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Originally Posted by dellinger63
Recently my work lead me to review the WorldCom BK case. The number of public pension funds listed as creditors was outstanding. That money is gone forever and it is the mistake of the pension fund manager hired by whatever public union not the taxpayer.
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Some of the worst losers:
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The news disintegrated the value of WorldCom's already battered shares, and three bond-rating agencies slashed WorldCom's debt ratings deeper into "junk" territory, citing the increased likelihood of default.
As a result of all this, the California Public Employees' Retirement System, the biggest pension fund in the U.S., faces an unrealized loss of $565 million in its $150 billion portfolio, according to the Reuters news agency.
The country's No. 2 pension fund, the New York state retirement system, estimates it lost $300 million. It has $112 billion in total assets.
Reuters notes that Cal Teachers, the third-largest U.S. public pension fund, with $100 billion in assets, suffered a $109 million unrealized loss due to WorldCom.
Reuters also reported these other state pension fund losses related to WorldCom:
- The State of Wisconsin Investment Board says realized losses on its $58.5 billion in assets reached $29 million on WorldCom bonds and $7.3 million on stock.
- Michigan lost $116 million in its four pension funds.
- The Florida State Board of Administration public pension fund lost $92 million on WorldCom stock and estimates a $54 million loss on its bonds holdings.
- Virginia's retirement system has an unrealized stock loss of $44 million in indexed funds.
- Oregon pensions have $63 million in unrealized losses, of which $38 million is in stocks and $25 million is in bonds.
- North Carolina has $100 million in losses.
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So sorry, the money is gone. But deal with like a private citizen would. You know the one's now asked to replace this lost
And maybe hire a different fund manager!
http://compensation.blr.com/Compensa...ension-Funds/#