Mario Iacone to Tim Myers: I find fault with your analogy

From Mario Iacone, September 16, 2009

Dear Mr. Myers,

I am confused by the analogy and logic you used to justify paying the Investment Staff bonuses.

I believe you stated,

"It was for work already completed," he said. "It would be like back when I was coaching football and at the end of the season they would say, 'You didn't win any games, so we won't pay you the contracted amount for the season.' "

I find fault with your analogy because the Investment Staff was paid for work completed and for losing. I believe they received salaries in the $200,000 to $300,000 range and they received that while STRS has lost 25 Billion or so.

STRS members have already paid them, most of us simply do not want to additionally pay them a BONUS FOR LOSING!

Respectfully,

Mario Iacone

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