Posted on 11/18/2022 12:32:44 PM PST by Freedom of Speech Wins
The Missouri State Employees’ Retirement System lost between $800,000 and $1 million because a private equity firm it invested in was invested in FTX, the embattled cryptocurrency exchange that filed for bankruptcy last week.
https://www.aol.com/news/missouri-state-pension-system-lost-193325945.html
(Excerpt) Read more at aol.com ...
Serious litigation ahead for that fund and the way they invested fund holders Money.
They shouldn’t be sad because Mitch and his buddies got to spend it.
Maybe they can ask the Democrats for the money.
Article on whether losses on FTX are deductible:
Maybe they can ask the Democrats for the money.
xxxxxxxxxxxxxxxxxxx
this is the first state I’ve seen report they were fleeced. Ontario also took a hit.
my questions is: does FTX fraud explain how newsome led cali went from a $95 million surplus to a $25mm deficit?
also interested in how CALPERS will shake out on this?
How does a pension system justify investing in cryptocurrency?
Where’s its fiduciary responsibility to the pension members?
Provident Bankcorp in MA taking a hit:
Someone could maybe sue there.
PVBC down over 20% since Tuesday.
Suckers
Part of the pitch to invest was Effective Altruism and that FTX supports the Democrats.
Your questions stand though.
How does a pension system justify investing in cryptocurrency?
Where’s its fiduciary responsibility to the pension members?
The pension system did not invest in crypto but rather in an investment firm that did have an investment in FTX and judging by the size of the loss, not all that big an investment.
“..How does a pension system justify investing in cryptocurrency?
Where’s its fiduciary responsibility to the pension members?...”
Libs.
Donchaknow they’re waaaaayyyyy “smarter” than anyone else?
They think they’re so smart, while in actuality, they’re dumber than a box of rocks...and then some. (apologies go out to any rocks that might be offended).
Yeah, they’re a legend in their own minds till reality jumps up and bites em square on the arse.
Agree!
You left out ‘morally superior’!
Cryptocurrency
It’s safe
🙄🤣
How does a pension system justify investing in cryptocurrency?
Where’s its fiduciary responsibility to the pension members?
xxxxxxxxxxxxxxxxxx
any financial institution should have a written investment policy that enumerates what they can and can not invest in.
Most public institutions do have a fiduciary policy to protect other peoples money & it’s hard for me to see how FTX fits into a prudent man’s investment policy.
somebody’s got some splainin to do.
DICKIE DURBAN SEZ he wont give it back to investors he will donate the money he was fronted on their behalf, really? dick
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.