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.


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.