18 November 2008

Quote of the Day

"I am humbled by the power of the market, and the utter disregard it has for the welfare of the participants. It's kind of a cold-hearted beast, and we felt that like everybody else."

-- Executive Director Craig Slaughter of the West Virginia Investment Management Board, explaining to legislators that the state's portfolio has lost 25% of its value since July 1, as reported by The Associated Press.

2 comments:

Lawbot said...

The IMB is beating index funds, so what's to complaint about?

Anonymous said...

Why worry about all of the under funded pensions?
After all, it's only about 5 bilion dollars or so.