Susan Myers: 'And the Best Spinners Award goes to.....'

From Molly Janczyk, October 20, 2008
Subject: RE: A $25 billion dollar loss

Perception is everything and that is a lesson STRS and OEA have yet to learn. Sensitivity to your 'shareholders' is another lesson never learned -- one which AIG has apparently absorbed -- at least, they say they are sorry for their lack of sensitivity. Not that they would have changed had it gone unnoticed, of course, but we little people notice the untenable differences.

We only wanted a little security with affordable health care -- issues ignored and said to be unnecessary in the early '90's when Joe Endry stated we needed to do something then or health care would be a crisis. Herb Dyer and OEA said it was unnecessary when health care legislation was discussed way back then.

We have made massive gains by our supposed talented investment staff. The only problem is that it is far easier to make gains when the market is soaring and far more difficult to curb them when it plummets.

STRS is not responsible for the market downturn and the causes for it. I only blame STRS for its lack of vision and long term planning for its shareholders long ago and for the present most insensitive doling out of huge bonuses when its shareholders are again in crisis.

From Susan Myers, October 20, 2008
Subject: RE: A $25 billion dollar loss

Molly,

It is so tremendously astounding to me that the STRS' staff has not been given the merit award for being the "BEST SPINNERS!"

The only job that the investment staff is responsible for is to invest monies that are delivered to them. They don't have to solicit clients as other investment brokers are required to do in private companies. Thus, their responsibilities are greatly reduced by not having to do such.

I will never understand why the staff isn't ashamed of losing the Twenty Five Billion Dollars ($25,000,000,000.00). I was once told if you are looking for someone that always will have a positive return then I am not the man for the job! I agree!.

I have talked to many investment brokers and I am told that they would love to have a job where they don't have to call upon investors. I am quite positive that there are many excellent candidates that would and could perform much better and at a much less salary demand. They have the best of all worlds but seem to appreciate nothing.

I really wonder how they sleep at night!

As for me, I find their performance once again to be embarrassing. It apparently is easy to lose another person's funds. I would be curious as to how each of these keepers of STRS' funds portfolios are at this time. Makes one wonder.

I am so sorry for all of the educators that are having to pay the price for what I consider pure negligence.

These are my opinions and again I am sorry for all educators.

How can anyone be this careless with retirement funds? Can one ever really trust them again? After all, this was not the first time, but steps should be taken to assure that it will be the last time.

I for one, could never be convinced that the investment staff is good at what they do! Please, already!.

Susan Myers