Texas Retirement has LARGE Losses. Legislature now investigating

From John Bos, October 8, 2008
Subject: Texas Retirement has LARGE Losses. Legislature now investigating

This is a great newspaper story about Texas Retirement and their investments.

The executive secretary from TEXAS says "WE HAVE LEARNED A BITTER LESSON" regarding our investment strategy. Perhaps all of the young investment personal need more gray hair and experience bad times.

I have yet to hear or read one word that STRS has learned anything!!!!! I would like to know how much we have lost the 1st quarter. July 1 to Sept. 30th!!!!

Legislators may be asked to address Texas pension-fund losses

StarTelegram.com, October 8, 2008
By YAMIL BERARDyberard@star-telegram.com

The stock portfolios of some of the state’s largest investments funds — supporting government employees’ retirements and public education — have taken quite a beating this year. By summer, the value of some of the funds had dropped by billions of dollars.

Inflicting damage was the ruthless bear market that smacked hardest U.S. and international financial-sector stocks. That’s where a chunk of the state funds’ investments have been concentrated, records show.

Many funds also had significant stakes in some of Wall Street’s highest rollers that went bust. Some even increased their exposure by buying more shares early this year as the stock of those companies was plunging.

None of the funds have yet to make public their third-quarter rates of return, which would give the most up-to-date look at losses. But by the end of the second quarter on June 30 — before the markets rapidly deteriorated, former Wall Street powerhouses like Lehman Bros. failed and Freddie Mac and Fannie Mae were taken over — all the funds saw significant erosion of their portfolios.

Experts predict even deeper declines once third-quarter data are available.

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