RH Jones: Do moral obligation and common sense need legislating?

From RH Jones, December 12, 2008
Subject: Re: 3 news items from today's STRS Board Meeting [posted below under Dec. 11, 2008]

To all:

Re: Do moral obligation & common sense need legislating?

Since banks and Wall Street are open on this work day (the day after Thanksgiving), I think that our STRS misses out on trading opportunities. The STRS closing for a vacation day could, therefore, have disastrous consequences for STRS funding. Consequently, not only could it hurt active and retired teachers, lost opportunity is a loss for staff as well. In this case, is it too much to ask that common sense be used by those we have hired to do the investment business for us? After all, both we educators and STRS staff benefit by robust healthy funds.

Concerning this, and other recent poorly thought out actions, corrective state legislation will probably be considered by legislators. If the majority on the STRS board is not capable, or willing to show levelheaded leadership in correcting this misstep, does the legislators have to come in once again? Do we have to have them to monitor our STRS employees ? Personally, I think legislative correction is not required, or wanted, or be necessary, if only the board would reverse this executive mistake. Everyone makes mistakes, especially me, but active and retired teachers cannot afford such blunders as our STRS closing on a bank and Wall Street work day.

This is my opinion,

RHJones, retired teacher