both TonyRo76 and LasVegasDave.
Posted on 04/20/2010 6:53:10 AM PDT by TigerLikesRooster
Ohio pensions took $480M hit after Lehman collapse
By JULIE CARR SMYTH, AP Statehouse Correspondent Mon Apr 19, 7:13 pm ET
COLUMBUS, Ohio – State records show that Ohio's public pension funds took a $480 million hit to investments managed by Lehman Brothers as the banking giant collapsed.
Calculations on the shrinking values of the pension funds' Lehman-managed holdings were released to U.S. Rep. Mary Jo Kilroy of Columbus in advance of Tuesday hearings on the collapse.
The Public Employees Retirement System saw the biggest impact to its portfolio of Lehman Brothers holdings. They declined in value from $441.4 million in December 2007 to just $73.3 million in December 2008, three months after Lehman filed for bankruptcy protection. That figure represents the market value of the holdings, not any gains or losses on individual stocks or bonds.
During the same period, figures show the State Teachers Retirement System saw the value of its Lehman holdings shrink $80 million; the School Employees Retirement System, $18.5 million; the Ohio Police & Fire Pension Fund, $11.2 million; and the Highway Patrol Retirement System, $2.4 million.
(Excerpt) Read more at news.yahoo.com ...
P!
Soooooooo, Obama will bail them out, right??
This is about Kasich working for Lehman. AP loyally carrying D water.
the bastards never quit.
Ohio Ping
Am I going to get a bailout for the hit my 401K took?
Sort of. Your 401K will eventually be nationalized in one form or another to bail out your Social Security "account".
A ticking time bomb, indeed.
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