Active teacher Toby Thompson to Mike Nehf and Board: No bonuses!

From Toby Thompson, April 19, 2009
Subject: STRS Investment Associates

Hello,

Before I speak to a specific point regarding STRS....

How did you feel when you found out your US tax dollars that were given to AIG to keep their company afloat were used to pay huge bonuses to the same AIG employees that had created the financial crisis at AIG? I bet you didn't think it was right, but maybe you weren't surprised by the arrogance the AIG executives displayed in spending our tax dollars that way. And, what was the overall response of the media and the nation to those bonus payments? They, too, were quite vocal about how wrong it was to pay the bonuses. How did the president feel about it? Was anything done to "compensate" for that action? Yes -- the federal government is taxing those bonuses an enormously large tax. Why? To fix the wrong, and to put other companies using federal bail-out funds on notice not to do the same.

Well..... if you, the executive leaders of STRS, pay the STRS Investment Associates bonuses, you are going to be as disliked as the AIG executives in the eyes of the STRS members, public (who help fund STRS through their local taxes that support their schools), and the media. Employees should not get a bonus for a bad outcome -- it's that simple.

One last analogy in case you did not get my point above. Are you going to pay your personal financial advisor a bonus this year when your personal portfolio of stocks and investments lost worth? NO! Absolutely not. You might even think of finding a new financial advisor, but certainly not pay him/her a bonus!

What's my point? Do not even consider paying STRS Investment Associates bonuses this year. Not 7/12. Not 1/12. Do not pay any bonuses! The outcome is not worthy of a bonus -- it's that simple. Car salesmen are not getting bonuses now because they are not selling cars. STRS Investment Associates should not be receiving bonuses this year because there is a large loss in the STRS portfolio. Say NO to STRS employee bonuses.

I believe the STRS Investment Associates (and ALL STRS staff) should never get bonuses. Teachers do not get bonuses. STRS employees should not get bonuses either. Their salary should be payment in full.

Sincerely,

Toby A. Thompson
National Board Certified Teacher
Public School Teacher & Member of STRS