Saturday, March 30, 2013

Jim Stoll: Public records request of STRS

Jim Stoll to Nick Treneff, March 30, 2013
Subject: Re: STRS Public Records Request
Mr. Treneff, Yes I do have several more questions regarding the unrealized loss of 70 million dollars on just these two ETF which are referenced here. I'm not sure which is worse..our unrealized loss of 70 million or your condescending attempt at explaining away a loss of 70 million dollars. That 70 million could have provided less expensive healthcare costs for retirees, or perhaps their extremely important Cola benefit wouldn't have been reduced or maybe raising the percentage increase that active teachers contribute to fund such extremely poor management / investment decisions at STRS wouldn't be necessary.
I would like for you to consider the following questions as a public records request.
1) specifically who (I would request both names and job title) was responsible for deciding and actually executing the many HORRENDOUS trades involved in these ETFs that has us sitting on an unrealized loss of 70 million dollars.
2) I would like to request the salaries And pbi bonuses which these responsible parties received or will receive in 2011and 2012 while overseeing this unrealized loss of 70 million in this investment.
(My goodness a loss of 70 million dollars is a HUGE amount)
3) Can you specifically list the board minutes (month and date) that all the attached trades were listed and under what name.. I have copies of past board minutes but still can't reconcile the trades you listed in your attachments with buys and sells in the board minutes.
4) Is/was the Board aware that we are sitting on dramatic unrealized losses of 70 million dollars on these two trades and still approving the Pbi bonuses for those responsible for these trades.
Look forward to receiving this information.
Jim Stoll 
Sycamore Schools
From Nick Treneff, March 29, 2013
Mr. Stoll,
Please see the attached reply to your questions.  Please let me know if you have any other questions.
Nick Treneff
From Jim Stoll, March 14, 2013
Subject: RE: STRS Public Records Request
Per my voicemail of today, I'm wondering if you might give me a timeline of when I could expect the information I requested on March 5, 2013 on all trades relative and gains and losses on SDS and VXX.
I'm told that STRS has trading software that can tell how many shares were bought and sold, the cost, and the net gain or net loss, All they have to do is put in the ticker symbol and it will produce the results fairly quickly.  Please advise.
Thank you.
From Nick Treneff, March 5, 2013
Subject: RE: STRS Public Records Request
Mr. Stoll,
I am confirming that I received your requests below.  We will begin to gather the information you requested.  I will be out of the office the remainder of the week and will pick up with it when I return.
Nick Treneff 
Communication Services Director 
From Jim Stoll, March 5, 2013
Subject: STRS Public Records Request
Dear Mr. Treneff:
I would like to make a of public records request of all trading by our investment department relative to the following investments.  Specifically, I would like a copy of all trades (purchases and sales and our net loss or gain..... which were made in two securities.  SDS and VXX.  I believe both are ETF's and It is my understanding that these were leveraged bets by Mr. Mitchell and the investment staff that the market would decline which obviously hasn't occurred.
Also (#2) can you tell me where I could find these purchases / sales in the Board minutes... I have looked for them in the minutes I receive but can't find them? Have they been listed?
I'm trying to confirm the following information which was provided to me by someone doing research on STRS Ohio Investments that, "Under Mr. Mitchell's direct orders over the past year, STRS traders have bought and sold SDS and VXX with disastrous results. STRS has lost tens of millions of dollars in these two leveraged ETFs, all because Mr. Mitchell has wrongly made a short-term bet that the market will decline. "
Also, there was a Bloomberg news article (which) I'd be happy to send which states that Mary Ellen Grant of the STRS Investment Department received total compensation last year of $678,291.   Can you please confirm that figure for me.  If the figure is incorrect can you please provide what her Total Compensation was? Thank you.  Actually if you could simply provide Mary Ellen Grant's Total Compensation package amounts for years, 2010, 2011 and 2012 that would be great for comparison purposes as these were the years that the Board proposed and CUT benefits to all their constituents... would like to compare how that philosophy applied to their own employees.
Thank you Nick for providing the requested information in a timely manner.  If you could please acknowledge receipt of this email that would be greatly appreciated. If you need further information to complete the request please don't hesitate to call or email.
Jim Stoll 
Sycamore Schools 
[Access STRS Ohio’s 2012–2013 Annual Investment Plan here:
Larry KehresMount Union Collge
Division III
web page counter
Vermont Teddy Bear Company