Rich DeColibus to STRS board: 'Gross ineptitude on the part of the investment staff' and you need to address it

From Rich DeColibus, July 6, 2010
Subject: BP

Dear STRS Board Members,

I has come to my attention we have lost around $100 million on BP stock. It is also apparent we continue to hold some shares of BP. It is stunningly obvious BP is going to declare bankruptcy to avoid the legal malfeasance, misfeasance, and nonfeasance claims it would have to deal with for the next ten years from Gulf Coast individuals. It will do so in London, GB, court to obtain a favorable judgment. Continued holding of BP stock is simply gross ineptitude on the part of the investment staff and my expectation is that you, as a Board member, will address this situation.

I resent having to communicate what is so clearly evident to the slowest of the slow to Board members to act because of the investment staff's inaction, and you ought to resent having to intercede with what obviously needs to be done.

Rich DeColibus