Tuesday, March 05, 2013

Jim Stoll: Some questions for STRS

Jim Stoll to Nick Treneff, March 5, 2013
Mr. Treneff,
Here is the link of the Bloomberg Article http://www.bloomberg.com/news/2012-12-13/texas-pension-manager-paid-1-million-trails-peers-who-make-less.html which I referenced in my public records request email to you.... you are quoted in there along with Mr. Mitchell so I am assuming the $678,000 total compensation for Mary Ellen Grant is accurate?  That would be totally unbelievable to me but nothing the STRS administration or Board does should surprises us (your stakeholders) anymore....
How does that compensation mesh with Mr. Nehf's statement on the website of a year ago... that "Without changes STRS would not be able to pay future benefits?"   Yet we are paying someone $678,000....  Unbelievable.... Shame on all of you....  The definition of a Ponzi scheme is that "one cannot pay future benefits."   It seems more and more to your stakeholders everyday that this is what you are running up there.
Jim Stoll 
Sycamore Schools
Jim Stoll to Nick Treneff, March 5, 2013
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
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