Ontario Teachers' Pension Plan becomes second public pension to write off crypto bet - BNN Bloomberg

The Ontario Teachers' Pension Plan said this week it will write off its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, following a move by the Caisse de depot et placement du Quebec to write off its US$150-million investment in Celsius Network in August.

Ontario Teachers' said in a statement that its investment in FTX represents less than 0.05 per cent of its total net assets, and was invested through its Teachers' Venture Growth platform to"gain small-scale exposure to an emerging area in the financial technology sector." And while public pensions have different expectations than private funds because they're investing public money, there's no reason they shouldn't be able to dabble in the emerging space, said John Rekenthaler, vice-president of research for Morningstar.He said there needs to be serious questions around due diligence for the investments, and given the limits on what can be known in the emerging sector, if the returns fit the risk.

The pension fund said that given the limitations on due diligence, especially in an emerging technology business, it sized its investment moderately in relation to both its venture fund and overall portfolio.

Greed & FOMO got in the way of doing the necessary due diligence. If investing in a firm that holds client monies but is unregulated, need to understand in depth how they avoid & test for conflicts/commingling.

Got NOTHING to with Bitcoin facts

Anyone has the potential to fall for the illusion of get rich fast. But not pension funds. That's wrong.

The investment is one thing, the obvious lack of due diligence in making the decision is a serious issue. Reports indicate that FTX had virtually no corporate goverence, no accounting system, worse then Enron

Baffles me how they wouldn’t hedge this investment

A 'bet' is exactly what it was. Nothing but gambling with someone's pension.

Amazing that it would invest in such a risky thing!

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Ontario Teachers’ Pension Plan writes down FTX investment to zero | Globalnews.caThe Ontario Teachers' Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero.
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Ontario Teachers' Pension Plan writes down US$95M FTX investment to zeroThe Ontario Teachers’ Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero. pierrepoilievre's financial prowess in action. 🙄 …why would you invest in nonsense?… As if teachers don't have it difficult enough already. Ontario teachers ought to sue the company that invested their hard earned pensions on a ponzi scheme. onpoli
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Ontario Teachers' Pension Plan writes down FTX investment to zeroThe Ontario Teachers' Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero. All I can say . The Canadian tax payer better not pay for this $95m investment LOSS. I am not paying a dime . Will someone get fired over this debacle? Well if the Democrats, who’ve financially benefited from FTX via Ukraine look at Trudeau doing the same here. With taxpayer money.
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