Nancy Hamant: Comments on Damon's message

From Nancy Hamant, Sept. 2, 2006

Please read the following "official" email from Dr. Asbury, Executive Director of STRS. In it, Dr. Asbury defends STRS's payment of $315,000 to real estate "headhunters" and the payment of "private legal fees" for STRS staff members. To me, it appears Dr. Asbury is using the STRS "bully-pulpit" to explain STRS expenditures that are now being brought to the attention of all STRS members due to recent STRS Board action that requires all expenditures over $100,000 to receive STRS Board approval.

I also find it interesting that nowhere in the email does Dr. Asbury mention the TOTAL STRS annual budget for administration of the STRS fund. At one time, I thought it was stated that the annual amount for administration was approximately 2% of the total STRS funds--which means about $1.2 Billion per year. That amount of money certainly needs oversight and scrutiny and provides perspective to the amount that Dr. Asbury stated regarding budget reductions in the past two years.

Nancy