"Mass. pension fund off $16.1b" by Bloomberg News | December 25, 2008
How come Bloomberg reported it, Globe? What are your reporters doing?
The Massachusetts state pension fund lost $2 billion last month, bringing its loss for the year to $16.1 billion, the worst performance since it was formed, officials said yesterday.
Yup, but the guy who manages it got a raise -- a nice "$64,000 bonus on top of his $322,000 annual salary!"
The drop brings the assets under management in the fund, which is controlled by state Treasurer Timothy Cahill, to $37.6 billion, according to a memo from Stan Mavromates, the chief investment officer. He said the fund's emerging markets portfolio is leading the decline, falling 58.6 percent so far this year.
The return on the fund, which is used to pay the pensions of public sector retirees, is down 30.1 percent for the year through the end of last month, according to Mavromates. Prior to this year, the worst year on record was 2002 when the assets under management dropped 8.9 percent, according to information obtained from the treasurer's office.
But the manager got a raise, can you believe it?
Francy Ronayne, a spokeswoman for Cahill, referred questions to Michael Travaglini, executive director of the state's pension reserve investment management board, which manages the fund, who didn't return calls seeking comment.
Both of them nothing but lying looters anyway!
Related: The Massachusetts Piggy-Bank
The Lying Looter at the State Lottery