"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.
18 November 2008
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2 comments:
The IMB is beating index funds, so what's to complaint about?
Why worry about all of the under funded pensions?
After all, it's only about 5 bilion dollars or so.
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