May 24 letter from John Curry to Bob Stein re: bonus enrichment for STRS investment associates passed at the April 2012 board meeting

John Curry to Bob Stein, May 24, 2012

Bob, In times like these, when teachers are being laid off by the hundreds, teachers are facing increased contribution rates, retirees are looking at COLA cuts and retirees' health care benefits are being watered down and now..... we are presented with this? The reforms that John Lazares and Dennis Leone worked so hard to implement are now being reversed and we are sliding backward in the direction of the days at STRS where those who were on the Board were about to answer their subpoenas and take a trip to the Franklin County Municipal Court for ethics convictions.

All of this at a time when the some investors at JP Morgan Chase are being shown the door for their poor investment decisions at the same time that our investors will now be given fatter bonuses even though STRS loses money in the process? What's wrong with this picture?

How many STRS investment associates have left the employ at STRS since January 1, 2010? I have a hunch I can more than equal that tally with the number of toes on my feet and maybe on just the number of toes on one foot. Am I right?

John

P. S. Thank God that Regina Burch had the presence of mind to vote "no" to this madness. So much for the "unified" vote that STRS so badly desires, eh