We have to go out-of-state to see an editorial that asks the real question...if they only knew we lost 25 Billion they'd have the "rest of the story!"

From John Curry, November 8, 2008
The Intelligencer - Wheeling News-Register (West Virginia)

"When private financial institutions paid out lavish salaries, bonuses and pensions to executives who ran their companies into the ground, many people were furious. That was in part because Congress approved a massive bailout bill to use our tax dollars to repair the damage.

Why has similar outrage not been heard over the Ohio government pension programs?"

http://www.theintelligencer.net/page/content.detail/id/516749.html?nav=511

Check Investment Program Bonuses

The Intelligencer

POSTED: November 8, 2008

During the first six months of this year, state pension programs for Ohio teachers and other government employees lost about $13 billion in investment assets. At the same time, top executives at the programs received more than $7 million in "performance" bonuses.

When private financial institutions paid out lavish salaries, bonuses and pensions to executives who ran their companies into the ground, many people were furious. That was in part because Congress approved a massive bailout bill to use our tax dollars to repair the damage.

Why has similar outrage not been heard over the Ohio government pension programs?

Officials point out that losses could have been much worse than the $6.9 billion at the State Teachers Retirement System and the $6.2 billion at the Ohio Public Employee Retirement System. They add that big salaries need to be paid to attract the best investment managers.

The pay is good at the top of the ladder. According to the Associated Press, the highest paid STRS official is Assistant Director of Investments Mary Ellen Grant.

She received a $259,200 bonus on top of her $270,000 salary.

Perhaps the managers did do a good job of controlling losses - at a time when some investment programs were suffering far worse. But state legislators should look into the retirement programs, perhaps comparing them with others in both the public and private sectors.

If the managers indeed are earning their fat paychecks, fine. But the public deserves to know if it is getting its money's worth from them.