Linda Rothman: Fannie Mae and STRS bonuses

From Linda Rothman, October 22, 2008
Subject: Money Management

Dear Board Members,

I am writing today to express my concern over your mismanagement of my money! I am extremely concerned about the 30 some percent reduction in the value of the STRS portfolio. I am aware that the whole market is down and that some of it was beyond your control; however, I have heard that Fannie Mae stock was purchased after it was in trouble and that the investment staff got BONUSES for their work this year. I strongly disagree with this! I taught for 38 years in the public schools of Ohio and never once did I receive a bonus. The only time I believe that ANYONE employed by STRS should get a bonus, is after the teachers, who gave you the money to invest, get a bonus (e.g.: 13th check - which I have never received!)

I am concerned for my future and the future of STRS. I retired 14 months ago with the assurance that I would get a certain monthly income from STRS. Are you going to be able to fulfill that commitment? You won't if you continue to build lavish buildings filled with expensive art work and pay bonuses to employees, who already make a salary that I am sure is more than I ever made! Thousands of retired teachers are depending on you to protect our money and provide us with the future we were promised.

I know that times are difficult for all of us. Please think carefully before you make each decision about my money. I worked in inner-city and Appalachia all of my career, not making a lot of money, but helping a lot of students. I would like to feel that I can depend on you for my future, as my students were able to depend on me.

Sincerely,
Linda Rothman