Dean Dennis re: How much money did STRS lose in Panda investment?
By Dean Dennis
March 3, 2021
HOW MUCH MONEY DID STRS LOSE?
(See Article: Ohio Teachers Pension Mauled by Panda - March 3, 2021 by John Damschroder)
In July of 2012, STRS Ohio jumped into a risky investment and lost. The company went bankrupt in 2017, yet it appears from STRS CAFR reports we still hold this investment. Our Trustees need to protect us from these investments with hidden fees if we are ever going to get our promised COLA.
Below is an excerpt from John Damschroder's recent article:
"STRS has recent evidence that alternative investments come with the risk of massive losses. The Ohio teachers’ pension was one of the first investors in Dallas-based Panda Power. Panda is a merchant generator building plants run by cheap shale gas to produce more profitable electricity. The business model collapsed when utility regulators did not approve anticipated rates. Panda’s bankruptcy filing showed debt of $400 million against cash on hand of $2,000." Here is the rest of the article:
posted by Kathie Bracy at 2:47 PM
<< Home