The following article was originally published in the Ohio Capital Journal and published on News5Cleveland.com under a content-sharing agreement.The losses follow a nearly $10 million loss last year when cryptocurrency platform FTX failed, according to the Ohio Retired Teachers Association, a group that represents pension system members.
“STRS has lost nearly $40 million of teachers’ hard-earned dollars after Silicon Valley Bank imploded overnight,” Executive Director Robin Rayfield said in a statement. Becker and other SVB executives are under fire for selling off $84 million in the bank’s stock over the past two years in the midst of the greater risk-taking. And, while he claimed a failure of banks his size wouldn’t cause a panic, federal authorities felt compelled to guarantee deposits above the $250,000 maximum-insured level to prevent one.
The most recent investment losses come to a retirement system that’s been under fire for lavish pay for what many retirees believe is sub-par performance. Meanwhile, retirees last year got just a 3% cost-of-living increase — their first since 2017. An STRS spokesman has explained that the freeze was due to new rules set down by the legislature in 2012.
More good news for the taxpayers who will be expected to make good. Tired of this b.s.
OhioCapJournal I guess that means record bonuses again next year. The more they lose the higher the bonus.
😂😂😂😂😂liberals. play stupid games, win stupid prizes. Good lesson, eh? but, you keep investing in the brilliance of ESG. btw, how's everyone's retirement doing? yeah, FJB.
Way to invest local...
Liberals are going to support liberal pet projects. What a disaster
OhioCapJournal Of course it does. This state never fails to disappoint
Even in retirement society gives teachers the dirty end of the stick.
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