Ryan Holderman: A suggestion on bonuses

From Ryan Holderman, December 9, 2008
Subject: A suggestion

Dear One & All:

Let's see...

The $6 million in bonuses for the fiscal year ended June 30 came because the pension fund lost 5.44 percent of its value, whereas the market as a whole lost 5.79 percent, pension officials said. By doing better than the market as a whole, the investment staff saved $215 million, according to the system's calculations.

So, let's give the investment folks a 0.35% bonus!

Later,
Ryan