[texas booster]

Many of the investments were to cronies and union backed projects. These losses accelerated a slowly growing problem.

Pension funds should never be run for the profit of those that control them.

[Neidermeyer]

Pension funds should never be run for the profit of those that control them.
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Across the country these plans are set up with unrealistic goals and expectations... cronyism would destroy the plan even if it was healthy... I’d love to run one of these plans if it had realistic expectations and I had autonomy to invest like a hedgie.