Dennis Leone: Consultant advises STRS to make no changes in spite of record nosedive

From Dennis Leone, November 21, 2008
Subject: Also.............

……….and thank you, Donna, for “being there” for retirees as well. I wish I would have said one more thing yesterday to the consultant who spoke in support of the bonus checks: He started of his presentation by admitting that currently in the private sector, bonus checks are being cut, salaries are being reduced, and thousands of investment people are being laid off – yet (he said) STRS should not do any of these things. Instead (he said) we should make no changes, even though we’ve dropped $30 billion in the past 12 months, even though the previous consultant stated that we are heading into a recession that will rival the 1930s, and even though things are not going to get better in the near future. Unbelievable.

Dennis Leone

From Donna Seaman, November 21, 2008
Subject: thanks!

Hi Dennis, thanks, AGAIN, for sticking to your guns (and ours!) at yesterday's board meeting. Thank heavens you are there for us! I/we really appreciate your efforts.

Donna Seaman

[Sounds to me like the guy's trying to keep his own finger in the dike; after all, where would HIS company be if they couldn't keep top level managment of these organizations they advise on their side? KBB]