Vallens: It is as though those positioned in control of others' monies and investments are terribly disconnected with the concept of 'responsibilies'

From Ele and Vern Vallen, November 20, 2008
Subject: Re: FW: My Report -- STRS Board Meeting on 11-20-08

It all looks precariously gloomy as well as the article in the Dispatch about the meeting. It sounds as though the board members are indifferent to the losses as though their income is protected no matter what happens to retirees' funds. It also sounds as though the board members are inappropriately indebted to the house investment managers no matter whether those managers perform in a manner that is healthy for the STRS mission or not. It is as inappropriate as it was for those car company execs to fly the most expensive way they could to Washington for a bailout: neither seems to "get it." It is as though those positioned in control of others' monies and investments are terribly disconnected with the concept of "responsibility."

Are the board members working for the management investors or for us, the retired teacher population who has still not forgotten all that money lost with Enron. It seems there were bonuses then, too, for the very people who didn't do their homework. After all, PERS funds were not affected nearly so drastically, and their retirement and benefits are not in question. Their health insurance even covers hearing aids!! Imagine that!!! So whoever they are using as financial advisors and investment managers might just be more competent than what we in STRS are employing. Keep after them, and we will continue to balk at their Ivory Tower perspective.

Ele & Vern