documentation issues and limits and oversight of money and refusing to do business with consultants who have ethics violations- all things they had problems convincing the appointees otherwise.

They are all probably lovely people in other settings. I just want someone who is VESTED in STRS and who also has the EXPERTISE to watch over my money.

I wish Stephen Buser the very best. I don't think he has a mean bone in his body or any thought of not working for the retirees. I do think he comes from a different world and a different way of thinking based on that. What is micromanaging to some of the appointees is WHY we elected Lazares and Leone. They are used to making decisions, I guess, based on attorney advice. We found they were ill advised and voted on a vendor contract without knowing all the details and we paid for items they did not know were included despite Leone's strong advice not to approve contracts without documentation with vendors. Lazares and Leone have been the only 2 often on such items. Not good enough for me.

My opinion.

Molly J.